Blind Spot Monitor (BSM) Market - Global Industry Research Analysis

According to Market Research Store, the global blind spot monitor (BSM) market size was valued at around USD 12.78 billion in 2023 and is estimated to reach USD 46.23 billion by 2032, to register a CAGR of approximately 13.70% in terms of revenue during the forecast period 2024-2032. 

To Get more Insights, Request a Free Sample

The blind spot monitor (BSM) report provides a comprehensive analysis of the market, including its size, share, growth trends, revenue details, and other crucial information regarding the target market. It also covers the drivers, restraints, opportunities, and challenges till 2032.

Global Blind Spot Monitor (BSM)Market: Overview

A Blind Spot Monitor (BSM) is an advanced safety feature in modern vehicles that helps drivers detect vehicles or objects in their blind spots—areas that are not easily visible in the side or rearview mirrors.

Using sensors, typically radar or cameras, the blind spot monitor system alerts drivers through visual or auditory signals when another vehicle enters these blind spots. This system enhances driving safety, especially during lane changes or merging, by reducing the risk of collisions. BSM is often integrated with other driver-assistance systems like lane departure warnings or rear cross-traffic alerts.

Key Highlights

• The blind spot monitor (BSM) market is anticipated to grow at a CAGR of 13.70% during the forecast period.
• The global blind spot monitor (BSM) market was estimated to be worth approximately USD 12.78 billion in 2023 and is projected to reach a value of USD 46.23 billion by 2032.
• The growth of the blind spot monitor (BSM) market is being driven by the increasing demand for safety features in vehicles, as safety regulations become stricter globally.
• Based on the product type, the backup camera segment is growing at a high rate and is projected to dominate the market.
• On the basis of technology, the radar sensor segment is projected to swipe the largest market share.
• In terms of vehicle type, the passenger car segment is expected to dominate the market.
• Based on the end-user, the OEM segment is expected to dominate the market.
• By region, North America is expected to dominate the global market during the forecast period.

Blind Spot Monitor (BSM) Market: Dynamics

Key Growth Drivers

• Increasing focus on road safety: Governments and organizations worldwide are prioritizing road safety initiatives, leading to a surge in demand for advanced driver assistance systems (ADAS) like BSM to prevent accidents.
• Rising adoption of electric vehicles: Electric vehicles are becoming more prevalent, and blind spot monitor systems are often integrated into their safety features, driving demand for these systems.
• Advancements in BSM technology: Continuous technological advancements, such as improved sensor accuracy and enhanced software algorithms, are making BSM systems more reliable and affordable, boosting their adoption.
• Growing consumer awareness: Consumers are becoming increasingly aware of the benefits of BSM systems in preventing accidents, leading to higher demand for vehicles equipped with these features.

Restraints

• High initial cost: The initial cost of installing blind spot monitor systems in vehicles can be a barrier for some consumers, particularly in regions with lower average incomes.
• Limited availability in lower-segment vehicles: BSM systems are often standard or optional features in higher-end vehicles, limiting their accessibility to a smaller portion of the market.
• Technical challenges: Implementing blind spot monitor systems in older vehicles can be technically challenging and costly, hindering their retrofitting.
• Regulatory hurdles: Variations in regulations across different countries can create challenges for manufacturers in standardizing blind spot monitor systems and ensuring compliance.

Opportunities

• Expanding markets in developing regions: As economies grow and vehicle ownership increases in developing regions, there is a significant opportunity for blind spot monitor market expansion.
• Integration with other ADAS features: BSM systems can be integrated with other ADAS technologies, such as lane departure warning and adaptive cruise control, to provide a more comprehensive safety package.
• Development of affordable BSM solutions: Advancements in manufacturing and component costs could enable the development of more affordable blind spot monitor systems, making them accessible to a wider range of consumers.
• Autonomous driving technology: BSM systems are essential components in autonomous driving vehicles, providing crucial information for safe navigation and decision-making.

Challenges

• False alarms and system limitations: BSM systems may occasionally trigger false alarms or have limitations in certain driving conditions, such as low visibility or heavy traffic.
• Cybersecurity concerns: As blind spot monitor systems become more connected, there is a growing risk of cybersecurity threats, which could compromise their functionality and safety.
• Consumer acceptance and trust: Building consumer trust in blind spot monitor technology and addressing concerns about its effectiveness and reliability is crucial for market penetration.
• Competition from alternative technologies: Emerging technologies, such as radar-based blind spot detection systems, could pose competition to traditional BSM systems.

Blind Spot Monitor (BSM) Market: Segmentation Insights

The global blind spot monitor (BSM) market is divided by product type, technology, vehicle type, end-user, and region.

Segmentation Insights by Product Type

Based on product type, the global blind spot monitor (BSM) market is divided into park assist, backup camera, surround view & virtual pillar, and BSD.

The backup camera segment holds the largest share in the blind spot monitor market. These cameras provide a real-time view of the area behind the vehicle, enhancing safety during reverse maneuvers. As regulations on vehicle safety intensify, especially in developed markets, the demand for backup cameras has surged.

