The leading driver of the global anti-collision sensor market at the moment is the increasing number of vehicles on road, coupled with the increasing percentage of vehicular accidents. The growing scope of road accidents is prompting for the faster development of better anti-collision technology. The global anti-collision sensor market is also being propelled by the implications of the New Car Assessment Program (NCAP) in North America specifically. Advancements in sensor technology and its implementation in autonomous transportation system are also increasing scope with which anti-collision technologies can operate. The global anti-collision sensor market is also likely to be driven by the rising application of UAVs in military, scientific, commercial, agriculture and recreation. However, the high cost of anti-collision sensors is currently impeding the overall growth rate of the global anti-collision sensor market.
The global anti-collision sensor market was valued at US$3.8 bn in 2015. The market’s revenue is expected to continue expanding at a CAGR of 19.8% from 2016 to 2024, eventually accounting for US$18.543 bn by the end of 2024.
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Europe Leads Demand Volume for Anti-collision Sensors
Europe is the leading market player in global anti-collision sensor market, owing to a large number of European countries such as Russia, Germany and Italy that are adopting automated transportation system in metro rail, and other vehicles. Adaptive cruise control has the leading share in this market. European car manufacturing companies such as BMW, Honda are incorporating this technology in their cars, thus broadening the market scope of radar and camera sensors. Aerospace and defense is the leading market in terms of end users as Russia, Germany make huge investment on defense products. Drones have been extensively used in this region thus increasing scope of anti-collision sensors.
Asia Pacific is likely to acquire a significant market share as Japan and China are some of the important nations that contribute to the growth trajectory of anti-collision sensor market. Japan implemented autonomous decentralized transportation system and this increases the number of automated rail network in this country. China is just next to USA in terms of car population and adaptation to automation is the latest trend there. Hence, Asia Pacific region has substantial contribution in triggering the growth of anti-collision sensor market. North America holds around 18% market share in global anti-collision sensor market. US, Canada and Mexico are some of the important nations that contribute to the growth of anti-collision sensor market. US is a major economy in driving the growth prospect of global anti-collision sensor market. Large number of US car manufacturing companies are installing anti-collision sensors in their cars. Due to the growing popularity of driverless cars, US car manufacturers adopting this design to sustain in competitive automobile market as their European counterparts. US regulation also stress on the need for anti-collision system in automobiles and that finally lead North American region as a major market for anti-collision sensors.
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Radar Sensors Highly Common in Anti-collision Technology
The global anti-collision sensor market is segmented on the basis of technology into segments are radar, ultrasonic, lidar, and camera. Radar sensors is expected to hold the leading market share and it is likely to be a very swiftly-growing segment during the forecast period. Radar sensors can detect objects at longer distance and this sensor work with high speed and efficiency. This sensor is used in adaptive cruise control and forward collision warning system. Radar sensor in combination with camera sensor are expected to hold significant market share in anti-collision sensor market. On the other hand, ultrasonic sensors are of low price and that is expected to increase their usability as parking sensor.
Leading market players in the global anti-collision sensor market so far, have been Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), ZF Friedrichshafen (Germany), and Delphi Automotive (UK).
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