Blind Spot Monitor Market Report 2024

The blind spot monitor market size has grown rapidly in recent years. It will grow from $14.39 billion in 2023 to $15.93 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth observed in the historic period can be attributed to several factors, including heightened awareness of road safety, growing consumer demand for automated vehicles, increased vehicle production rates, rising consumer expectations for safety features, and the expanding adoption of Advanced Driver Assistance Systems (ADAS) technologies.

The blind spot monitor market size is expected to see rapid growth in the next few years. It will grow to $24.1 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. In the forecast period, growth can be attributed to the proliferation of autonomous vehicles, stricter safety regulations, increasing preference for connected vehicles, the rise of connected vehicle technologies, and heightened focus on road safety initiatives. Key trends expected in this period include deeper integration with ADAS technologies, widespread adoption of sensor technologies, incorporation into autonomous vehicles, advancements in automotive safety, and integration of AI and machine learning.

The rising popularity of connected vehicles is set to drive the growth of the blind spot monitor market. Connected vehicles, which feature internet connectivity and can communicate with other vehicles, infrastructure, and external devices, are increasingly favored for their convenience, efficiency, and advanced safety features. These vehicles integrate sophisticated safety systems and real-time data sharing capabilities, facilitating blind spot monitors (BSMs) to deliver more precise alerts. This integration enhances overall driving safety and experience by providing timely warnings and leveraging smart infrastructure for optimized traffic management. Fleet News reported that the percentage of connected vehicles grew from 94% to 97% between 2020 and 2022, underscoring the pivotal role of connected vehicle preferences in fostering the expansion of the blind spot monitor market.

Leading companies in the blind spot monitor market are concentrating on developing advanced detection radar sensors. These sensors use cutting-edge radar technology to enhance the accuracy and reliability of blind spot monitoring systems. They are designed to detect objects and vehicles in blind spots, even in adverse weather conditions, thereby enhancing driver awareness and reducing the risk of blind spot-related accidents. For example, Sensata Technologies launched the PreView Sentry 79 in October 2023. This sensor features a fully customizable detection zone capable of detecting objects up to 40 meters away, adaptable to various vehicle types without requiring significant system adjustments. It seamlessly integrates with existing vehicle safety features, offering heightened protection for both drivers and passengers.

In June 2023, Magna International Inc. bolstered its position in the market by acquiring Veoneer US Safety Systems, LLC, expanding its capabilities in ADAS sensors and comprehensive blind spot monitoring solutions. Veoneer US Safety Systems, LLC, a Sweden-based provider of automotive electronic safety systems, enhances Magna's ability to deliver advanced blind spot monitoring technologies.

Major companies operating in the blind spot monitor market are Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Hyundai Mobis, Magna International Inc., Valeo SA, Aptiv, Infineon Technologies AG, Autoliv, HELLA GmbH & Co. KGaA, Samsung Electro-Mechanics, Garmin Ltd., Lexus, HL Mando, Pioneer Corporation, Gentex Corporation, Mobileye, VBOX Automotive, Xiamen Autostar Electronics Co.Ltd., SL Corporation.

Europe was the largest region in the blind spot monitor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blind spot monitor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the blind spot monitor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A blind spot monitor (BSM) is a vehicle safety feature designed to assist drivers in detecting cars that may be approaching or located in their blind spots. Typically, BSMs utilize sensors to identify objects in adjacent lanes that are not visible through side and rearview mirrors. By displaying visual indicators in the side mirrors, these monitors enhance driver awareness and reduce the risk of collisions.

Blind spot monitors encompass various product types, including blind spot detection systems, park assist systems, backup camera systems, and surround view systems. The blind spot detection system employs sensors to monitor blind spots around the vehicle, alerting drivers to the presence of vehicles or obstacles that may not be visible in the side mirrors. This system helps mitigate collision risks during lane changes, thereby improving overall driving safety. Different component types such as ultrasonic sensors, radar systems, and cameras are available to cater to different vehicle types, including heavy commercial vehicles, passenger cars, and light commercial vehicles. Blind spot monitors are distributed through various sales channels such as original equipment manufacturers (OEMs) and the aftermarket, catering to vehicles with both internal combustion engines (ICE) and electric propulsion systems.

The blind spot monitor market research report is one of a series of new reports that provides blind spot monitor market statistics, including the blind spot monitor industry global market size, regional shares, competitors with blind spot monitor market share, detailed blind spot monitor market segments, market trends, and opportunities, and any further data you may need to thrive in the blind spot monitor industry. These blind spot monitor market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The blind spot monitor market consists of revenues earned by entities by providing services such as visual and auditory alerts, lane change assistance, and customization options. The market value includes the value of related goods sold by the service provider or included within the service offering. The blind spot monitor market includes sales of indicator lights, control modules, and microphones. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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