January 06, 2021
According to the research report titled ‘Global Blind Spot Detection (BSD) System and Adaptive Cruise Control (ACC) System Market Size study with COVID-19 impact, by Type (Ultrasonic Sensor, Camera and Radar Sensor), by Application (SUV, Roadster, Minivan and Others) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global blind spot detection (BSD) system and adaptive cruise control (ACC) system market is expected to witness considerable growth during 2020-2027.
Increasing production of passenger vehicles is a major factor fueling the growth of global blind spot detection system and adaptive cruise control system market. As per International Organization of Motor Vehicle Manufacturer (OICA), in 2017, worldwide production of passenger cars was recorded at 73.45 million units in the year 2017, which is a rise from 72.10 million units in the year 2016.
Request sample copy of this Report @ https://www.marketstudyreport.com/request-a-sample/2815897/
In addition, increasing occurrence of accidents due to rising traffic is propelling the market growth. Further, ability of these solutions to protect the vehicles from accidents, analyze situations, and adjust speed automatically to maintain proper distance between vehicles is contributing to global blind spot detection system and adaptive cruise control system industry growth.
However, high cost of the product is hampering the market growth. Also, rising prevalence of Covid-19 infection has caused disruptions in production and supply of many essential automobile components, hence negatively impacting the global blind spot detection system and adaptive cruise control system market growth.
From a regional frame of reference, worldwide blind spot detection system and adaptive cruise control system market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market is projected to record significant growth during the study period, mainly due to increase in demand for luxury vehicles. Whereas, Asia-Pacific industry is anticipated to witness robust CAGR over 2020-2027, owing to surging passenger vehicles production, and rising occurrence of fatal incidents in the region.
Major players operating in global blind spot detection system and adaptive cruise control system market sphere include Continental AG, Robert Bosch GmbH, Mando Corporation, Valeo S.A., Hyundai Mobis Co. Ltd., DENSO Corporation, Magna International Inc., TRW Automotive Holdings Corp., Delphi Automotive PLC, and Autoliv Inc.