Collision Avoidance Market to Reach $19B by 2025
March 2, 2017—The global collision avoidance system market is expected to reach $18.97 billion by 2025, according to a Research and Markets report.
The updated ratings of safety agencies and incorporation of anti-collision systems in mass-market models are expected to propel the market growth over the next six years, the report states.
The increasing awareness among consumers and extensive research and development by market players have fueled the market growth. Collision avoidance systems enable vehicles to carry out semi-autonomous and autonomous decision-making. The rising need for security from consumers and governments is also expected to drive the collision avoidance systems market growth.
Recent developments in the sensor technology are oriented toward making highly sophisticated devices and augmenting them with various parts of an automobile. Anti-collision systems enable automotive OEMs to integrate additional intelligence to achieve the goal of an autonomous car.
Strict legal and regulatory standards have mandated the inclusion of sensors in motor vehicles. This is further estimated to drive the collision avoidance systems market. However, the high costs of long-range radars and LiDAR-based systems may restrain the market growth as low-price car-makers may abstain from adding onto the cost of vehicles.
Europe is expected to continue to lead the market over the forecast period. It accounted for over 33 percent of the market in 2015.