According to a new report published by Allied Market Research, titled, “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%. Asia-Pacific is expected to be the leading contributor toward the global market during the forecast period, followed by LAMEA and North America.
Collision avoidance sensor is a device which responds to situations in two diverse manners. The first is to make a driver aware of the danger through a sound, light, or both and second is to alert vehicles with back & front cameras likewise give visual warning of obstructions.
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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. 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.
The global collision avoidance sensor market share is segmented on the basis of technology, function type, application, industry vertical, and region. By technology, the market is classified into radar, camera, ultrasound, Lidar, and others. Depending on function type, the market is categorized into adaptive, automated, monitoring, and warning. The application covered in the study include adaptive cruise control (ACC), blind spot detection (BSD), forward collision warning system (FCWS), lane departure warning system (LDWS), parking assistance, night vision (NV), autonomous emergency braking, and others. On the basis of industry vertical, the market is classified into automotive, rail, marine, aerospace & defense, and others.
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.
COVID-19 IMPACT ANALYSIS
- The outbreak of COVID-19 has significantly affected the electronics and semiconductor sector. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases, and are expected to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted global supply chain posing challenges for manufactures to reach customers.
- The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the overall business globally. The crisis is creating uncertainty in the stock market and is resulting in falling business confidence, massive slowing of supply chain, and increasing panic among the customer segments.
- Asian and European countries under lockdowns have suffered major loss of business and revenue, due to the shutdown of manufacturing units. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, which further impacted the growth of the collision avoidance sensor market revenue.
- In addition, the COVID-19 pandemic has impacted the electronics sector, as the production facilities have stalled, which, in turn, have boosted the demand for electronics and semiconductor products in the industries. Its major impact includes a large-scale manufacturing interruption across Europe and interruption in Chinese parts exports, which may hinder the collision avoidance sensor market.
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KEY FINDINGS OF THE STUDY
- The automotive sector is projected to be the major application, followed by rail.
- Asia-Pacific and North America collectively accounted for more than 53% of the collision avoidance sensor market share in 2020.
- India is anticipated to witness highest growth rate during the forecast period.
- U.S. was the major shareholder in the North America collision avoidance sensor market, accounting for approximately 59% share in 2020.
- Depending on technology, the radar segment generated the highest revenue in 2020. However, the ultrasound segment is expected to witness the highest growth rate in the near future.
- Region wise, the collision avoidance sensor market was dominated by Europe. However, Asia-Pacific is expected to witness significant growth in the coming years.
The key players profiled in the report include Denso Corporation, General Electric Company, Honeywell International Inc., Infineon Technologies AG, Murata Manufacturing Co., Ltd., NXP Semiconductors N.V., Robert Bosch GmbH, Saab AB, Siemens AG, and Texas Instruments Inc. These players have adopted various strategies such as product launches, partnership, collaboration, acquisition, expansion, and product development to strengthen their foothold in the collision avoidance sensor industry.
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