Allied Market Research published a report on Collision Avoidance Sensor Market by Technology, Function Type, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global collision avoidance sensor industry size was valued at $4.0 billion in 2020, and is projected to reach $12.25 billion by 2030, registering a CAGR of 11.9%.
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Asia-Pacific is expected to be the leading contributor toward the global market during the forecast period, followed by LAMEA and North America. The growth of the global collision avoidance sensor market size is anticipated to be driven by factors such as surge in sales of sports utility vehicles (SUVs), high-end luxury vehicles, and utility vehicles.
In addition, rising improvements in the fields of the camera boosts the overall market growth. However, cyclic nature of automotive sales and production acts as a major restraint of the global market. On the contrary, rise in the automotive safety norms, and installing advanced driver assistance system in passenger cars is expected to create lucrative opportunities for the collision avoidance sensor industry.
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Moreover, developing nations tend to witness high penetration of collision avoidance sensor products especially in automotive sector, which is anticipated to augment the collision avoidance sensor market growth. Factors such as rise in driverless vehicles also accelerate the market growth.
Competitive Analysis:
The company profile section of the collision avoidance sensor market report covers strategic developments, business overview, product offerings, and financial performance of the companies. It also highlights the strategies adopted by companies such as products launch, agreements, partnerships, acquisitions mergers, collaborations, joint ventures, research & development investment, and regional expansion in the past few years.
Some of the major key players of the global collision avoidance sensor market include,
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DENSO Corporation
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General Electric Company
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Honeywell International Inc.
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Infineon Technologies AG
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Murata Manufacturing Co., Ltd.
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NXP Semiconductors N.V.
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Robert Bosch GmbH
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Saab AB
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Siemens AG
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Texas Instruments Inc.
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Region wise, the collision avoidance sensor market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe contributed maximum revenue in 2020. However, between 2020 and 2030, the market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from the emerging economical countries such as India, China, Japan, Taiwan, and South Korea.
Key Findings of the Study
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The automotive sector is projected to be the major application, followed by rail.
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Asia-Pacific and North America collectively accounted for more than 53% of the collision avoidance sensor market share.
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India is anticipated to witness highest growth rate during the forecast period.
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U.S. was the major shareholder in the North America collision avoidance sensor market, accounting for approximately 59% share.
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Depending on technology, the radar segment generated the highest revenue. However, the ultrasound segment is expected to witness the highest growth rate in the near future.
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Region wise, the collision avoidance sensor market was dominated by Europe. However, Asia-Pacific is expected to witness significant growth in the coming years.
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