The global collision avoidance sensors market is expected to reach USD 10.01 billion by 2020, according to a new study by Grand View Research, Inc. Updated ratings of safety agencies and incorporation of anti-collision sensors in mass-market models is expected to propel market growth over the next six years. Increasing awareness among consumers and extensive R&D by market players has fueled market growth. Collision avoidance sensors enable vehicles to carry out semi-autonomous and autonomous decision making. Rising need for security from consumers and governments is also expected to drive collision avoidance sensors market growth.
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Recent developments in sensor technology are oriented towards making devices more sophisticated and augmenting them with various parts of an automobile. Anti-collision sensors enable automotive OEMs to integrate more intelligence in order to achieve the goal of an autonomous car. Strict legal and regulatory standards have mandated inclusion of sensors in motor vehicles; this is further estimated to drive the collision avoidance sensors market. However, high cost of long-range radar and LiDAR-based sensors may restrain market growth as low-price carmakers may abstain from adding onto the cost of vehicles.
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Further key findings from the study suggest:
• Radar-based sensors accounted for over 35% of the global market in 2013; the segment is further expected to gain market share over the forecast period. Falling prices of radar have led to increased adoption of the technology by various automotive OEMs. Camera-based collision avoidance sensors are expected witness high growth, owing to government regulations mandating their incorporation...