Technavio market research analysts forecast the global commercial vehicle blind spot detection system (BSD) market to grow at a CAGR of above 12% during the period 2018-2022, according to their latest report.
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Technavio has published a new market research report on the global commercial vehicle blind spot detection system market from 2018-2022. (Graphic: Business Wire)
This market research report segments the global commercial vehicle blind spot detection system market into the following applications, including LCVs and M&HCVs and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight the growing demand for safety solutions in vehicles as a key factor contributing to the growth of the global commercial vehicle blind spot detection system market
Growing demand for safety solutions in vehicles
The demand for vehicle safety is one of the major drivers in the development of advanced automotive safety systems. They are mostly found in premium vehicles as the cost of such systems is high. With time, these systems have become a necessity in most vehicles. Consumers are highly aware of these systems and technology and are taking great interest in ensuring the safety of their vehicles. Nowadays, several entry-level vehicles are being installed with electronic equipment, such as cameras and sensors, to improve their safety.
The advent of such automotive safety systems has enabled automakers to carefully examine various accidents and develop adequate measures to prevent them effectively. Advanced driver assistance and safety systems include BSD systems, FCW, LDWS, surround-view systems that help the driver to examine road conditions and the possible risks thereby avoiding a fatal accident.
According to a senior analyst at Technavio for automotive electronics, "The most common reason for accidents are the blind spots around a truck or a bus. As commercial vehicles are longer and wider than passenger cars, their blind spots are much larger. Implementation of commercial vehicle BSD systems will improve the safety of pedestrians and cyclists by eliminating blind spots efficiently."
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Global commercial vehicle blind spot detection system market segmentation
Of the two major applications, the LCVs segment held the largest market share in 2017, accounting for nearly 78% of the market. The market share for this application is expected to increase by 2022.
The Americas was the leading region for the global commercial vehicle blind spot detection system market in 2017, accounting for a market share of nearly 65%. By 2022, the Americas is expected to continue dominating the market while registering a growth of nearly 7%. Similarly, APAC is also expected to witness a positive growth during the forecast period.
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