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The automotive industry is continuously working on innovations, developments, and advancements in existing technologies to serve its customers with top class and high-end systems in vehicles. Rear Cross-Traffic Alert system is an advanced technology in the driver assistance system and an essential part of ADAS. The rear cross-traffic alert system is a technologically advanced driver assistance system which includes the combination of audible, haptic and visual radar technology. This technology is used to assist the driver by indicating with alerts while backing out from the parking slot. Nowadays, this system is not only fitted in luxury and top-end vehicles but also entry-level and mid-sized vehicles.
Rising popularity for rear visibility, advancement in automotive technologies, the trend of automotive accessories among people is leading to the growth of the rear cross-traffic alert market. Furthermore, stringent government norms and various initiatives towards the safety of roads and passengers have propelled the market growth. On the contrary, high cost, lack of penetration of these advanced features may hinder the growth of the market in the forecast period.
Key Market Driver -
Rising adoption of radar sensor system in automotive industry, changing customer choices and preferences is expected to drive the market in the forecast period
Key Market Restraint -
Distraction for drivers, high cost is expected to hamper the growth of the market
The global automotive rear cross-traffic alert market has been segmented into technology type, vehicle type, market type, and region. By technology type, the market is further segmented into a camera, sensor, and radar. The camera RCTA has substantial growth in the market in the forecast period. The growing popularity of rear camera in vehicles, clear rear day-night vision, wide surround view, and assistance for backing out the vehicle from the parking spots have led to the growth of camera technology in the market. Sensor RCTA is also showing significant growth in the market, owing to a surge in demand for sensor fusion techniques. These technologies play a vital role in minimizing accidents. Radar RCTA also has a considerable growth in the market, owing to its property to work in extreme weather. By vehicle type, the passenger car segment is anticipated to grow at a significant pace. Increasing safety concerns, adoption of advanced technologies, the growing popularity of the rear cross-traffic alert system is rising the growth of this market.
Furthermore, stringency in government regulations, initiatives proposed to minimize road accidents, and passenger safety is fuelling the growth of the market. Commercial vehicles, on the other end, are on steady growth in this market. By market type, OEM is more dominant as compared to the aftermarket. Owing to the increased safety awareness, the rise in traffic congestion, stringent government regulations towards road and passenger safety has led to an increase in the OEM market. Nowadays, the RCTA has become a mandatory system, and hence vehicles of all categories are fitted with this system. The aftermarket is also showing significant growth in this market owing to the increased awareness and trend of RCTA and strict government norms.
Geographically, the automotive rear cross-traffic alert (RCTA) market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. Europe holds a significant share in the automotive rear cross-traffic alert market, followed by Asia Pacific, North America, and other regions. Europe is projected to show rapid growth in the forecast period owing to the increase in safety norms by the European Commission (EC). Germany holds the major share in the RCTA market and is investing heavily in the R&D to grab the market. The Asia Pacific is expected to hold a second-largest share in the market over the forecast period. China and India are the major regions in the production of passenger cars and are expected to drive the growth of the RCTA market in this region.
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