The collision avoidance sensors' global market is on track to reach almost $19bn by 2025 according to a study released by Grand View Research Inc. It is predicted that the market will have a CAGR of 21.2% during the forecast period.
Collision avoidance systems reportedly significantly reduce the number of accidents caused by human error, which accounts for 90% of accidents, according to the UN's 2014 Road Safety Collaboration Study. This has led to a greater emphasis on introducing the technology into the mass market and is considered one of the greatest factors fueling the market's growth in coming years.
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Other factors which the study claimed would fuel the growth of the market is increased customer awareness, and the extensive research and development being conducted by major industry players in this field. Collision avoidance systems give vehicles the ability to react autonomously or semi-autonomously in the advent of a possible collision. With ever-rising demand for increased vehicle safety by consumers, it is expected that global governmental safety regulatory bodies will also end up driving the market's growth through regulation.
Another major factor which is predicted to increase the market's size is the eventual move to autonomous vehicles. As radar technology becomes cheaper and sensors continue to advance technologically, its integration will be key to the intelligence required to developing successful autonomous vehicles.