Collision avoidance systems enable vehicles to carry out semi-autonomous and autonomous decision-making. The rising need for security from consumers and governments is also expected to drive the collision avoidance systems market growth.
The recent developments in the sensor technology are oriented toward making highly sophisticated devices and augmenting them with various parts of an automobile. Anti-collision systems are also seen by automotive OEMs as a way to gradually achieve the goal of an autonomous car by integrating additional intelligence to the vehicles.
Strict legal and regulatory standards have mandated the inclusion of sensors in motor vehicles. This is further estimated to drive the collision avoidance systems market. However, the high costs of long-range radars and LiDAR-based systems may restrain the market growth as low-price carmakers may abstain from adding onto the cost of vehicles, the market researcher believes.
Radar-based systems accounted for over 41% of the global market in 2015. The segment is further expected to gain market share over the forecast period. The declining prices of radars have led to the increased adoption of the technology.
Camera-based collision avoidance systems are expected to witness high growth, owing to the government regulations mandating their incorporation into vehicles. Adaptive cruise control accounted for a major market share in 2015. Such systems rely on long-range and medium and short-range radar systems to automatically adjust a vehicle's speed.
Technological innovations may mandate the incorporation of systems in vehicles to counter the threat of accidents due to human errors, which account for 90% of accidents.
The key industry players in the market for Collision Avoidance Systems include Bosch, Continental, Delphi, Denso, Autoliv, and ZF subsidiary TRW.