Rear Cross Traffic Alert System Market Outlook - 2027

With introduction of safety features like rear view camera and parking sensors are a huge help to driver. Taking that technology, a step further, rear cross traffic alert assists the driver while reversing out of parking space, which is often a blind spot for driver due to vehicles parked in the vicinity. The system consists of back-up cameras and a sensor which uses ultrasonic or radar waves located at the rear bumper and aids in avoiding collision of vehicles. While backing in a congested parking space, the rear cross traffic alert system market provides a visual or auditory warning if an approaching vehicle enters the rear cross traffic alert detection areas. The growing emphasis of Advanced Driver Assistance System (ADAS) and safety solutions will flourish the market in coming years.

Market scope and structure analysis:

COVID-19 scenario analysis: 

• The fall-down of economy and global lockdown have imposed a threat to automotive sector.
• With decreasing sales of vehicles around the globe, the automotive component manufacturers would face a major challenge.
• Various car manufacturers are have started researching on ways to provide car cabin hygiene. 
• However, the demand for luxury vehicles will drop significantly due to this pandemic as consumer spending will fall drastically. Additionally, the sales of rear cross traffic alert system will remain less as it is used in majority of high-end vehicles. 

Top impacting factors: market scenario analysis, trends, drivers and impact analysis

The rising focus of automakers to adapt additional safety features in vehicle is driving the market of rear cross traffic alert system. Additionally, increasing number of accidents due to human errors in parking is cumulating the demand for rear cross traffic alert system. Moreover, growing rules and regulations imposed by governments to raise the level of vehicle safety is fueling the market. However, factor like failure of the system to detect small motorcycle, bicycle or pedestrian and inability to work in angled parking will hamper the market growth. Furthermore, advancement in technologies to support the growth of autonomous vehicle is proliferating the rear cross traffic alert system market.

The rear cross traffic alert system market trends are as follows:

Partnerships to propel the market

Increasing safety concerns and adoption of advanced technology among consumers have motivated automaker to adopt rear cross traffic alert system. In luxury vehicle segment – Nissan, Mazda, Kia, Hyundai, and others are adopting rear cross traffic alert for additional safety. In 2018, Sandhar Technologies Ltd. has signed a joint venture agreement with Whetron Electronics Co. Ltd.  to supply future technology products, which includes rear cross traffic alert system. 

Innovation to enlarge the market

The OEMs are focusing on heavy investment in research activities to flourish the market growth. Additionally, regulatory norms from European Union (EU) and the United Nations Economic Commission for Europe (UNECE) has intensified the use of Advanced Driver Assistance System (ADAS) in vehicles. Moreover, due to these factors, the automakers are focusing on development of the system. In 2019, MediaTek launched a chip Autus R10 to detect the obstacle with 360-degree view around camera, which can be used for multiple application including rear cross traffic alert system.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the rear cross traffic alert system market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the rear cross traffic alert system market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the rear cross traffic alert system market research report:

• What are the leading market players active in the rear cross traffic alert system market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?