Collision Avoidance System Market: report delivers a detailed competitors analysis and a detailed overview of the global collision avoidance system market in terms of market segmentation by application, technology, type, and by region.
Collision Avoidance System Market Statistics –
- USD 59.47 billion revenue in 2022
- The market size is projected to record a valuation of over USD 202.28 billion by 2035
- The Collision Avoidance System industry is slated to observe 10.74% growth rate through 2023-2035
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Increasing Installation of Collision Avoidance System in Aircrafts to Promote Global Market Share of Collision Avoidance System
The global collision avoidance system market is estimated to grow majorly on account of the increasing adoption of advanced components in flights in order to avoid crashes. Lasers, cameras, radar, AI, GPS, and other devices are employed in the collision avoidance system. Some of these gadgets make driving more exhausting, while others help drivers reduce hazards and avoid collisions. Additionally, these technologies aid in preventing collisions caused by the increase in air travel, which is anticipated to drive market expansion by the end of 2035. The most recent statistics show that there are more than 70 plane crashes worldwide each year.
Moreover, road collisions are increasing owing to the increase in traffic accidents, thus collision avoidance systems are required in order to prevent collisions. Furthermore, there has been a rising trend for autonomous vehicles that are operated through automated systems in order to perform various activities such as autonomous parking, braking, and others. In addition, the rising adoption of these systems in commercial as well as passenger cars, as it will reduce the risk as a result of automated devices. As a result, it is anticipated that it is anticipated to accelerate market expansion throughout the projection period.
According to recent study by Research Nester, the collision avoidance system market size is anticipated to surpass USD 202.28 Bn by 2035 and is projected to expand at CAGR of over 10.74% from 2023 to 2035.
Major players include in the global collision avoidance system market:
• Robert Bosch GmbH
• Honeywell International Inc.
• Hexagon AB, DENSO Corporation
• Siemens AG
• Autoliv Inc.
• Becker Mining Systems AG
• Wabtec Corporation
• Delphi, General Electric Company
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Some of the major growth factors and challenges that are associated with the growth of the global collision avoidance system market are:
Growth Drivers:
- Increasing Construction Activities
- Rising Implementation of Safety Regulations
Challenges:
The rising concern for the initial as well as the repair costs for the collision avoidance system is anticipated to restrain the growth of the market by the end of 2035. In addition, the system consists of different components such as GPS, camera, radar, and others that have high initial installation cost. Moreover, the repair costs of these components are also high, as they have to be kept updated with the new technologies. Moreover, there is a difficulty in detecting objects on the road or in the air owing to the bad weather conditions, which is further expected to hamper the growth of the global collision avoidance system market in the upcoming years.
By type, the global collision avoidance system market is segmented into adaptive cruise control, parking assistance, lane departure warning, autonomous emergency braking, and others. The parking assistance segment is anticipated to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The segment is developing as a result of consumers’ increasing struggles with basic parking. Additionally, owing to an increase in the population and the number of cars, parking spaces in big cities have either declined or stayed the same. Problems are particularly obvious in areas where there is a lack of inexpensive land, like in big cities where parking demand is rising. The primary reason for the market’s growth is the rise in auto accidents. One out of every five car accidents worldwide occur in a parking lot or garage.
By region, the North America collision avoidance system market is predicted to generate the highest revenue by the end of 2035. The market’s growth can be largely attributed to an increase in traffic incidents and accidents. The National Highway Traffic Safety Administration predicts that 38,824 people were die in car accidents in the United States year 2022. On the other hand, more extensive bus deployment is anticipated to fuel the market growth in the region. By 2021, there were over 3,500 zero-emission buses operating in the United States, a 27% increase. Furthermore, there are important businesses in the area offering cutting-edge solutions for mid-air collisions, which is expected to boost the market’s expansion there.
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