Market Size of Collision Sensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 22.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Collision Sensors Market Analysis
The collision sensors market was valued at USD 6.23 billion in 2020, at a CAGR of 22.7% over the forecast period 2021 - 2026. The automobile industry is growing fast, and end-user expectation is far beyond what has been realized. The current development in the trade has been to rework the control systems of the essential functions of a vehicle (acceleration, de-acceleration, braking, and steering) performed by mechanical or hydraulic systems to more suitable, flexible and dependable electrical/electronic systems. The combination of collision sensors in the anti-collision systems in mass-market vehicles and updated safety ratings of agencies are anticipated to boost market growth over the next few years. Though, the vast cost of LiDAR-based systems and long-range radars might cause an obstacle to market growth as manufacturers of low-priced cars may abstain from placing sensors to avoid growing the overall cost of vehicles.
- New technological developments in sensors are focused on building extremely sophisticated devices and increasing their performance using several components of the vehicle. Anti-collision systems allow automotive OEMs to combine additional knowledge to achieve the goal of producing an autonomous vehicle. Developed economies are now inclined toward automated systems and driverless cars, which makes it mandatory for the inclusion of anti-collision sensors, thus fueling the growth.
- The integration of sensors in collision avoidance systems in vehicles is expected to help reduce the number of vehicle accidents due to human errors, as every year the lives of approximately 1.35 million people are cut short as a result of a road traffic crash and between 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability as a result of their injury (World Health Organization, 2018).
- The limited detection limit of this device is supposed to be a principal restraining factor. Moreover, the absence of awareness concerning the technology is anticipated to restrain the market growth. The debut of these systems in vehicles has raised the complexity of vehicle consoles, the probability of system component failures, errors in system design, and unconscious driver errors. This is expected to negatively influence parking sensors' market growth.
