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The Global Collision Avoidance System Market size is expected to reach $24.7 billion by 2023, rising at a market growth of 10% CAGR during the forecast period. Collision Avoidance System is safety awareness or a warning system and it is designed to reduce the severity of a collision. These systems are majorly incorporated into automobiles and in mining to avoid major accidents. It is also known as pre-crash system, forward collision warning system, or collision mitigating system. The adoption of the technology helps in detecting imminent strikes by alerting the driver about a potential collision.
Growing demand for automated vehicles is a major factor that is driving the automobile collision avoidance system market, globally. Adding to the above factor is improved visibility & enhanced safety which is further contributing to the growth of the market. Nevertheless, high installation cost is a major factor that is limiting the growth of the market. Based on Type, the market report segments the market into Adaptive Cruise Control, Parking Assistance, Lane Departure Warning System, Autonomous Emergency Braking, and Others. Based on Technology, the market report segments the market into RADAR, Camera, LiDar, and Ultrasonic.
Based on Application, the market report segments the market into Automotive, Aerospace, Rail, and Marine. Based on Regions, the Collision Avoidance System market segments the market into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The market research report covers the analysis of key stake holders of the Collision Avoidance System Market.
Key companies profiled in the report include Delphi Automotive LLP, Robert Bosch GmbH, Denso Corporation, Autoliv, Inc., General Electric Company, Honeywell International, Inc., Rockwell Collins, Inc., Siemens AG, Wabtec Corporation, and Alstom SA.