Market Scenario
As per the research by Market Research Future Reports (MRFR), the global Collision Avoidance System Market is estimated to value USD 15, thriving at a CAGR of 22% during the review period. The integration of collision avoidance sensors in vehicles to avoid accidents is the major factor driving the global Collision Avoidance System Market 2020. Several companies are incorporating the sensors into their industrial production processes to avoid accidents and provide efficiency. Also, the development of a 360-degree surveillance system is estimated to present opportunities for market expansion. Moreover, there has been a surge in demand for drones with obstacle detection sensors in professional sectors and consumer sectors, which enhances the Collision Avoidance System Market growth. These drones are used in counting inventory, factories and warehouses, and logistics purposes. The increasing application is another significant factor resulting in market expansion. However, the expenses related to the sensors brings makes the vehicle more expensive, which obstructs the Collision Avoidance System Market expansion. Also, the outbreak of COVID-19 has resulted in the daily business operations to come at a standstill. Several markets have come to stagnancy due to general observation in several countries.
Market Segmentation
The global Collision Avoidance System Market can be segregated on the basis of application, technology, and region.
On the basis of application, the global collision avoidance sensors can be segregated into lane departure warning system (LDWS), blind-spot detection (BSD), adaptive cruise control (ACC), forward collision warning system (FCWS), parking assistance, and others
On the basis of technology, global collision avoidance sensors can be segregated into the camera, radar, LiDAR., and ultrasound.
On the basis of region, the global collision avoidance sensors can be segregated into North America, Europe, Asia-Pacific, the Middle East, and Africa, and Central and South America.
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Regional Analysis
The regional analysis of North America, Europe, Asia-Pacific, the Middle East, and Africa, and Central and South America has been conducted. As per the analysis. Europe is estimated to hold the largest market share during the forecast period. The region consists of Germany, which has a very stronghold of the established automotive sector. Several crucial players are based in the region, which plays an important role in market expansion. Besides, the initiatives taken by the government for installation of systems such as airborne collision avoidance system (ACAS) has further propelled the market. As per the research, the second position is taken by the North American region. The research projects that North America acquires the second largest market share. The region is developed, and other sectors like mining, construction, and railways are developing, which escalates the market growth during the forecast period. The research states that the APAC region is estimated to be the fastest developing region during the forecast period. The region consists of the fastest developing economies of the world, i.e., India and China. Both countries make a significant contribution to expanding the regional market. However, the outbreak of pandemic coronavirus has affected several regional markets. The constant lockdown observed in several regions has changed the market dynamics.
Key Players
The forefront players of the global collision avoidance sensors market are Delphi Automotive LLP (Ireland), NXP Semiconductors (Netherlands), Robert Bosch GmbH (Germany), Continental AG (Germany), DENSO CORPORATION (Japan), Infineon Technologies AG (Germany), Texas Instruments (US), Murata Manufacturing Co., Ltd. (Japan), Siemens AG (Germany), ALSTOM (France), and Rockwell Collins (US). Other crucial players of the market are General Electric (US), Panasonic Corporation (Japan), Sensata Technologies, Inc. (US), Honeywell International Inc. (US), Saab AB (Sweden), TRW Automotive (US).
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