Blind Spot Monitor Global Market 2024 To Reach $24.10 Billion By 2028 At Rate Of 10.9%

The Business Research Company's Blind Spot Monitor Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LANDON, GREATER LANDON, UNITED KINGDOM, September 4, 2024 /EINPresswire.com/ -- The blind spot monitor market has experienced robust growth in recent years, expanding from $14.39 billion in 2023 to $15.93 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to increasing awareness of road safety, rising demand for automated vehicles, rising vehicle production, consumer demand for safety features, and increasing adoption of ADAS technologies.

What Is The Estimated Market Size Of The Global Blind Spot Monitor Market And Its Annual Growth Rate?
The blind spot monitor market is projected to continue its strong growth, reaching $24.10 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to the expansion of autonomous vehicles, increasingly stringent safety regulations, growing preference for connected vehicle, rise in connected vehicles, and increasing focus on road safety initiatives.

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Growth Driver Of The Blind Spot Monitor Market
The growing preference for connected vehicles is expected to propel the growth of the blind spot monitor market going forward. Connected vehicles refer to automobiles equipped with internet access and the ability to communicate with other vehicles, infrastructure, and various external devices. The rising demand for connected vehicles is due to convenience and efficiency, enhanced safety features, and smart infrastructure. Connected vehicles integrate advanced safety systems and share real-time data and traffic management systems, enabling blind spot monitors (BSMs) to provide more accurate and timely alerts and improve the overall safety and driving experience.

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Who Are The Key Players Shaping The Blind Spot Monitor Market Trends?
Key players in the blind spot monitor market include Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Hyundai Mobis, Magna International Inc., Valeo SA, Aptiv, Infineon Technologies AG, Autoliv, HELLA GmbH & Co. KGaA, Samsung Electro-Mechanics, Garmin Ltd., Lexus, HL Mando.

What Are The Dominant Trends In Blind Spot Monitor Market Growth?
Major companies operating in the blind spot monitor market are focused on developing next-generation detection radar sensors to improve the accuracy and reliability of blind spot monitoring systems and to enhance driver safety by providing better detection of objects and vehicles in blind spots, thereby reducing the risk of accidents. The detection radar sensor uses cutting-edge radar technology to detect things in blind regions, even in inclement weather, to improve driver awareness and reduce the possibility of blind spot incidents in medium- and heavy-duty trucks.

How Is The Global Blind Spot Monitor Market Segmented?
1) By Product Type: Blind Spot Detection System, Park Assist System, Backup Camera System, Surround View System
2) By Component Type: Ultrasonic, RADAR, Camera
3) By Vehicle Type: Heavy Commercial Vehicles, Passenger Cars, Light Commercial Vehicles
4) By Vehicle Propulsion: Internal Combustion Engine (ICE), Electric
5) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket

Geographical Insights: Europe Leading The Blind Spot Monitor Market
Europe was the largest region in the blind spot monitor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blind spot monitor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Blind Spot Monitor Market Definition
A blind spot monitor (BSM) is a vehicle safety feature that helps drivers identify cars approaching or in their blind spots. It often utilizes sensors to identify objects in adjacent lanes that may not be visible through the side and rearview mirrors. Blind spot monitors improve driver awareness and lessen the risk of vehicle collisions by displaying visual indicators in the side mirrors.

Blind Spot Monitor Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global blind spot monitor market report covering trends, opportunities, strategies, and more
The Blind Spot Monitor Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on blind spot monitor market size, blind spot monitor market drivers and trends, blind spot monitor market major players, blind spot monitor competitors' revenues, blind spot monitor market positioning, and blind spot monitor market growth across geographies. The blind spot monitor market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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The Business Research Company
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