Knowledge Sourcing Intelligence announces the publication of a new report on “Collision Avoidance System Market - Forecasts from2020 to 2025" to their offering.
Collision Avoidance System (CAS), also known as forward collision warning system, pre-crash system, or collision mitigating system, uses radar and other sensors to detect an imminent crash and provides a warning to the driver. The incorporation of CAS among vehicles has increased in order to mitigate collisions among multiple vehicles.
According to the report, the Collision Avoidance System Market is projected to increase at a CAGR of 11.87% in the coming years.
Rising number of road accidents worldwide
Globally, the number of road accidents are increasing at an alarming rate, which is the major factor for the growth of global collision avoidance system market. According to the World Health Organization (WHO), nearly 1.35 million people die in road accidents annually. Also, road traffic crashes cost most countries around the world 3 per cent of their GDP (gross domestic product). As a result of this increasing loss of life and property due to road accidents, governments and international organizations are taking necessary measures to reduce this number by way of implementing regulatory standards aiming to ensure the safety of the vehicle. For example, the United States adopted the Electronic Stability Control (ESC) standard in 2012 and is still mandatory for all new vehicles. The European NCAP also requires automakers to add emergency autonomous braking solution in all passenger vehicles in order to achieve the agency’s highest safety rating. Thus, the implementation of strict regulatory standards for ensuring the safety of the automobile is significantly fuelling the market growth of collision avoidance system.
Another major factor that is fuelling the market growth of collision avoidance system is the stringent regulations regarding workers’ safety across different regions/countries. For example, The Occupational Safety and Health (OSHA), part of the United States Department of Labor, ensures that workers have safe and healthy working and it is the duty of the employer to provide the workplace free of known health and safety hazards. Rising investments in autonomous vehicles will further drive the market growth of collision avoidance system during the next five years. Prototype cars are being continuously tested on public roads of the Unites States, Japan, and Europe. Recently, Volvo and Wyamo have partnered to develop a self-driving electric vehicle designed for ride-hailing use.
Geographically, Collision Avoidance System market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America and Europe regional markets for collision avoidance system accounted for sizable market shares in 2019 owing to the stringent regulations regarding the safety of motor vehicles and passengers that have been mandated by governments in these regions. Asia Pacific collision avoidance system market is projected to witness a substantial compound annual growth rate during the forecast period owing to the rising cases of road accidents in APAC countries and growing concerns regarding the implementation of strict safety rules. Rising disposable incomes and living standards and increasing urbanization in countries like China and India are boosting the sales of premium cars as well, thus positively impacting the overall regional market growth of collision avoidance system. Furthermore, the presence of global auto manufacturers in this region, exporting their final product in countries where vehicle safety regulations are strict is also spurring the market growth.
The major players covered as part of the report are Robert Bosch GmbH, Denso Corporation, Autoliv Inc., ZF Friedrichshafen AG, Becker Mining, Collins Aerospace, a United Technologies company, Hexagon AB, Continental AG, Infineon Technologies AG, Panasonic Corporation, Hyundai Mobis, and Toyota.
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This report has segmented the Collision Avoidance System marketon the basis following terms: