May 21, 2024

Sensors And AI Algorithms Projected To Boost The Growth Of Automotive Collision Avoidance System Market

Market Overview:

Automotive collision avoidance system uses sensors and AI-based algorithms to detect nearby vehicles and pedestrians and prevent accidents. It consists of technologies such as automatic emergency braking, forward collision warning, lane departure warning, blind spot monitoring and others. These systems use technologies such as radar, laser, camera and ultrasonic sensors to gather real-time data about the vehicle’s surroundings and alert the driver of any potential collision. It plays a vital role in ensuring road safety and preventing accidents by automatically applying brakes when an imminent collision is detected.

Market key trends:

One of the key trends in the automotive collision avoidance system market is the growing adoption of advanced driver assistance systems (ADAS) technologies. Leading automakers are focusing on incorporating collision avoidance features such as automatic emergency braking, adaptive cruise control and lane keeping assist in their vehicle models. Furthermore, the integration of AI algorithms and deep learning capabilities is enhancing the effectiveness of these systems. Regulatory mandates by organizations such as NCAP and IIHS regarding the implementation of advanced safety features are also driving the demand for collision avoidance systems.

Porter’s Analysis
Threat of new entrants: Entry into the automotive collision avoidance system market require significant capital investments for R&D and manufacturing of advanced technologies systems. Stringent safety regulations also act as a barrier for new entrants.

Bargaining power of buyers: Many major automotive OEMs have significant bargaining power over collision avoidance system providers due to large volume purchases. However, differentiated innovations give some bargaining power back to technology providers.
Bargaining power of suppliers: Leading technology companies like Bosch, Honeywell, Denso etc. are major suppliers with specialized expertise providing some bargaining power.

Threat of new substitutes: Autonomous driving systems pose a potential long term threat, but widespread adoption of such systems will take over a decade providing ample time for collision avoidance solution providers to advance technologies.
Competitive rivalry: The market consists of few large global players resulting in high competition based on technology innovations, integration capabilities, and pricing.

Key Takeaways

The Global Automotive Collision Avoidance System Market Demand is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing vehicle safety regulations worldwide. North America currently dominates the market backed by stringent safety norms in the US and Canada.

The automotive collision avoidance system market size for 2023 is estimated to reach US$ 62.7 Bn. Rapid penetration of advanced driver assistance systems (ADAS) in luxury and mid-segment vehicles is a major factor driving the demand. By vehicle type, the passenger vehicle segment accounts for over 70% share led by widespread adoption in developed automotive markets across Europe and North America.

Key players operating in the automotive collision avoidance system market are Alstom SA, Autoliv, Inc., Denso Corporation, General Electric Company, Hexagon AB, Honeywell International, Inc., Robert Bosch GmbH, Rockwell Collins, Inc., Siemens AG, and Wabtec Corporation. Innovation is key for leadership with focus on sensor fusion, deep learning and computer vision based solutions for enhanced accuracy. Partnerships with automakers is another strategy for technology integration and aftermarket services growth.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it