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Based on Technavio's market sizing methodology, the commercial vehicle blind spot detection system market size is predicted to surge to 961.74 million units from 2021 to 2026 at a CAGR of 5.3%.
This commercial vehicle blind spot detection system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers commercial vehicle blind spot detection system market segmentation by:
The commercial vehicle blind spot detection system market vendors are - Alibaba Group Holding Ltd., Ambarella Inc., BorgWarner Inc., Brandmotion LLC, Continental AG, DENSO Corp., Hyundai Motor Group, Intel Corp., Knorr Bremse AG, Lumen Technologies Inc., Mando Corp., Mercedes Benz Group AG, Panasonic Corp., Robert Bosch GmbH, SENSATA TECHNOLOGIES HOLDING PLC, Smart Microwave Sensors GmbH, Toppking Electronics Ltd., Valeo SA, Xvision Ltd., and ZF Friedrichshafen AG among others.
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Technavio categorizes the global commercial vehicle blind spot detection (BSD) system market as a part of the global auto parts and equipment market within the global auto components market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the commercial vehicle blind spot detection system market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the commercial vehicle blind spot detection system market encompasses successful business strategies deployed by the key vendors. The commercial vehicle blind spot detection system market is fragmented and the vendors are deploying growth strategies such as focusing on reducing the cost of BSD systems, as the government transport authorities and vehicle assessment programs are mandating the installation of safety systems in the mid-segment vehicles to compete in the market.
BorgWarner Inc. - BorgWarner Inc. is a public company headquartered in US. It is a global company generating $14,838 million in revenues and has around 49,300 employees. Its revenue from the global commercial vehicle blind spot detection system contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company.
BorgWarner Inc. - The company offers commercial vehicle blind spot detection system namely Lane Change Assistance which monitors the area around a vehicle for any lane movement. If the system determines that its unsafe to change lanes, because of another vehicle in the intended lane, it signals an alarm.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The commercial vehicle blind spot detection system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the commercial vehicle blind spot detection system market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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55% of the market's growth will originate from North America during the forecast period. The US is the key market for commercial vehicle blind spot detection systems in North America. Market growth in this region will be faster than the growth of the market in the South American, APAC, and MEA regions.
The rise in accidents, owing to abrupt changing of lanes by drivers without noticing and analyzing the rear-view and blind spots will facilitate the commercial vehicle blind spot detection system market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, COVID-19 spread widely in North America, especially in the US. The rising number of deaths from COVID-19 led to the imposition of lockdowns in various countries in the region, primarily during the first half of 2020. However, the region is witnessing a decline in the number of COVID-19 cases with the availability of COVID-19 vaccines. As a result, operations in end-user industries stabilized during 2021, which, in turn, 14.5 million vehicles were sold in the region. Therefore, these factors are expected to drive the growth of the commercial vehicle BSD system market in the region during the forecast period.
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The commercial vehicle blind spot detection system market share growth by the LCV segment will be significant during the forecast period. Rapid technological advancements in several market adjacencies that include sensing technology and information and communication technology are pushing the players operating in the ADAS market to leverage maximum benefits of the advancements. Stringent regulations intended to reduce road fatalities caused by commercial vehicle accidents back the inclusion of safety systems in commercial vehicles. These are driving the penetration of BSD systems in LCVs.
This report provides an accurate prediction of the contribution of all the segments to the growth of the commercial vehicle blind spot detection system market size and actionable market insights on post COVID-19 impact on each segment.
The growing demand for safety solutions in vehicles is notably driving the commercial vehicle blind spot detection system market growth, although factors such as practice of using various mirror combinations as an alternative to BSD systems may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the commercial vehicle blind spot detection system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Commercial Vehicle Blind Spot Detection System Market Driver
One of the key factors driving growth in the commercial vehicle blind spot detection system market is the growing demand for safety solutions in vehicles. Consumers today are highly aware of these systems and technology and are taking great interest in improving the safety of their vehicles. As a result, today, many entry-level vehicles are being installed with electronic equipment, such as cameras and sensors, to improvise their safety. Advanced driver assistance and safety systems include BSD systems, FCW, LDWS, surround-view systems that help to examine road conditions and alert drivers of possible risks thereby avoiding fatal accidents. Use of commercial vehicle BSD systems will enhance the safety of pedestrians and cyclists by eliminating blind spots effectively. ADAS manufacturers, ZF TRW, through its business division, Active and Passive Safety Technology, developed an FCW system, which uses both camera and radar sensors for monitoring the road. This FCW system employs radar, camera, and sensors to identify and spot other vehicles and pedestrians on the road and alerts the drivers of the impending collision.
Key Commercial Vehicle Blind Spot Detection System Market Trend
The increasing use of complementary metal-oxide semiconductor imaging in camera-based ADAS is a commercial vehicle blind spot detection system market trend that is expected to have a positive impact in the coming years. Automobile cameras and /image sensors function in severe and rapidly changing weather conditions. Traditionally, automobile cameras use the charged coupled device (CCD) technology. This technology is expensive and generates a distorted /image on the display units. OEMs are shifting their focus toward the use of complementary metal-oxide semiconductor (CMOS) /image sensors in camera modules. In CMOS /image sensors, every pixel has its own charge-to-voltage conversion, and the sensor often includes noise-correction, digitize circuits, and amplifiers. These sensors generate blur-free rear-view /images even in low lighting. Automobile manufacturers are equipping their vehicles with convenient and safety functionalities, which, in turn, is boosting the demand for automotive camera imaging devices, such as CMOS. The growing focus of OEMs on passenger safety has resulted in rapid increase in the demand for camera modules.
Key Commercial Vehicle Blind Spot Detection System Market Challenge
The practice of using various mirror combinations as an alternative to BSD systems will be a major challenge for the commercial vehicle blind spot detection system market during the forecast period. Hard facts suggest that BSD systems may be a redundancy, which have been created out of sheer ignorance. While some cars, especially the larger SUVs and off-roading vehicles, have large-sized C pillars, rising beltlines, and squashed rear windows blocking the drivers' line of sight, blind spots on most average vehicles can be eliminated by proper adjustment of mirrors. Technavio's research in this field has revealed that it is a common fact among repair and service personnel, as well as driving schools to try to educate end-consumers about proper mirror positioning, albeit with limited success. Proper adjustment of side and center rear-view mirrors essentially involves a precision to ensure minimal overlap between the two, thus increasing the field of view of the combined ensemble.
This commercial vehicle blind spot detection system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
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Commercial Vehicle Blind Spot Detection System Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.3% |
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Market growth 2022-2026 |
961.74 mn units |
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Market structure |
Fragmented |
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YoY growth (%) |
5.13 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 55% |
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Key consumer countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Alibaba Group Holding Ltd., Ambarella Inc., BorgWarner Inc., Brandmotion LLC, Continental AG, DENSO Corp., Hyundai Motor Group, Intel Corp., Knorr Bremse AG, Lumen Technologies Inc., Mando Corp., Mercedes Benz Group AG, Panasonic Corp., Robert Bosch GmbH, SENSATA TECHNOLOGIES HOLDING PLC, Smart Microwave Sensors GmbH, Toppking Electronics Ltd., Valeo SA, Xvision Ltd., and ZF Friedrichshafen AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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