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Based on technology, the collision avoidance system industry is categorized into Radar-Based Systems, LiDAR, Camera-Based Systems, Ultrasonic Sensors and GPS & GNSS. The LiDAR segment will expand at a high CAGR from 2023 to 2032. The LiDAR segment could dominate the technology landscape of the collision avoidance system by 2032. LiDAR's ability to provide high-precision, three-dimensional mapping of a vehicle's surroundings enhances the accuracy of object detection and recognition, making it a critical component for advanced driver-assistance systems (ADAS).
Additionally, the decreasing cost and increased availability of LiDAR sensors, along with improved sensor technology and software, make it more accessible for integration into vehicles. The pursuit of enhanced road safety, regulatory requirements, and the growing consumer demand for advanced safety features are also major driving forces behind LiDAR adoption in collision avoidance systems.
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Based on application, the automotive segment accounted for more than 30% share of the collision avoidance system market in 2022, due to their pivotal role in enhancing road safety. These systems utilize advanced sensors, radar, cameras, and artificial intelligence to detect potential collisions and provide timely warnings or even intervene to prevent accidents. With an increasing emphasis on safety from both regulatory bodies and consumers, there's a growing market for vehicles equipped with these features. Additionally, the reduction of accidents, injuries, and fatalities is a primary motivator, making collision avoidance systems a key focus for automakers and buyers alike.
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North America collision avoidance system market captured around 32% share in 2022 due to stricter safety regulations and standards spurring the integration of these systems in vehicles. Moreover, heightened consumer awareness and the willingness to invest in advanced safety features have driven the market. Automakers like Tesla have made significant strides in collision avoidance technology, with their advanced driver-assistance systems gaining popularity. Additionally, collaborations with technology companies and startups in the region have accelerated the development and adoption of these systems, making North America a hub for innovation in collision avoidance technology.