Collision avoidance systems market ‘worth US$50.38 billion by 2020’

New research from MarketsandMarkets claims that the collision avoidance systems market is expected to grow from US$31.19 billion in 2014 to US$50.38 billion by 2020 at a CAGR of 7.74 per cent. The report, Collision Avoidance Systems Market by Device, Technology, Application (Automotive, Aerospace, Railway, Marine, and Construction & Mining), and Region (North America, Europe, Asia-Pacific, and RoW) - Global Trend & Forecast to 2020, says the market is expected to be driven by the growing focus of consumers
December 2, 2015 Read time: 3 mins

New research from 6418 MarketsandMarkets claims that the collision avoidance systems market is expected to grow from US$31.19 billion in 2014 to US$50.38 billion by 2020 at a CAGR of 7.74 per cent.

The report, Collision Avoidance Systems Market by Device, Technology, Application (Automotive, Aerospace, Railway, Marine, and Construction & Mining), and Region (North America, Europe, Asia-Pacific, and RoW) - Global Trend & Forecast to 2020, says the market is expected to be driven by the growing focus of consumers and OEMs on safety features of vehicles, government regulations, influence of the new car assessment programs (NCAPs), and encouragement from insurance companies by reducing the premium for vehicles with installed collision avoidance systems.

The global collision avoidance system market is application driven; it has been segmented into automotive, aerospace, railway, marine, and construction and mining. The automotive collision avoidance system accounted for the largest share of the global collision avoidance system market in 2014; this market is expected to grow at a significant rate between 2015 and 2020, driven by the growing focus of consumers and OEMs on safety features of vehicles, government regulations, influence of the NCAPs and encouragement from insurance companies by reducing the premium for vehicles with installed collision avoidance systems. In developed regions, such as North America and Europe, growth in the automotive collision avoidance system market is expected to be driven by rise in commercial vehicles while, in developing regions, such as Asia-Pacific and RoW, it is likely to be driven by the rise in passenger cars during the forecast period.

However, acceptance and installation rates of collision avoidance systems in construction and mining equipment sector are high. The market for collision avoidance systems used in the construction and mining sector is expected to grow considerably during the forecast period. The growth of collision avoidance system market in other applications is expected to be rapid due to the significant demand for new fleet (aircraft, ships, and trains including rail networks).

Europe was the largest market in 2014, followed by North America and Asia-Pacific. Regulations have driven the market for collision avoidance systems to reduce the collisions and mitigate the effects of imminent collisions (accidents). Europe was the early adopter which has resulted in a large market for collision avoidance systems in 2014. However, with the expected increase in regulations related to safety systems in other regions, such as North America, Asia-Pacific, and RoW, coupled with a growing focus on safety systems, these regions are expected to develop potential growth opportunities for this market during the forecast period. The collision avoidance system market in North America is expected to surpass that of Europe by 2016 and hold a large market share through 2020.

Location Based Systems

For more information on companies in this article

Related Content

  • Infrastructure projects to drive the construction industry in Norway
    August 7, 2015
    According to a recent report by Timetric’s Construction Intelligence Center (CIC), Norway’s construction industry will continue to expand over the coming five years, with investment in transport infrastructure projects continuing to drive growth. Under the government’s fourth National Transport Plan (NTP) 2014–2023, a series of infrastructure projects will be launched with an investment of around US$86.5 billion. The Norwegian Ministry of Transport and Communications has proposed total investment in th
    Read More
  • New ticket purchase methods expected to drive advance of US public transit
    April 2, 2015
    New analysis from Frost & Sullivan, Strategic Analysis of the US Automated Fare Collection Market in Rail and Urban Transit Systems, finds that the market earned revenues of US$324.5 million in 2014 and estimates this to reach US$634.8 million by 2021. The rising cost of fare management, coupled with the increasing presence of computing, sensors and connected devices, have made public transit systems more accessible to end users, thus boosting interest in automated fare collection (AFC) systems. With 33
    Read More
  • Global automotive aftermarket boosted by eRetailing, telematics, says research
    July 25, 2017
    Global Automotive Aftermarket Outlook, recent research from Frost & Sullivan, indicates that penetration of eRetailing in the automotive aftermarket is increasing significantly and is expected to cross US$21 billion globally by the end of 2017. The study provides an overview of the global automotive aftermarket and its growth opportunities. Main industry trends, growth prospects, VIO, eRetail dashboards, country snapshots, and opportunities in North America, Europe, China, India and Latin America are provid
    Read More
  • Crash prevention systems improving rapidly says IIHS
    June 2, 2014
    According to its latest report, less than a year into a new Insurance |Institute for Highway Safety (IIHS) ratings program for front crash prevention, auto manufacturers are making strides in adopting the most beneficial systems with automatic braking capabilities and are offering the features on a wider variety of models. Twenty-one of 24 cars and SUVs, all 2014 models unless noted, earn an advanced or higher rating in the latest round of IIHS evaluations. "We are already seeing improvements from automaker
    Read More

Highlighted Content