Terranet, a company focused on developing automotive safety systems, recently released an update on the market potential of their product, BlincVision. Terranet believes BlincVision is well positioned to meet the growing market demand for a rapid driver assistance system for urban environments, where every meter and millisecond counts. Stricter regulations, increased consumer expectations, and technological advancements will collectively drive the market potential for BlincVision forward.
According to Expert Market Research, the global ADAS market generated approximately
340 billion SEK (US $ 31.28 billion) in 2023. The market is predicted to have an annual growth rate of 17.20%, reaching over 1,400 billion SEK (US$ 128.8 billion) by 2032. The growth and extensive investments in Advanced Driver Assistance Systems (ADAS) are a clear indication of the significant need for systems that enable a more comprehensive and safer driver support.
The challenges of creating a complete and reliable solution have been greater than expected for the automotive industry. BlincVision addresses the safety gap that currently exists in speed and urban environments, which current solutions lack. This contributes to positioning BlincVision in the market as a complement to existing technologies and as capable of integration with other systems.
Existing technologies, such as LIDAR, radar, and cameras, have shown various limitations and encounter challenges in different scenarios; for example, in extreme weather conditions, varying light conditions, reflective surfaces, and rapid changes in urban environments. Terranet’s recently conducted competitor tests at the AstaZero test track also indicate limitations in existing ADAS systems.
Traffic safety is a central concern for decision-makers and authorities worldwide, driving the rapid growth in the ADAS market. EuroNCAP plays a central role in promoting progress by conducting tests and evaluating vehicle safety performance. It ensures that future ADAS systems are as effective and reliable as possible. There are good prospects for new systems, such as BlincVision. They could contribute to or become a new industry standard in safety, as has happened with driver monitoring systems.
Globally, manufacturers produce approximately 92 million vehicles annually, including heavy vehicles. Terranet aims to sell BlincVision as a final product with a business model relying on licensing revenue or similar. Safety applications in vehicles today constitute a significant portion of the total vehicle cost.
“The fact that the global ADAS market generated 340 billion SEK(US $ 31.28 billion) in 2023 demonstrates enormous market potential for Terranet. BlincVision has a unique position in the ADAS market as it fills a niche currently not covered by existing systems. This has generated tremendous interest from the industry. It has given us as a company the opportunity to realize significant commercial potential. I look forward with great confidence to the coming months,” says Magnus Andersson, CEO of Terranet.
