As the automotive industry touches new peaks, especially in the emerging economies, the demand in the global market for anti-collision sensor is anticipated to increase at a CAGR of 19.8% during the forecast period of 2016 to 2024. In terms of revenue, the global anti-collision sensor market had a valuation of US$4.36 bn in 2016, which is estimated to reach US$18.54 bn by 2024.
This report on the global anti-collision sensor market aspires to serve as a credible business document for the audiences such as original equipment manufacturers, OEM technology solution providers, technology investors, and the suppliers and distributors of automotive components. The report contains an in-depth analysis of all the factors that may influence the demand in the near future, favorably or negatively, and profiles a number of key players in order to represent the nature of competitive landscape and latest strategic developments.
Technology-wise, the global market for anti-collision sensor is segmented into LiDar, radar, ultrasonic, and camera, whereas application-wise, the report bifurcates the market into adaptive cruise control, lane department warning system, forward collision warning system, blind spot monitor, and parking sensor. By end-user, the market has been categorized into automobile, maritime, rail, aerospace and defense, and other industries. Geographically, the report studies the opportunities available for the market players in the regions of North America, the Middle East and Africa, Asia Pacific, Europe, and Latin America.
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The increasing number of vehicles across the world and incrementing percentage of vehicular accidents are two of the primary drivers of the global anti-collision sensor market. Research and development in this field has led to improved anti-collision technology, which is further augmenting the demand. Moreover, in North America, the implementation of new car assessment program (NCAP) has further fueled the demand. NCAP checks the safety standards of all new vehicles launched in a given territory.
The trends of autonomous transportation system, rising application of UAV’s in scientific, agriculture, military, commercial, and recreation are some of the other factors propelling the demand in the global anti-collision sensor market. Conversely, high cost associated with these sensors is hindering the market from achieving its full potential, especially in the cost-effective regions of Asia Pacific.
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