Blind Spot Monitor (BSM) Market Size, Share, Growth, And Industry Analysis by Type (Radar Sensor, Ultrasonic Sensor & Other) by Application (Passenger Car & Commercial Vehicle) and Regional Forecast to 2032

BLIND SPOT MONITOR (BSM) MARKET REPORT OVERVIEW

The global blind spot monitor (BSM) market size was valued at USD 6.214 billion in 2023 and is anticipated to reach USD 17.5 billion by 2032, witnessing a CAGR of 11.2% during the forecast period.

A Blind Spot Monitor (BSM) is a comprehensive car assistance system (CAS) that aims at enhancing car safety by detecting and warning drivers of other cars or objects in their blind spots. These areas are usually found on the sides and rear of a vehicle which are not visible through rear view and side mirrors.

A variety of factors contribute to the development of blind spot monitor (BSM) market, which include rising need for improved security features in vehicles and legislative restrictions requiring safety equipment on cars. The device recognizes whenever another car enters its blind zone and shows an alert by means of sound or light or vibration. Typically, these alerts appear on side mirrors or dashboards. Especially in premium cars and those with sophisticated BSM equipment, today’s modern vehicles tend to possess this feature as a standard component.

COVID-19 Impact: Slowdown in the Vehicle Manufacturing Market Led To Decreased Demand

The COVID-19 pandemic has been unprecedented and staggering, with blind spot monitor (BSM) markets experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.

As vehicle production rates slowed down, the COVID-19 pandemic affected the Blind Spot Monitoring (BSM) market in a remarkable way. The production lines were halted and the requirement for new vehicles declined because of the worldwide lockdowns and breakdown of supply chains. Therefore, this has seen a drop in need for sophisticated driver support systems such as BSM which are often fitted into recent models of cars. The automobile sector took a long time to bounce back due to cuts in consumer spending and adjourning of car purchases thereby delaying business initiation and continuity during the four months period when coronavirus was a buzzword.

LATEST TRENDS

"Integration of Advanced Technology Safety System is a Latest Trend "

Integration of high-tech safety systems is dominating the automotive industry as this course is steering growth in car designs. The most recent cars nowadays have features like Adaptive Cruise Control, Blind Spot Monitoring (BSM) and Lane Departure Warning as standard or additional options. Such technologies use sophisticated sensors, cameras and artificial intelligence in order to improve driver safety and convenience through monitoring the environment for preventing accident occurrence. Aiming at safety becomes paramount to auto makers who focus on integrating such systems so as to keep abreast with demand requirements, enhance passenger vehicle ratings and stay a step ahead in the industry.

BLIND SPOT MONITOR (BSM) MARKET SEGMENTATION

By type

Depending on the global blind spot monitor (BSM) market given are types: Radar Sensor, Ultrasonic Sensor & Other.

• Radar Sensor: The radar sensor uses radar technology for detecting objects in the vehicle’s blind spot.
• Ultrasonic Sensor: The ultrasonic sensor is used to detect near objects when the vehicle is at slow speed.
• Other: Includes emerging or less common sensor technologies used in BSM systems such as infrared or LIDAR.

By Application:

The market is divided into Passenger Car & Commercial Vehicle.

• Passenger Car: BSM systems are increasingly standard or optional in passenger vehicles, enhancing safety for everyday drivers.
• Commercial Vehicle: BSM systems are crucial for large vehicles like trucks and buses to minimise blind spot-related accidents. Adoption is rising due to regulations and the need to improve fleet safety and reduce liability.

DRIVING FACTORS

Increasing Demand for Enhanced Safety Features in the Automobile Drive Growth in Market

The increasing demand for enhanced safety features in the automobile is one of the reasons driving the blind spot monitor (BSM) market growth. The advanced driver assistance systems are now the priority for consumers and manufacturers with the aim of enhancing road safety and reducing accidents. With an increasing awareness of the advantages of safety, automakers are putting BSM systems in various car models to meet consumer expectations as well as regulatory requirements. Consequently, there is an increase in market size as BSM technologies spread to both passenger cars and buses, thus increasing the total demand for such advanced safety measures.

"Government Regulations Mandating Safety Features in Vehicles Increases the Market Demand"

Another important reason driving the market is the government regulations mandating safety features in vehicles. Strict safety requirements based on advanced driver assistance systems like BSM have been adopted in many countries to improve road safety and minimise accidents. The laws make it mandatory for auto manufacturers to incorporate BSM into their vehicles. Consequently, the demand for BSM systems is growing since there is a need for auto makers to comply with government demands and abide by changing safety regulations.

RESTRAINING FACTORS

"High Cost Associated with Advanced Monitoring Systems Hamper the Market Growth"

One limiting factor affecting the blind spot monitor (BSM) market is the high cost associated with advanced monitoring systems. Use of these advanced devices and suchlike leads to huge production costs, hence high cost of vehicles. Thus, it does impressively affect consumers’ acceptance, makes demand limited; and limits BSM system adaptation speed leading to the collapse of the automobile market as a whole in terms of its growth and availability.

BLIND SPOT MONITOR (BSM) MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America and Middle East & Africa.

"North America to Dominate the Market due to High Adoption Rate of Advanced Driver Assistance System"

The market in North America is the most dominant region and largest market share as well as exhibiting very high profitability. With a purpose of consumer needs and demands together with legal requirements, the automotive sector of this area is among the first to implement modern safety technologies in cars. Also, high incomes available for spending combined with a desire to drive luxury cars are some of the driving forces behind BSM systems’ accretion. The market for BSM technologies in North America is projected to record considerable increase as car owners there pay more attention to securing their vehicles.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

The blind spot monitor (BSM) market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of BSM options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Continental (Germany)
• Denso (Japan)
• Bosch (Germany)
• Valeo (France)
• Delphi (USA)
• ZF TRW (Germany)
• WABCO (USA)
• Hella (Germany)
• Autoliv (Sweden)

INDUSTRIAL DEVELOPMENT

Sep 2018: The Audi e-Tron digital rearview system was created by Ficosa. Unlike the conventional external side mirrors, the digital rear-view system utilises cameras and displays to provide a completely different way of driving that is safer, more efficient, and more comfortable. This system was developed and produced at Viladecavalls Technology Center (Spain) as well as Wolfenbuttel Center.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.