LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global anti-collision sensors market to post a CAGR of close to 17% through 2020.
The research study covers the present scenario and growth prospects of the global anti-collision sensors market during 2016-2020. To calculate the market size, Technavio considered revenue generated from the sales of the following anti-collision sensor technology pertaining to the automotive industry: radar, cameras, ultrasound, and LiDAR.
Technavio’s lead hardware and semiconductor research analysts have identified the following three factors that will influence the growth of the global anti-collision sensors market:
- Increased need for road safety
- Rise in legislation and awareness campaigns on automotive safety
- Increasing demand from luxury and SUV car segments
Increased need for road safety
The increasing number of road accidents globally has led automobile manufacturers to install anti-collision sensors in most of their automobile products. With an estimated number of over one million people being killed due to road traffic accidents, organizations like United Nations General Assembly have come up with legislation to curb road accidents and maintain road safety.
Technavio’s lead analyst from the sensors industry, Asif Gani says, “The need for safety will have a moderately high impact on automotive manufacturers because they will have to install more anti-collision sensors to enhance the safety features in their vehicles.”
These sensors collect data about the vehicle and then use object detection, recognition, and tracking techniques to evaluate any obstacles on the way. A lane departure warning system is also used to alert the driver whenever a vehicle deviates from the lane thus allowing appropriate and prompt action.
Rise in legislation and awareness campaigns on automotive safety
The report also states that rise in legislation and awareness campaigns on automotive safety are other major factors leading to the growth of the anti-collision sensors market. For instance, the UN Road Safety Collaboration has come up with a global plan for 2011-2020 which focuses on road safety activities. The government of India, too, has appointed a panel to introduce certain safety features in new cars under the Bharat New Vehicle Safety Assessment Program, to ensure that Indian cars match global safety standards. These features will be made mandatory by October 2020.
“Increasing legislation and consumer awareness campaigns are likely to drive the global anti-collision sensors market during the forecast period as they will motivate consumers to purchase cars with in-built safety features,” says Asif.
Increasing demand from luxury and SUV car segments
Growing demand for luxury vehicles with advanced safety and comfort features is a major factor contributing to the growth of the global anti-collision sensors market. Luxury automakers such as BMW, Mercedes-Benz, and Audi offer cars equipped with surround-view cameras and ultrasonic sensors as a part of their active safety system solutions and will continue to do so in the coming years.
Therefore, a rise in the sales of luxury and sports automobiles is likely to impact the market positively during the forecast period. Luxury cars account for approximately 20% of car sales revenue, which is more than USD 100 billion. Therefore, this particular driver will have a moderately high impact on automotive manufacturers.
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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