Report: Collision Avoidance Sensors Market Will Be Worth $18.97 Billion by 2025 - BodyShop Business

Report: Collision Avoidance Sensors Market Will Be Worth $18.97 Billion by 2025

The global collision avoidance sensors market size is expected to reach $18.97 billion by 2025, according to a new study conducted by Grand View Research, Inc.

The global collision avoidance sensors market size is expected to reach $18.97 billion by 2025, according to a new study conducted by Grand View Research, Inc., displaying a 21.2-percent compound annual growth rate (CAGR) during the forecast period. Integration of anti-collision systems in mass-market vehicles and updated safety ratings of agencies are expected to fuel market growth over the next few years.

Increasing consumer awareness and extensive focus on research and development by industry players have been major growth drivers for the market. Installation of collision avoidance systems allows vehicles to perform autonomous and semi-autonomous decision-making. Growing demand for vehicle security by consumers and government vehicle safety regulatory agencies is also expected to drive the growth of the collision avoidance sensors market.

Recent technological developments in sensors are focused on building highly sophisticated devices and augmenting their performance using various components of the vehicle. Anti-collision systems enable OEMs to integrate additional intelligence to accomplish the goal of developing an autonomous vehicle.

Stringent regulatory and legal standards have mandated the addition of sensors to enhance safety features in vehicles. These are expected to drive demand for collision avoidance sensors over the forecast period. However, high cost of LiDAR-based systems and long-range radars may cause a hindrance to market growth as manufacturers of low-priced cars may refrain from installing sensors to avoid increase overall price of vehicles.

Further key findings from the report suggest:

  • Integration of collision avoidance systems in vehicles is expected to help reduce the number of vehicle accidents due to human error; the latter are said to account for 90 percent of accidents, according to a 2014 UN Road Safety Collaboration study
  • The radar segment is projected to account for 44.5 percent of the global market by 2025. Declining prices of radars have led to their increased adoption by various OEMs
  • Due to mandatory government regulations regarding incorporation of camera-based collision avoidance systems into vehicles, the camera segment is expected to witness high growth over the forecast period
  • The forward collision warning system (FCWS) segment is expected to account for a major market share by 2025 as these systems help in significantly decreasing rear-end collisions or accidents
  • Over the forecast period, Europe is anticipated to retain its position as market leader in the adoption of collision avoidance sensors and systems and is anticipated to reach $5.80 billion by 2025
  • Key market participants include NXP Semiconductors, Continental AG, Delphi Automotive, Robert Bosch GmbH and Murata Manufacturing Co., Ltd.

Click here to read the full report.

 

You May Also Like

Top 5 Stories of the Week

A recap of the top five stories on bodyshopbusiness.com during the week of June 10.

Classic Collision Adds New Locations in Minnesota and Arizona

Classic Collision has announced the acquisition of Crossroads Collision Center in Lake Elmo, Minn., and CARSTAR T&S Body Works in Tempe, Ariz.

Read more here.

Body Bangin' Southeast Collision Conference: Future-proof Your Shop with Mike Anderson

Collision Careers Enhances Web Presence, Debuts New Video

The updated website now includes career path details and downloadable resources for parents, educators and school advisors as well as a new, engaging video.

SUN Collision Brings Back Thank You Thursdays Sweepstakes

SUN Collision is celebrating Automotive Service Professionals Month in June with the return of its “Thank You Thursdays!” sweepstakes.

Snap-on TSS Onsite at SkillsUSA in Atlanta

Snap-on Total Shop Solutions (TSS) products will be on display and included in the competition at the 2024 SkillsUSA National Leadership and Skills Conference June 24-28 at the Georgia World Congress Center in Atlanta. Related Articles – NABC to Host Third Golf Fundraising Event of 2024 – Honda Starts Production on 2025 Honda CR-V Fuel

NABC to Host Third Golf Fundraising Event of 2024

The NABC Changing and Saving Lives Foundation will host the third golf fundraising event of 2024 Sept. 9 at Boone Valley Golf Club in Augusta, Mo.

Other Posts

Spanesi Offers Technical Training at U.S. Headquarters

Spanesi is offering training courses from factory-trained individuals at its U.S. headquarters in Naperville, Ill.

SCRS Announces Repairer Driven Education Registration Now Open

RDE is the most comprehensive collision repair education series of the year, delivered live at the SEMA Show and then made available online for the industry.

IIHS Survey: Most Drivers OK with Anti-Speeding Tech in Vehicles

More than 60% of drivers would find it acceptable if their vehicle provided an audible and visual warning when they exceeded the posted speed limit.

TEXA Releases IDC5 CAR 76.6.0 Software Update

Innovation of the TEXA IDC5 software is focused on new vehicle coverage as well as new diagnostic feature functionality.