The collision avoidance systems market is subject to witness a substantial growth due to the introduction of advanced technologies in automotive sector such as LiDAR (Light Detection and Ranging), digital camera, radar, and ultrasound technologies. Luxury car manufactures are spending substantial amount of money to exploit the use of high degree systems for their active safety packages. Globally, the collision avoidance system market is predicted to grow at CAGR of 21.2% in forecast period, providing numerous opportunities for market players to invest for research and development in the collision avoidance system industry.
Robust growth in automotive industry in North America and Asia pacific region due to the rising sales of sports, utility and luxury vehicles is anticipated to boost market growth over the forecast period. Rise in the number of manufactures that are incorporating the collision avoidance system into their mass-market models is expected to pave a way for future market developments. For instance, development of pre-crash braking packages, auto-parking feature, auto-adjust headlamp, and vehicle communication devices by Toyota has gained widespread popularity among consumers.
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Increasing adoption of collision avoidance system allows the sharp decline in the number of road accidents. Additionally, mitigating the impact on vehicle occupants and pedestrians, in a case of an accident. These factors are expected to fuel the growth of collision avoidance systems market over the next seven years.
Moreover, rising awareness among consumers, higher approval rate, coupled with substantial investment by industry participants for extensive research &development are propelling market expansion, in the recent years. Introduction of automatic emergency braking by the U.S. National Highway Traffic Safety Administration (NHTSA) to limit crashes and reduce the loss of life is estimated to rocket market growth in the upcoming years.
A collision avoidance system is also termed as a pre-crash system, or forward collision warning system, or collision-mitigating system, is largely adopted in luxury cars to prevent or reduce the severity of a collision. Addition of GPS sensors that can detect fixed dangers such as approaching stop signs via a location database are some of the exclusive features of the system. The collision avoidance system works very well with pre-charge the brakes and an automatic braking or emergency brake assist system, thus positively impacting market growth further.
The collision avoidance system is broadly categorized into five major segments based on the system application type such as Adaptive Cruise Control (ACC), Blind Spot Detection (BSD), Forward Collision Warning System (FCWS), Lane Departure Warning System (LDWS) and Parking Assistance.
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