According to the research report titled, ‘Global Blind Spot Monitor Market, 2021-2027’, available with MarketStudyReport, global blind spot monitor market is reckoned to record a CAGR of 14.4% over 2021-2027.
 

As per the report findings, global blind spot monitor market growth is primarily driven by escalating demand for premium vehicles, surging government investments and rising adoption of active safety systems and automation in vehicles.
 

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For the unversed, blind spot monitor is a type of vehicle-based sensor that helps in detecting other vehicles located on the driver’s side and rear.
 

In addition, growing cognizance regarding road safety, fast paced development of multi camera systems, and surging use of sensor technology in vehicles are further augmenting the industry outlook. Citing an instance, in August 2017, leading automotive components manufacturer Denso Corp. announced that it developed a 24 GHz submillimeter wave rear and side radar sensor for Toyota’s version of Camry. These sensors are aimed at enhancing obstacle detection capability of vehicles.
 

On the contrary, threat of security and high costs associated with technology are likely to hamper the remuneration scope of the industry.
 

By product type, global blind spot monitor industry is bifurcated into backup camera system, park assist system, blind spot detection system, and surround view system. The segmentation of the industry sphere based on application scope includes passenger cars, LCVs (light commercial vehicles), and MCVs & HCVs (medium & heavy commercial vehicles).
 

Speaking of geographical ambit, South America, Europe, North America, Asia Pacific, and Middle East & Africa are considered to have a heavy influence on the dynamics of this business sphere. Among these, Europe market is anticipated to capture a significant market share during 2021-2027, attributable to increasing requirements for safe driving experience, surge in the development of semi-autonomous vehicles, and high demand for the blind spot monitoring technology in the region.
 

Considering competitive landscape, Valeo SA, Robert Bosch GmbH, and Continental AG are among the major players profiled in global blind spot monitor market report.