The global automotive safety system market is a continually growing space, witnessing a drastic shift due to increased vehicle movement. Factors such as rising automotive sales and augmenting demand for improved safety features used in the vehicles are supporting the growth of the market.
Competition in the automotive field is encouraging automakers to differentiate their product offering to beat the competition. As a result, these auto manufacturers offer futuristic features at competitive prices, which escalate the market on the global platform.
Considering the exponential accruals, the market is garnering at present, Market Research Future (MRFR), in its analysis asserts that the global automotive safety system market would gain significant value by 2023, posting 9% CAGR throughout the forecast period (2017- 2023).
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Increasing demand from end-users for improved efficiency, safety, and comfort alongside, the emergence of advanced safety systems impacts the market growth, positively. Additional factors that are substantiating the growth of the market include a rapid increase in population and urbanization.
Improving economic conditions that enhance the purchasing power of people propel the growth of the market. Technological advancements and the demand for more efficient, responsive, fuel efficient, user-friendly, and unconventional safety systems are some of the key factors providing impetus to the growth of the market.
Autonomous driving is the way forward, and automotive safety manufacturers are expected to be benefitted substantially. With the increasing number of high-end, high-performance luxury cars in the market, safety systems should be upgraded to match the rising speed limits of automobiles.
Conversely, factors such as high initial investment associated with the safety systems are impeding the growth of the market. Nevertheless, automotive consumers have become more aware of the importance of the safety systems and the road safety measures, which is expected to support the market growth to an extent over the forecast period.
Automotive Safety System Market – Segmentation
For a better understanding, the report has been segmented into six key dynamics:
By Active Technology: LDW, ESC, ABS, TPMS, BSD, and EBD among others.
By Passive Technology: Pedestrian, Whiplash Protection, and Airbag among others.
By Fuel-used: Petrol, Diesel, EV, and HEV.
By Offering: Software and Hardware.
By Vehicle Type: Passenger, LCV, and HCV
By Regions: Asia Pacific, Europe, North America, and the Rest-of-the-World.
Automotive Safety System Market – Regional Analysis
The Asia Pacific region would remain the largest market for the automotive safety system, globally. The automotive sector in the APAC is burgeoning currently, witnessing an increase in the production. Continuous growth in the automotive industry and the presence of several manufacturers, predominantly drive the growth of the regional market. China accounts for one of the prominent markets for automobiles across the globe.
Increasing demand for automotive safety features and considerable advancements in related technologies are some of the primary factors driving the automotive safety system market in the APAC region.
North America is one of the profitable markets for automotive safety systems. Increasing production and the growing demand for safety and comfort features in vehicles foster the regional market. Well-established automotive industry in this region significantly creates opportunities for the market to grow.
The US, among other North American countries, accounts for the largest market for automotive safety systems in the region. Number of vehicles in the US is almost equal if not more than the population there. A large number of vehicles alongside, one of the world’s best road infrastructure, encourages the automakers in the US to manufacture high powered vehicles equipped with futuristic safety systems. Such factors commutatively drive the growth of the regional market.
The automotive safety system market in the European region is substantially large in terms of both, size as well as volume. The robust automotive sector drives the growth of the regional market, producing some of the most innovative and technologically advanced automobiles.
Automotive Safety System Market – Competitive Analysis
Competitive by nature, the automotive safety system market is envisaged to intensify with the entry of more players. The presence of a number of large and small-scale players makes the market to appear fragmented. Well-established players incorporate strategic initiatives such as acquisition, collaboration, expansion, partnership, and product & technology launch to gain a competitive edge in the market.
Players focus on new product development and geographical expansion. The market is expected to witness constant growth and innovations of new products, which resultantly will intensify the competition among automotive safety system providers.
Key players leading the global automotive safety system market include Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC (Aptiv PLC US), Robert Bosch GmbH (Germany), TRW Automotive (US), Magna International Inc. (Canada), Johnson Electric Holdings Limited (Hong Kong), Mobileye N.V. (Israel), Autoliv Inc. (US), and Takata Corporation (Japan), among others.
Industry/ Innovation/Related News
June 10, 2019 — The Hyundai Motor Company (South Korea), a multinational automotive manufacturer announced its partnership with MDGo Ltd (Israel) and online platform that provides vehicular accident analysis to improve automotive safety systems. The MDGo AI technology interprets accident data and compiles numerous sets of insights regarding the occupants and the vehicle.
The partnering companies would co-develop connected services that bring the worlds of health and automotive closer than ever. Besides, shaping the next generation of advanced vehicle safety systems, the new partnership will also help Hyundai to enhance the active and passive safety capabilities of its vehicles. The data collected Hyundai will help inform how to bolster crash structures and integrate new technologies to overcome issues identified by the AI analysis.
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