Automotive Collision Avoidance System Market Projected to Grow at a 8% CAGR by 2030 – Report by Market Research Future (MRFR)
Automotive Collision Avoidance System Market Growth Boost by Rising Technology Advancements, Security Concern and Increases the Number of Vehicles
New York, US, March 22, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Collision Avoidance System Market Research Report: Information by Type, Technology, Sales Channel, Vehicle Type, Region – Forecast till 2027”, Throughout the projection period of 2021–2027, The market is anticipated to reach this value during the forecast period ending in 2027, with a global CAGR of 8%.
Automotive Collision Avoidance System Market Overview
the vehicle collision avoidance system market would expand. A final market growth of USD 7.6 billion was estimated to have occurred in 2019 throughout the historical forecast period. Similar market trends are anticipated to emerge in the years following the pandemic outbreak in 2020. Business leaders and industry analysts believe that the expanding construction and transportation sectors will be the primary drivers of the global automotive collision avoidance system market.
The world’s expanding automotive and construction sectors, particularly in the participating regions for the target audience that is dispersed throughout the market premises, are the key growth drivers for the automotive collision avoidance system market during the current forecast period ending in 2027.
The competition is also a product of the quiet competitors in the market:
- Autoliv, Inc. (Sweden)
- Siemens AG (Germany)
- Denso Corporation (Japan)
- Alstom S.A. (France)
- Mobileye N.V. (Israel)
- General Electric Company (U.S.)
- Becker Mining Systems AG (Germany)
- Saab AB (Sweden)
- Aviation Communication & Surveillance Systems, LLC (U.S.)
- Hexagon AB (Sweden)
- Rockwell Collins, Inc. (U.S.)
- Honeywell International, Inc. (U.S.)
- Wabtec Corporation (U.S.)
- Among others.
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The market for vehicle collision avoidance systems was negatively impacted by the new coronavirus’s unexpected emergence. The leading and most dependable Tier I and II suppliers for vehicle collision avoidance systems include Nucor Corporation, Tata Steel Europe, N.V. Bekaert S.A., Valmont Industries, Inc., and the United Kingdom’s Valmont Industries (U.S.).
These are powerful names with strong market momentum and a variety of target markets within the global market premises. These market vendors have presented their manufacturing facilities and dispersed them over several continents, including North America, Europe, Asia Pacific, and the rest of the world. The problem is made worse by additional constraints like the lockout and others like cross-barrier movements.
In order to protect the safety of its employees in countries like the US, France, Germany, Italy, and others like Spain during the COVID-19 epidemic, the major market participants have declared the suspension of production due to the decreased demand, followed by supply chain bottlenecks.
|Market Size 2030||2030: USD Significant Value|
|CAGR during 2022-2030||8% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Rising awareness among consumers for vehicle safety|
|Key Market Drivers|| Vehicle safety
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As a result, from the start of the forecast period in 2021, the demand for automobile collision avoidance systems is anticipated to fall. Manufacturers serving the global market are likely to intervene and modify the production procedures to avoid bottlenecks and schedule production in accordance with demand from tier 1 manufacturers. Also, during the period that will conclude in 2027, the market is projected to support healthy market expansion and fulfil the needs of the audience thanks to increased investments and funding for research and development projects.
The success of the construction and automotive industries will lead to an increase in the market for car accident avoidance systems. The middle-class population’s increased per capita income leads to a rise in vehicles and new roadways.
In growing nations like the APAC region, the migration of rural residents to urban areas has also grown. Particularly over the current predicted period of 2021–2027, the demand in the construction sector is increasing. The mandate of collision avoidance systems for cars around the world, especially in North America and developing countries, and the growing attention of customers and OEMs on vehicle safety are projected to boost the collision avoidance system market in the automotive industry.
To lessen the severity of accidents after impact, stiff barriers are being utilised along roads as the vehicle collision avoidance system industry expands. When rigid and semi-rigid barriers are deployed, the impact severity of collisions and crashes increases.
Because more of the impact’s energy is likely to be transferred to the car’s occupants, rigid barriers are likely to be less effective and cause more serious injuries.
The greatest number of new constructions and infrastructure-related activities are anticipated in the APAC. During the current projection period ending in 2027, the industry for automotive collision avoidance systems is anticipated to gain from the increased investment in technology leading to improvements and expansions.
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Automotive Collision Avoidance System Market Segmentation Overview
The performance that the market segments have recorded by increasing the market’s capacity to satisfy the audience’s growing needs and, consequently, comprehend the patterns that will aid in increasing the market’s revenue that the experts have identified, has led to an increase in the value of the global automotive collision avoidance system market.
By Application, the market is segmented into Automotive, Aerospace, Railway, Marine, and Construction & mining.
Automotive Collision Avoidance System Market Device, Technology, Geography.
Automotive Collision Avoidance System Market Regional Analysis
As a part of the forecast period that will end in 2027, the APAC is anticipated to see the biggest number of new constructions and infrastructural activities. The WHO has disseminated statistics showing an increase in building spending from 2014 to 2019, which is the historic predicted period for China. The growth was estimated at 7.3%, whereas it was estimated at 7% and 6.8%, respectively, in other APAC nations including Vietnam and India. The automobile collision avoidance system market size is able to expand in these important nations because to this increase. Brazil, Argentina, Colombia, and other Latin American nations as well as South Africa are represented in the market. In the previous years, several areas have exhibited signals of growth as part of the predicted period ending in 2027.
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Due to the efforts made by the leading market players, the automotive collision avoidance system market size has been observed during the forecast period, which will conclude in 2027, and has given rise to international market competition.
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