These systems are often integrated into infotainment systems and are commonly included in new vehicle models as standard or optional features. Their widespread use in passenger vehicles, especially in SUVs and trucks, has significantly contributed to the dominance of this segment.

Next in line is the blind spot detection (BSD) segment. BSD systems alert drivers when another vehicle enters the car's blind spot, typically using sensors mounted on the sides of the vehicle. This feature has become increasingly popular as consumers prioritize safety technologies, and many automotive manufacturers are incorporating BSD into both mid-range and high-end vehicles.

The growing focus on driver assistance technologies and road safety is driving the adoption of BSD systems, positioning this segment strongly in the market.

Park Assist systems are another important segment in the blind spot monitor market. These systems help drivers park their vehicles by providing guidance on steering angles, distance to obstacles, and vehicle alignment. In some cases, they even automate parking entirely.

With the rise of urbanization and limited parking spaces, these systems have gained popularity, especially in premium vehicles. Park Assist is often seen as a convenience and safety feature, which makes it a valuable addition to the BSM market.

Finally, the surround view & virtual pillar segment, though smaller compared to the others, is growing steadily. Surround view systems provide a 360-degree view around the vehicle using multiple cameras, offering comprehensive visual feedback for drivers.

Virtual pillar technology, an extension of the surround view system, eliminates traditional blind spots caused by the car's pillars, using cameras and screens to provide an unobstructed view. These advanced systems are more common in high-end vehicles, and as costs decrease, their adoption is expected to rise.

Segmentation Insights by Technology

On the basis of technology, the global blind spot monitor (BSM) market is bifurcated into ultrasonic sensor and radar sensor.

The radar sensor segment dominates the blind spot monitor market. Radar technology utilizes radio waves to detect the presence, distance, and speed of objects in the vehicle’s surroundings. It is highly accurate, even in challenging weather conditions like rain or fog, making it a preferred choice for blind spot detection systems in various vehicle types.

Radar-based systems provide long-range detection capabilities, offering timely alerts to drivers about vehicles in adjacent lanes. Due to its reliability and effectiveness at high speeds, radar sensors are particularly common in highway driving and are a key component in advanced driver-assistance systems (ADAS). This segment continues to grow as more manufacturers integrate radar technology into both premium and mid-range vehicles, driven by safety regulations and consumer demand for enhanced driver assistance features.

The ultrasonic sensor segment follows, primarily used for short-range detection. These sensors emit sound waves and measure the time taken for the sound to reflect back after hitting an object.

Ultrasonic sensors are commonly employed in low-speed maneuvers, such as parking and close-range detection in urban driving environments. They are typically used in combination with other technologies like backup cameras or radar in park assist systems, making them a key part of vehicle safety and convenience features.

While not as suitable for high-speed driving scenarios due to their shorter detection range, ultrasonic sensors are highly effective for low-speed obstacle detection, including blind spots during parking or lane changes in congested areas. Their cost-effectiveness and accuracy in short distances make them popular in mass-market vehicles.

Segmentation Insights by Vehicle Type

In terms of vehicle type, the global blind spot monitor (BSM) market is categorized into passenger car, light commercial vehicle, and truck.

The passenger car segment dominates the blind spot monitor market. With the increasing demand for advanced safety features in vehicles, blind spot monitor systems are becoming standard or optional offerings in many passenger car models, from mid-range to luxury vehicles. These systems are highly valued for enhancing driver safety by detecting vehicles in blind spots, especially during lane changes.

The growing consumer awareness of road safety, stricter safety regulations, and technological advancements are driving the adoption of BSM in passenger cars. Additionally, the rise of electric and autonomous vehicles has further accelerated the integration of blind spot monitor technology, as these vehicles rely heavily on sensors and advanced driver-assistance systems (ADAS) for safe operation.

The light commercial vehicle (LCV) segment follows passenger cars in terms of blind spot monitor adoption. LCVs, such as delivery vans and small cargo vehicles, are increasingly equipped with blind spot monitor systems to improve safety in urban and suburban environments where these vehicles operate.

LCV drivers often face challenges with limited visibility, especially when maneuvering in tight spaces or congested areas. Blind spot monitoring systems help mitigate risks by detecting nearby vehicles or obstacles, preventing accidents during lane changes or parking. As e-commerce and last-mile delivery services continue to expand, the demand for BSM in LCVs is growing, particularly in regions with high urbanization.

The truck segment, while smaller compared to passenger cars and LCVs, is experiencing steady growth in the adoption of blind spot monitor systems. Trucks, especially heavy-duty models, have large blind spots, making them more prone to accidents during lane changes or merging on highways.

Blind spot monitors play a critical role in improving the safety of these vehicles, which are often involved in long-distance transportation and operate on highways at high speeds. In many countries, regulations are being introduced to mandate the installation of blind spot monitor systems in trucks to reduce the number of accidents caused by blind spots. Fleet operators and logistics companies are also increasingly adopting BSM technology to enhance driver safety and reduce liability costs.

