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Collision Avoidance System Market Size

Report ID: GMI7374
Published Date: Nov 2023
Report Format: PDF

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Collision Avoidance System Market Size

Collision Avoidance System Market was valued at USD 58.2 billion in 2022 and is projected to grow at a CAGR of over 5% between 2023 and 2032. Government regulations and safety standards are becoming more stringent globally. This has led to a growing demand for collision avoidance systems in vehicles to reduce accidents and improve road safety. To comply with these safety standards, companies operating in this space are consistently rolling out cutting-edge products, further carving a healthy growth trajectory for the collision avoidance industry.

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Insurance companies assess the risk of insuring a vehicle and driver based on statistical data. Vehicles equipped with collision avoidance systems are generally considered lower risk because these systems reduce the likelihood of accidents and the severity of collisions. Features like automatic emergency braking and warnings for forward collisions, lane departures, and blind spots help prevent accidents and mitigate their impact. This results in fewer insurance claims being filed and, when claims are made, they tend to have lower costs due to reduced damage and injuries.

Collision Avoidance System Market Report Attributes
Report Attribute	Details
Base Year:	2022
Collision Avoidance System Market Size in 2022:	USD 58.2 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5%
2032 Value Projection:	USD 98.5 Billion
Historical Data for:	2018 to 2022
No. of Pages:	300
Tables, Charts & Figures:	288
Segments covered:	Device, Technology, and Application
Growth Drivers:	Rise in the production of connected and autonomous vehicles High focus on technological advancements Reduction in insurance costs Safety and regulatory compliance
Pitfalls & Challenges:	Increasing environmental regulations Interference from other vehicles or electronic devices can lead to false detections

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The integration of intelligent technology into daily mining operations plays a crucial role in reducing accidents, injuries, and equipment or facility damage. Furthermore, continuous monitoring generates valuable data and analytics that empower mines to proactively address potential hazards and make well-informed decisions, staying one step ahead of safety concerns.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market valuation of collision avoidance system was reached USD 58.2 billion in 2022 and is anticipated to expand at a CAGR of over 5% from 2023 to 2032, attributed to the rollout of stringent government regulations and safety standards reduce accidents and improve road safety.

The automotive application segment accounted for 30% of collision avoidance system market revenue share in 2022 and is likely to record steady growth through 2032, due to increasing demand to enhance road safety.

North America collision avoidance system industry held 32% of revenue share in 2022 and is estimated to witness significant growth between the 2023 and 2032, due to the stricter safety regulations and standards for spurring the integration of the systems in vehicles.

Some of the major collision avoidance system companies are Denso Corporation, Autoliv Inc., Aviation Communication & Surveillance Systems LLC, Delphi Automotive Plc. (Aptiv), Becker Mining Systems AG, Hexagon AB, Rockwell Collins Inc. (Collins Aerospace), Wabtec Corporation, and Robert Bosch GmbH, among others.