Introduction for truck blind spot detection system business
Everybody wants to do business and thinks if they can beat the competition. Indeed, this is an age of competition, and the person who wants to start a business is always confused. People have many concerns; for example, they want to know whether the market is worth noting. The business-like spare parts and vehicle accessories are also one of them. So if you also want to invest in a business and thinking of starting a blind spot monitoring system business, hold on. We have all the right reasons for you to start this business.
Blind Spot Monitoring System Market Analysis
Blind spot detection systems are vehicle-based safety devices that detect driver-side vehicles. Additionally, it also detects the vehicle coming from the other side. They also do cross-traffic checking, alerting you when backing the car.
The market for blind-spot monitors is expanding due to rising industrialization. The industrialization has increased the demand for safety features and automated vehicles. In 2017, Denso Corp announced the availability of a 24 GHz sub-millimeter side radar and waved rear sensor. They designed it for use in Toyota’s version of the Camry. It was just one example of the growing use of sensor technology in automobiles. These sensors are intended to improve the ability to identify impediments.
So the blind spot detection system business market will be 28.6 billion dollars by 2027. In 2019, it was 10.6 billion dollars. The main reason behind such tremendous market growth is the increased demand for safe vehicles. Also, governments of different countries are promoting vehicle safety. There is also an increase in growing demand for premium vehicles. Smart mirrors are now also in use in automotive industries. For better analysis, we can divide this market into the following types.
Based On Product Type
The blind spot detection system business has two markets based on product type. These are the backup camera system and the radar-based segment system.
Backup Camera System
It is a backup or rearview camera common in commercial and personal vehicles. It protects the vehicle while parking. The American and Canadian governments have made it mandatory for vehicles to have these rearview cameras since 2018. The governments of BRIC and Europe are also expected to do so.
The most popular type of radar sensor now utilized in active safety systems is pulse-doppler radar. It transmits brief radio energy pulses while listening to the echoes from objects. In the automotive industry, there are short-range, mid-range, and long-range radars. The use depends on the functional needs. As the name implies, short-range radar exists in systems like park assist. It identifies close objects.
On the other hand, a blind spot detection system can use mid-range radar to identify objects in the car’s blind spot. Radars are here to counteract the truck’s limited view area and poor angular resolution. Many manufacturers are now trying to add more radar sensors per vehicle. They reduce the cost of radars so the system can provide all-rounder safety. It can also grow the market.
Based on End-Users
This market has two aspects: the passenger segment and the commercial segment. By now, the market share of the passenger side is more. It is because more and more luxury brands focus on providing safety to their users. If we talk about commercial segments like a truck blind spot detection system business, it is also proposed to grow by 961.74 million. Another essential factor is OEM (original equipment manufacturers) and aftermarket blind spot monitors. OEM has the main role because it is strictly made on the government’s hard and fast policies.
Reasons why truck blind spot detection system business is a profitable business
The increased usage of sensor technology in cars quickly advanced multi-camera systems. It increased road safety awareness. So the demand for blind spot detection systems increased. Following are some main reasons why this market has a great business.
Demand for Bumper Radar Sensors
Any blind spot monitoring system factory must have radar as a necessary component. Unlike LIDAR or a camera, it works great in rain, snow, and light or dark situations. It is the nearest equivalent to an all-weather sensor you can have. Without it, you can’t have a functioning factory blind spot detector. It can’t function in many kinds of situations that we drive through daily. The radio waves are essentially immune to weather and don’t require light. Therefore, the radar performs effectively in various situations (unlike cameras).
Future of Self-driving Cars
Self-driving cars are already here, just like Tesla, and their market is expected to grow. A vehicle that does not have any person driving or looking after it is going to need assistance. The automotive blind spot detection system is best in this regard. It has all the features to protect a vehicle fully from outside harm. Vehicles that are driverless or mostly autonomous have had trouble seeing around bends. This problem develops a need for a high-end blind spot monitoring system factory.
High Safety Features for Commercial Vehicles
Despite mirrors, commercial trucks are disproportionately huge and have very poor visibility. Almost always, the driver cannot view crucial areas around the truck. A sound quality driver assistance system is perfect for better safety of trucks and other heavy vehicles. The blind spot detection system is one of them. It uses radar sensors that are on the back bumper. They scan the detection zone for pertinent objects. If such an object is found, the system alerts the driver, helping them to move.
So in this way, you can ensure the safety of your truck carrying a large number of goods. Because of the truck’s high-end safety, this system can be beneficial. Also, the market for automobile blind spot sensors is anticipated to grow significantly.
The truck blind spot monitoring system observes the regions next to the vehicle. It covers the whole length, the trailer, and surrounding locations. It shows a warning in the side-view mirror as soon as it notices a vehicle in the blind spot. If the turning signal is turned on, it provides an extra auditory warning. It also sorts detected objects into relevant categories to prevent false alarms.
The Focus of Governments
The blind spot recognition system lowers the chance of accidents. It keeps an eye on the truck’s hazardous region during lane changes. The WHO estimates that 1.35 million individuals die annually in traffic accidents. Governments have thus put tight rules on blind spot detection system business markets. They want to enable truck owners to save their lives to reduce escalating road accidents. Governments and different transport organizations are concentrating on installing safety measures. That’s also one reason for the growth of blind spot detection systems.
