The global Forward Collision Warning Systems market was valued at USD 8,000.4 million in 2020, growing with a CAGR of 10.8% during the forecast period, 2021-2027. A forward collision warning system is an active safety feature that warns a driver in the event of an imminent frontal collision.
The growing demand for automated vehicles across the globe due to the increasing safety concerns among consumers is one of the important factors which influence the growth of the market during the forecast period. For instance, according to the Association for Safe International Road Travel (ASIRT), Approximately 1.35 million people die in road crashes each year; on average 3,700 people lose their lives every day on the roads. Thus, these facts supported the growth of automated vehicles, which in turn, drive the growth of the forward-collision warning system market during the forecast period.
In addition to that, the increasing initiatives by the government to improve the safety systems onboard a car is considered as one of the important augmenting factors for this industry development. For instance, the National Transportation Safety Board (NTSB) of the United States released a list of the 10 most wanted transportation safety improvements at the beginning of 2021. This list suggests incorporating technologies that can be equipped to the vehicles for passenger safety.
At the SIAM conference held in 2020, the Union Minister for Road and Highway Transport introduced the ministry is working in the direction of a mandate that brings Collision Avoidance systems to all vehicles through 2022. This declaration has created enormous possibilities for tech agencies to make investments in the market. Mando Corp has commenced working with Mahindra and Mahindra in order to provide ADAS technology to avoid front collisions through the usage of autonomous emergency braking.
In November 2021, a start-up company launched a computer vision E-bike collision warning system. It is an advanced rider assistance technology meant for e-scooters, e-bikes, and even bicycles. The system is composed of a set of cameras mounted front and rear on the bike, and they mate up with another device that encompasses a video processing AI system.