Segmentation Insights by End-user

In terms of end-user, the global blind spot monitor (BSM) market is categorized into OEM and aftermarket.

The OEM segment dominates the blind spot monitor market. This segment involves automakers incorporating blind spot monitor systems directly into new vehicles during the manufacturing process.

With the rising focus on vehicle safety and increasing government regulations mandating advanced driver-assistance systems (ADAS), OEMs are integrating BSM systems into a wide range of vehicles, from mid-range models to high-end luxury cars. Many manufacturers offer blind spot monitor as standard or optional features, especially in premium segments, enhancing the vehicle's appeal by promoting safety and technological sophistication.

As autonomous and semi-autonomous vehicles gain traction, the OEM segment is expected to lead the market, as these vehicles require advanced sensing technologies, including blind spot monitors, for safer operation.

The aftermarket segment also plays a significant role, offering blind spot monitor systems as an upgrade option for vehicles that do not come equipped with these features from the factory.

Many older or lower-priced vehicles lack factory-installed BSM systems, creating a demand in the aftermarket for safety enhancements. Independent vendors and workshops provide blind spot monitor kits that can be retrofitted into existing vehicles, allowing owners to improve their vehicle's safety features.

The aftermarket segment is particularly appealing to consumers who want to upgrade their vehicles with modern safety technology without purchasing a new car. While the aftermarket segment does not dominate the market as strongly as OEM, it serves a crucial need for those looking to enhance vehicle safety after purchase.

Blind Spot Monitor (BSM) Market: Report Scope

Blind Spot Monitor (BSM) Market: Regional Insights

• North America is expected to dominates the global market

North America dominates the BSM market due to the region's strong emphasis on vehicle safety, widespread consumer awareness of advanced driver assistance systems (ADAS), and stringent government safety regulations. Major automotive manufacturers in the U.S. and Canada, coupled with high disposable income, are key factors driving demand for blind spot monitors in this region.

Europe follows closely, driven by the presence of prominent automakers in countries like Germany, France, and the UK, which are integrating blind spot monitor systems into vehicles to comply with the European Union's strict road safety standards. Rising consumer interest in high-end safety features in vehicles also boosts the market in this region, particularly in premium car segments.

Asia-Pacific holds a rapidly growing share of the BSM market due to increasing vehicle production, rising middle-class income, and government initiatives promoting vehicle safety in countries like China, Japan, and South Korea. The large automotive manufacturing base in these nations also fuels the demand for BSM systems, making Asia-Pacific one of the fastest-growing regions in the market.

Latin America sees moderate growth in the blind spot monitor market, led by Brazil and Mexico. Vehicle safety regulations are slowly tightening in these regions, and as consumer awareness of safety technologies increases, the adoption of BSM systems is expected to rise. However, the market remains somewhat limited due to economic disparities and lower vehicle penetration in certain areas.

Middle East and Africa represent the smallest share of the blind spot monitor market, largely due to economic constraints and lower vehicle sales in comparison to other regions. However, in wealthier countries like the UAE and Saudi Arabia, there is a growing interest in advanced vehicle safety technologies, which is expected to drive future growth in this region.

Recent Developments:

• Porsche announced in May 2023 that it would partner with Mobileye, an Israeli technology company, to equip its future models with advanced driver assistance features. The partnership will integrate Mobileye's cutting-edge Super Vision technology into Porsche vehicles, enhancing their safety and driving capabilities.
• Tata Motors revealed in February 2023 that their popular Safari and Harrier compact SUVs would soon be available in a new, darker aesthetic. These dark editions would feature advanced driver assistance systems (ADAS), including safety features like forward collision warning and blind spot detection.

Blind Spot Monitor (BSM) Market: Competitive Landscape

The report provides an in-depth analysis of companies operating in the blind spot monitor (BSM) market, including their geographic presence, business strategies, product offerings, market share, and recent developments. This analysis helps to understand market competition.

Some of the major players in the global blind spot monitor (BSM) market include:

• Robert Bosch GmbH
• Continental AG
• Denso Corporation
• Aptiv
• Autoliv Inc.
• Veoneer
• Valeo SA
• NXP Semiconductors NV
• Texas Instruments Incorporated
• ZF Friedrichshafen AG
• Infineon Technologies AG
• SerVision
• Magna
• Gentex
• Ficosa
• Preco Electronics
• Denso
• Delphi
• ZF TRW
• WABCO
• Hella

The global blind spot monitor (BSM) market is segmented as follows:

By Product Type

• Park Assist
• backup Camera
• Surround View & Virtual Pillar
• BSD

By Technology

• Ultrasonic Sensor
• Radar Sensor

By Vehicle Type

• Passenger Car
• Light Commercial Vehicle
• Truck

By End-user

• OEM
• After Market

By Region

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • France
  • Germany
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• The Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East Africa

Frequently Asked Questions