Pune, India, Dec. 21, 2021 (GLOBE NEWSWIRE) -- The global rear cross traffic alert market size is expected to gain momentum owing to the rising adoption of radar systems in the automotive industry during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Rear Cross Traffic Alert Market, 2021-2028.” The market is growing due to rising popularity of rear visibility, advancements in car technologies, and the growing acceptance of automotive accessories among people. Furthermore, the industry has grown due to the strict government regulations and other efforts are expected to improve road and passenger safety.
Industry Development-
- November 2019: All new 2020 Toyota Highlander, Avalon, and Camry models come standard with cutting-edge active safety features such as rear cross traffic alert (RCTA) and blind spot monitor (BSM).
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COVID-19 Impact-
Detrimental Impact of Covid-19 on Market Growth
The market for automotive rear cross traffic alert systems is rapidly approaching pre-COVID levels, with a solid growth rate predicted over the forecast period, owing to the economic recovery in most emerging countries. The frequent suspension of public transportation systems, combined with the virus's highly contagious nature, fueled demand for passenger cars, resulting in an increase in demand for the products.
Drivers & Restraints-
Increasing Demand for Advanced Features to Stimulate Growth
The global rear cross traffic alert market growth is expected to grow due to the rising demand for technologically advanced features during the projected period. To provide its clients with top-of-the-line and high-end systems in vehicles, the automotive industry is constantly working on innovations, advances, and advancements in existing technology. The RCTA system is a cutting-edge driver assistance system that employs a combination of auditory, tactile, and visual radar technologies. This system supports the driver by suggesting notifications as they back out of the parking space. This system is now standard equipment not just in luxury and high-end vehicles, but also in entry-level and mid-sized vehicles.
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REGIONAL INSIGHTS
Increasing R&D Activities to Promote Growth in Europe
Europe is expected to hold the largest global rear cross traffic alert market share during the forecast period. The increase in safety norms by the European Commission, and R&D activities in countries like Germany is expected to drive the market.
Asia Pacific is expected to have a sizable share of the market. The increasing production of passenger cars in countries such as India and China are expected to propel the market forward.
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Competitive Landscape-
Manufacturers Focus on R&D Investments to Strengthen their Position
To survive the market's fierce competition, the rear cross traffic alert industry is fragmented. Despite the fragmentation, the market is primarily constrained by regulatory establishment and operation constraints. Furthermore, because of increased innovation, acquisitions, and partnerships, market competition is expected to increase in the coming years.
Segments-
By technology type, the market is segmented into camera, sensor, and radar. On the basis of vehicle type, the market is segregated into passenger cars, and commercial vehicles. On the basis of market type, the market is fragmented into OEM, and aftermarket. The market is divided into North America, Europe, Asia Pacific, and the Rest of the world by geography.
List of Key Players Profiled in the Global Market for Rear Cross Traffic Alert:
- Continental AG
- Robert Bosch GmbH
- Veoneer Inc,
- Aptiv Plc
- Valeo SA
- Magna International Inc.
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