The blind spot solutions market is projected to reach USD 28.6 billion by 2027 from an estimated USD 10.6 billion in 2019, at a CAGR of 13.2% during the forecast period. The base year for the report is 2018, and the forecast period is from 2019 to 2027. The key drivers of the market are increasing the adoption rate of advanced technologies by OEMs, rising demand for safety-related features, government mandates, growing demand for semi-autonomous vehicles, and fast-paced development of autonomous vehicles.
The blind spot solutions market is dominated by globally established players such as Continental (Germany), Bosch (Germany), Magna (Canada), ZF (Germany), and Denso (Japan). These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth blind spot solutions market.
New product launch is the key strategy adopted by major players to gain traction in the blind spot solutions market. In August 2018, Bosch presented its product offerings for connected services and driver assistance systems for commercial vehicles at the 67th IAA Commercial Vehicles in Hannover. The driver assistance systems presented at the show, including turn warning, blind-spot recognition, predictive emergency braking, and lane assistants.
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The second most widely followed strategy by the key market players is joint ventures. In May 2018, Magna and Renesas announced a new cost-efficient 3D surround view system designed for entry- and mid-range vehicles. Magna’s 3D surround view camera system adopts Renesas’ high-performance, low-power system-on-chip (SoC) solution to provide a 360-degree panoramic view to assist drivers when parking or performing low-speed operations.
Continental (Germany) is one of the leading players in this market. The company is continuously delivering new advanced blind spot solutions. For instance, in October 2018, Continental announced that it developed a Virtual A-Pillar to help remove forward blind spots, making wide A-pillars virtually see-through. Continental’s Virtual A-Pillar is designed to address the growing problem on for vehicles that need widened front pillars to meet mandatory safety testing. With new flexible OLED displays and advanced head tracking, Continental is bringing enhanced visibility to the driver’s view with new flexible OLED displays and advanced head tracking. It tracks the movements using an interior camera mounted just above the steering wheel. At the same time, Continental’s SurroundView camera, mounted on the vehicle’s exterior, feeds a live video of the vehicle’s external environment to the OLED displays embedded in the A-pillars.
Bosch (Germany) is another key player in the market, including Magna, Denso, and ZF. In March 2017, Magna announced that it was supplying camera-based driver assistance systems and all-wheel-drive components in the new Maserati Levante. Magnas EYERIS electronic vision system includes a 360-degree surround view system. Other electronic features on board the SUV include a lane-departure warning assistant, high-beam assistant, and camera-based object detection.
Blind Spot Solutions Market by Product Type (BSD, Park Assist, Backup Camera, Surround View & Virtual Pillar), Technology (Camera, radar & Ultrasonic), End Market (OE & Aftermarket), Electric Vehicle, Vehicle Type and Region - Global Forecast to 2027
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