Global Collision Avoidance Systems Market to Reach $24.99 Billion By 2023 - Allied Market Research

Manish Arya / On 2017-11-30 16:01:47

According to a recent report published by Allied Market Research, titled, "Collision Avoidance System Market by Type, Technology, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global collision avoidance system market was valued at $13.18 billion in 2016, and is projected to reach at $24.99 billion by 2023, growing at a CAGR of 9.7% from 2017 to 2023.

In 2016, UK dominated the market in Europe; similarly, the U.S. led the overall market in North America. At present, Europe dominates this market, followed by North America. China dominates the market in Asia-Pacific.

Increase in demand for automated vehicles plays a vital role in driving the automobile collision avoidance system market. In addition, improved visibility & enhanced safety supplements the growth of the market. However, high installation cost hampers the market.

In 2016, the adaptive cruise control (ACC) segment dominates the global collision avoidance systems in type segment, in terms of revenue. However, based on technology, RADAR led the global market followed, by camera in 2016.

Automotive segment led the collision avoidance systems market by application in 2016. However, marine segment is anticipated to depict highest CAGR throughout the forecast period.

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