As a safety measure, anti-collision sensors have quickly become an essential component in the automobiles, primarily utilizing radar and sometimes laser and camera to detect an imminent collisions.
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As the automotive industry touches new peaks, especially in the emerging economies, the demand in the global market for anti-collision sensor is anticipated to increase at a CAGR of 19.8% during the forecast period of 2016 to 2024. In terms of revenue, the global anti-collision sensor market had a valuation of US$4.36 bn in 2016, which is estimated to reach US$18.54 bn by 2024.
The increasing number of vehicles across the world and incrementing percentage of vehicular accidents are two of the primary drivers of the global anti-collision sensor market. Research and development in this field has led to improved anti-collision technology, which is further augmenting the demand.
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Moreover, in North America, the implementation of new car assessment program (NCAP) has further fueled the demand. NCAP checks the safety standards of all new vehicles launched in a given territory.
The trends of autonomous transportation system, rising application of UAV’s in scientific, agriculture, military, commercial, and recreation are some of the other factors propelling the demand in the global anti-collision sensor market. Conversely, high cost associated with these sensors is hindering the market from achieving its full potential, especially in the cost-effective regions of Asia Pacific.