Is It Worth Investing In A Blind spot detection system business?
By now blind spot monitoring system is the worthiest tool for car and driver safety. It has a detailed system of features to protect you. When it comes to purchasing, the people who are short on a budget often think a lot. The reason might be it’s difficult to cope with features that drivers have been coping with. Therefore, the blind spot detection system customers are those with the highest budget for cars. But the blind spot monitoring system factory manufacturers are continuously improving the technologies.
They are doing their best to make it user-friendly. The market for blind-spot monitors is expanding due to rising luxury vehicle demand. The governments are widely spreading the use of active safety features and automation in vehicles. So, it is also soon expected that the prices of these devices will touch the ground. The days are not far when everyone can afford these detection systems.
Sales Analysis Of Last Four Years For Factory Blind Spot Detector Market
Blind spot detection sales increased at a CAGR of 8.6% from 2017 to 2021. But they also showed a notable decline in sales in 2020 due to the COVID-19 pandemic. Germany, China, Japan, Mexico, and India accounted for a sizable share of the market for blind spot detection systems worldwide. Automotive blind spot detection market partners are working together to provide better products. For instance, Ficosa and Panasonic started a new thing on March 25, 2019. They collaborated to produce an inside rearview mirror for BMW X5 Japan with electronic toll collection. The regions where the best blind spot detection system market is present are:
- Asia Pacific
- North America
- The Middle East and Africa
- Latin America
Following are some significant players in the blind spot monitoring system factory market.
- Topking Electronics Ltd.
- ZF Friedrichshafen AG
- Lumen Technologies Inc.
- BorgWarner Inc.
- Alibaba Group Holding Ltd.
Challenges to the Automotive Blind Spot Detection Market
Success and challenges are both parts of any business. Till now, we have studied many factors that are becoming reasons for the success of the factory blind spot monitoring business. Here are some challenges that this industry is facing or is expected to face:
Extreme Weather Conditions
Automotive blind spot detection systems are likely ineffective under extreme weather conditions. Camera-based systems reduce visibility in areas that frequently experience severe weather. Rain, snowfall, and smog are the main issues.
Additionally, there is a substantial likelihood of camera lens damage. Therefore, the market for blind spot detection system business has a chance of hindrance. The reasons for the ineffective use of blind spot systems during severe weather conditions are the high camera repair cost. Therefore, it is better to invest in radar technologies because they are anti-weather.
The Use of Various Mirror Combinations
Some vehicles, such as refrigerated trucks with blind spot assistance, may have some issues even after the system is present. The large vehicles have resting beltlines, Big C pillars, and squashed rear windows. The blind spots on them can easily be vanished by proper mirror adjustments. According to Technavio’s study, the professionals in driving schools teach people about placing mirrors properly. So, a lot of people know about these techniques very well.
Future Aspects of the Commercial Vehicle Blind Spot Detection Market
Due to the rising frequency of traffic accidents, pedestrian safety is becoming more important. The need for technologically advanced truck sensors is rising as traffic gets more complicated. More trucks and large commercial vehicles on roads are contributing to the growth of the blind spot monitor market. Drivers may find blind-spot detection (BSD) systems helpful at night in inclement weather. Here are some future projections for the countries with the biggest markets.
The U.S. market’s total sales are expected to reach $4 billion by the end of 2022, according to FMI. The market can increase through the growing emphasis on foreign businesses. The United States has a lot of partnerships, mergers, and acquisitions with startups. They want to create cutting-edge blind spot detection systems jointly. In addition, the government is enforcing stringent laws to increase road safety and traffic management.
The blind spot detection system business market is also increasing because of rising auto sales. Particularly high-end models and the rising use of safety features are playing main roles. The National Highway Traffic Safety Administration (NHTSA) of the U.S concentrated on its flagship program. The U.S. New Car Assessment Program (US NCAP) included these safety systems. They can relieve purchasers’ concerns about their safety. Additionally, upgrades to the rating system will enhance the vehicle’s safety features.
China is one of the most lucrative markets for a blind spot monitoring system factory and suppliers. The experts expect the market to create an incremental potential above $1.2 Billion from 2022 to 2032. The rising trend of vehicle electrification supports China’s leadership in the global industry. The market is also being stimulated by the expanding automotive sector in China and the declining cost of sensors. It also lowers the price of commercial vehicle blind spot detection. Their government likes the idea of installing and requiring intelligent driving technology. They want to increase traffic safety.
By the end of 2022, Germany is expected to have an increased market share in Europe, according to the report. Out of all technology categories, camera sensors make up 42.6% of Germany’s whole Blind spot detection system business revenue. The country’s growing knowledge of BSD system calibration handles the growth. The European Union has also developed a new strategy to end all traffic fatalities by 2050. Let’s see what it is. North America and Europe currently hold most of the global market share for blind spot detection. They have widespread use of blind spot monitoring systems in high-end and luxury automobiles,
A blind spot detection system business is an excellent business if you invest properly. The developed countries have growing automotive blind spot detection markets. Industrial development has added to the number of heavy vehicles on roads. These vehicles, like trucks, are in use for many purposes. So, investment in this industry is worth it.