Blind Spot Detection (BSD) system is a sensor based detection system implemented in automobiles that is used for monitoring vehicles at the rear and side of the driver/vehicle. Such systems generate tactile, audible, vibrating or visual form of warnings. They also assist the driver at the parking lots when there are other vehicles approaching from the sides. Blind spots are caused due to various objects such as passengers, headrests and window pillars. Mirrors are generally used to remove the blind spots but the disadvantage being that they leave huge dead on all the sides of the vehicle. BSD systems, with the help of cameras and sensor systems generate information about various objects that are outside the range of driver’s vision.
Adaptive Cruise Control (ACC) system is a sensor based cruise control system that automatically adjusts the speed of the vehicle in maintaining safe distances from the vehicles ahead. Such a system is integrated with pre-crash systems and automatically applies brakes after generating alerts. BSD and ACC systems have become efficient, sophisticated and advanced over a period of time and play an important role in reducing the number of accidents.
The rising number of accidents due to increase in traffic flow is one of the prime reason that is contributing to the growth of BSD and ACC system market. The implementation of such safety systems by the automobile industry has rapidly increased. Since BSD and ACC systems ensure safety of the passengers, customers are frequently looking for such advanced safety features and are also willing to pay. Another factor that is contributing to the growth of this market is the stiff competition among the automobile manufacturers. The manufacturers are continuously upgrading their models so as to cater to the huge demand of innovative safety features that can be used for various applications. Organizations such as New Car Assessment Program (NCAP), are investing in research and development to design automobiles possessing various safety features. The increasing use of sensors due to the advancements in technology is another factor that is contributing to the growth of this market. Sensors are integrated with BSD and ACC systems to increase the performance of engines by reducing carbon emissions. Government initiatives for fuel efficiencies and safety attributes of the vehicle are encouraging manufacturers to implement such integrated systems that can ensure safety as well as comply with such regulations.
However, BSD and ACC systems are not efficient in regions with adverse weather conditions. Regions with continuous snowfall and rainfall make such safety systems inefficient in tracking and monitoring the surrounding objects. This makes the owners of such regions reluctant in implementing these systems. Another challenge to the growth of this market is the standardization of such systems. Since every manufacturer competes for offering unique safety features, each manufacturer integrates high-tech sensors having different applications. Such integrations make car owners difficult and confusing to understand the exact operating procedures for different car models. Hence, due to the technicality involved, the car owners are reluctant to install innovative safety systems.
To overcome such technical barriers to the market growth, the vendors are taking initiatives that can address to such flaws. For instance, Autoliv Inc, One of the key players in this market, in August, 2014, announced a new operating structure that shall discuss their safety products and the methods of usage. The key players in the market include Denso Corporation, Delphi Automotive PLC, Magna International Inc., Mando Corporation, Valeo SA and TRW Automotive.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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