Market Size of North America Pedestrian Detection Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 15.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Pedestrian Detection Systems Market Analysis
The North America Pedestrian Detection Systems Market was valued at USD 1.38 billion, and it is expected to reach USD 2.78 billion over the next five years by registering a CAGR of 15% during the forecast period.
Over the long term, growing safety concerns and government regulations regarding passenger and pedestrian safety, along with the increase in demand for premium vehicles, are some of the driving factors of the market. Vehicles are becoming safer, greener, and more connected. With these technological transformations, ADAS has helped drivers to feel safer on the road. OEMs are now putting more attention on educating customers about the benefits of the new technologies in the ADAS sector. OEMs offer customers an option to choose the needed features and make a customized combination of the different ADAS features for their vehicles.
Over the years, there has been significant growth in the number of vehicles on the road and the construction of roads, resulting in a higher rate of road accidents. There was a rise in pedestrian fatalities in the first half of 2022, maintaining a decade-long pattern of highways becoming increasingly unsafe for pedestrians. Over the last 10 years, pedestrian deaths in the first half of the year increased by 60%, from 2,141 in 2013 to 3,434 in 2022 - a loss of about 1,300 lives. Overall, traffic deaths have also increased since the outbreak began. The National Highway Traffic Safety Administration (NHTSA) announced that 31,785 people died in collisions in the first nine months of 2022, a small drop after almost 43,000 people perished on the road in 2021.
The increased emphasis on the safety of passengers and pedestrians, as a result of an increase in the incidence of accidents, and the increasing demand for luxury automobiles are two of the primary drivers driving the market's growth. However, obstacles such as the difficulty in recognizing pedestrians in poor weather conditions may impede the market's growth.
