According to the report published by Allied Market Research, the global collision avoidance sensor market generated $4.00 billion in 2020, and is anticipated to reach $12.25 billion by 2030, manifesting a CAGR of 11.9% from 2021 to 2030. The report delivers in-depth data related to key drivers, key players, restraints, and opportunities with detailed impact analysis.
Increase in the automotive safety norms and deployment of advanced driver assistance systems in passenger cars is anticipated to create lucrative opportunities for the global collision avoidance sensor market. On the other hand, the cyclic nature of automotive sales and manufacturing create a key restraint for the global market. Moreover, high penetration of collision avoidance sensor products especially in the automotive sector of developing counties and rise in driverless vehicles will open many opportunities.
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COVID-19 Impact on Global Collision Avoidance Sensor Market:
The Covid-19 crisis has created uncertainty in the stock market and resulted in falling business confidence, slowing of the supply chain, and increase in panic among the customer segments.
The manufacturing industries are impacted by the outbreak of the Covid-19 disease, which has further affected the progress of the collision avoidance sensor market revenue.
Covid-19 has impacted a large-scale manufacturing across Europe and interrupted export of Chinese parts.
The report segments the global collision avoidance sensor market on the basis of function type, application, industry vertical, technology, and region.
Based on technology, the RADAR segment accounted for the largest market share in 2020, contributing to around one-third of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the ultrasound segment is estimated to witness the fastest CAGR of 14.0% from 2021 to 2030.
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Based on the function type, the warning segment contributed to the largest share in 2020, accounting for nearly two-fifths of the global collision avoidance sensor market. The same segment is expected to lead throughout the forecast period. However, the automated segment is expected to manifest the highest CAGR of 13.9% from 2021 to 2030.
Based on region, Europe contributed to the highest share in 2020, holding more than one-third of the total share, and is expected to maintain dominance throughout the forecast period. On the other hand, Asia-Pacific is expected to portray the fastest CAGR of 13.8% during the forecast period. The report has analysed other regions such as North America and LAMEA.
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Leading players of the global collision avoidance sensor market analysed in the research include General Electric Company, Robert Bosch GmbH, Honeywell International Inc., Murata Manufacturing Co., Ltd., Denso Corporation, NXP Semiconductors N.V., Saab AB, Siemens AG, Infineon Technologies AG, and Texas Instruments Inc.
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