Global collision avoidance systems market to reach $58.2 billion by 2026

SAN FRANCISCO, March 23, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Collision Avoidance Systems – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.

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Editing: 8; Published: February 2022
Executive Pool: 16918
Companies: 83 – Players covered include Alstom SA; Analog Devices, Inc.; Autoliv, Inc.; Becker Mining Systems SA; Caterpillar Inc.; Continental AG; Delphi Automotive LLP; Denso Corporation; General electricity company; Honeywell International, Inc.; Infineon Technologies AG; Murata Manufacturing Co.Ltd. ; NXP Semiconductors SA; Panasonic Corporation; Robert Bosch GmbH; Rockwell Collins, Inc.; Saab AB; Siemens AG; Wabtec Corporation; ZF Friedrichshafen AG and others.
Blanket: All major geographies and key segments
segments: Application (automotive, construction and mining, aerospace, railroad, marine)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia Pacific; Rest of the world.

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ABSTRACT-

Global collision avoidance systems market to reach $58.2 billion by 2026
Collision Avoidance Systems (CAS) represent a promising technology with significant potential to reduce the risk of collisions and accidents. As popular as collision mitigation systems, pre-collision systems, and forward collision warning systems, these platforms help users detect an impending obstacle or collision to avoid an accident. Additionally, the technology is integrated with other systems to enable autonomous or semi-autonomous decision-making and braking. Radar, LiDAR and camera are the basic technologies applied in collision avoidance systems. Collision Avoidance System (CAS) is fast becoming mainstream technology in the automotive industry due to its immense potential to mitigate accident risk and improve road safety. The automotive sector remains the primary end-user of CAS due to its potential to help drivers keep road traffic safe. Intended to detect other vehicles, pedestrians or obstacles, to anticipate collisions and to automatically perform corrective actions or to brake, these systems are increasingly accepted by car manufacturers. The integration of warning systems is known to reduce the risk of frontal, side and single-vehicle crashes and associated injuries. Additionally, these systems detect road conditions using cameras, sensors, ultrasonic or radar technology to give drivers enough time to avoid an accident. Some of the major organizations have even made it mandatory for car manufacturers to integrate collision warning and automatic braking systems to achieve higher safety scores. Continued progress in this direction should help the technology gain traction and be adopted in mainstream cars.

Amid COVID-19 crisis, Global Anti-Collision Systems Market estimated at US$43.6 billion in 2022, is expected to reach a revised size of US$58.2 billion by 2026, growing at a CAGR of 6.4% over the analysis period. Automotive, one of the segments analyzed in the report, is expected to grow at a CAGR of 6.6% to reach US$21.5 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Construction & Mining segment is readjusted to a revised CAGR of 7% for the next 7-year period. This segment currently represents a 23.9% share of the global market for collision avoidance systems.

The US market is estimated at $13 billion in 2022, when China is expected to reach $7.5 billion by 2026
The collision avoidance systems market in the United States is estimated at 13 billion US dollars in 2022. The country currently accounts for a 30.03% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$7.5 billion in 2026 with a CAGR of 8% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 5.4% and 6% respectively over the analysis period. In Europe, Germany is expected to grow at around 5.7% CAGR while the rest of the European market (as defined in the study) will reach US$8.3 billion at the end of the analysis period.

The global market is heading for substantial growth in the coming years owing to the combination of various factors such as associated benefits and rising consumer awareness. Designed to mitigate the severity and risk of collisions, collision avoidance systems are widely used in the mining and automotive industries to prevent accidents. The market for these systems is driven by the growing adoption of automated vehicles, stringent automotive safety regulations, and the ability of technology to provide increased safety and visibility. automobile manufacturers in the United States, Europe and Japan are testing prototype cars capable of driving autonomously. These innovative concepts aim to reduce traffic congestion and stress while improving safety. The growing focus on automated vehicles is expected to complement the growth of the global collision avoidance systems market. These systems are able to help drivers in low visibility conditions to avoid collisions. While high installation costs remain a major impediment to market growth, electronic integration in automobiles and automotive safety regulations are poised to increase the market in the coming years.

Aerospace segment to reach $11.4 billion by 2026
CAS’s growth in the aerospace sector has benefited greatly from the increased use of advanced technologies to avoid collisions and accidents in the sector. Aerospace is one of the industries hardest hit by the current COVID-19 pandemic. The aerospace industry is expected to suffer substantial losses in 2020, with the negative tide also continuing in 2021. As the economic scenario improves after the COVID-19 scenario, the size of the aircraft fleet, deliveries and the Air traffic is also expected to increase, providing promising opportunities for new aircraft in the future. Demand will also be driven by the growing base of the aging aircraft fleet slated for retirement. Replacement demand should therefore increase the traction of new aircraft deliveries in the future. In the global aerospace segment, United States, Canada, Japan, China and Europe will drive the CAGR of 5.6% estimated for this segment. These regional markets representing a combined market size of US$7.3 billion will reach a projected size of US$10.7 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach 1 billion US dollars by 2026. Continued

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SOURCE Global Industry Analysts, Inc.