Report: Collision Avoidance System Market to Grow
Nov. 30, 2015—The collision avoidance system market is expected to be worth $50.38 billion by 2020 and consumers favor self-driving cars created by partnerships between automakers and technology companies, according to recent reports.
The collision avoidance system market report published by MarketsandMarkets says that the market is expected to expand due to the growing focus of safety features of vehicles, government regulations, influence of the New Car Assessment Programs (NCAPs), and encouragement from insurance companies by reducing the premium for vehicles with installed collision avoidance systems.
- The automotive collision avoidance system accounted for the largest share of the global collision avoidance system in 2014
- Collision avoidance systems used in the construction and mining sectors are expected to witness rapid growth
- North America is expected to hold a large share of the collision avoidance system market by 2020
Consumers feel especially comfortable in a self-driving car created through a partnership with an automotive manufacturer and a tech company, according to a report by USA Today.
The World Economic Forum and Boston Consulting Group asked nearly 6,000 respondents from 10 countries about self-driving cars. 46 percent of the respondents said they would want a traditional automaker to make the self-driving car and of those, 69 percent said that they would be most interested in a product coming from an auto-tech joint venture.
Of those polled, respondents from France, Germany and Japan had the highest trust in auto companies making self-driving cars, ranging from 50–58 percent. Only 32 percent of respondents in the U.S. said automakers would be the ideal manufacturer of vehicles.