The global automotive safety system market is burgeoning rapidly mainly, due to the global automotive sales which are increasing rapidly. Simultaneously, augmenting demand for the improved safety features used in the automobiles are supporting the market growth, witnessing a drastic shift due to increased vehicle movement.
The intense competition in the automotive field is encouraging the automakers to differentiate their product offering in order to beat the competition. As a result, the futuristic features at competitive prices offered by these auto manufacturers escalate the market growth on the global platform.
Acknowledging the kind of accruals, the market is gaining, Market Research Future (MRFR) has recently published a study report giving out the complete market insight up to 2023. In its study report, MRFR asserts that the global automotive safety system market will garner an exponential value by 2023 registering a fabulous CAGR of 9% throughout the forecast period (2017 and 2023).
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These betterments are fuelling the market growth of automotive safety system, escalating the market to further heights on the global platform. Electronically controlled safety systems are expected to impact the market growth significantly owing to the increasing demand from end users for improved efficiency, safety, and comfort.
Additional factors substantiating the market growth include growing population and urbanization. Improving economic conditions are improving people’s quality of lives, increasing consumer’s purchasing power. Technological advancements transpired in the automotive field coupled with the demand from the automotive industry for more efficient, responsive, fuel efficient, user-friendly and unconventional safety systems is providing impetus to the market growth.
Autonomous driving is the way forward, and automotive safety manufacturers are expected to be benefitted substantially. With the increasing number of high-end and high-performance cars in the market, safety is needed to be upgraded to match the increasing average speeds of automobiles.
On the other hand, factors such as high initial investment associated with the safety systems is impeding the market growth. Nevertheless, automotive consumers have become more aware about the importance of the safety systems and the road safety measures that should be incorporated which is expected to support the market growth to an extent over the forecast period.
Automotive Safety System Market – Segmentation
The automotive safety system market can be segmented into six key dynamics for the convenience of understanding;
By Active Technologies: ESC, LDW, ABS, BSD, TPMS, and EBD among others.
By Passive Technologies: Pedestrian, Whiplash Protection, and Airbag among others.
By Fuel-Used : Petrol, Diesel, EV, and HEV.
By Offering: Software, and Hardware.
By Vehicle Types: Passenger, LCV and HCV
By Regions: North America, Europe, APAC and the Rest-of-the-World.
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Automotive Safety System Market – Regional Analysis
North America is one of the most promising markets for automotive safety system. Factors such as increasing vehicle production and the growing demand for safety and comfort features in vehicles drive the regional market growth. Well-established automotive industry in this region creates an opportunity for the automotive safety system market to grow significantly during the forecast period.
The US among the other North American Countries accounts for the largest market in the region. The number of automobiles in the US is almost equal if not more than the population there. This huge number of vehicles, coupled with one of the world’s best road infrastructure, encourages the automakers to manufacture high powered vehicles equipped with futuristic safety systems, which in turn, drives the market growth in the region for this market.
The Europe market for automotive safety system is a substantially large market in terms of both, size and volume. The automotive market in the region produces some of the most innovative and technologically advanced automobiles which drives the market growth in the region.
Asia-Pacific is expected to remain the largest market due to continuous growth in automotive sector backed by the growing vehicle production and the presence of several manufacturers. China is one of the significant markets for automobiles across the globe. Increasing awareness about technological developments is the primary factor driving the demand for automotive safety system market in APAC region.
Automotive Safety System Market – Competitive Analysis
Competitive by nature, this market is envisaged to intensify with more entrants get attracted to the mass market. The market is fragmented owing to the presence of several large and small key players accounting for a substantial market share. Well-established players incorporate acquisition, collaboration, partnership, expansion, product & technology launch to gain the competitive edge and to maintain market position.
These players emphasis on new product development initiatives, and geographical expansion. The market is projected to witness constant development and innovations of new products, which resultantly tern in intense competition among the automotive safety system providers.
The global automotive safety system market is led by some of the fervent players including, Continental AG (Germany), Delphi Automotive PLC (Aptiv PLC US), Denso Corporation (Japan), Robert Bosch GmbH (Germany), Magna International Inc. (Canada), TRW Automotive (US), Johnson Electric Holdings Limited (Hong Kong), Autoliv Inc. (US), Mobileye N.V. (Israel) and Takata Corporation (Japan). Profiling them in its analysis, MRFR finds out the strategies keep them at the forefront of the market competition.
Industry/ Innovation/Related News
July 31, 2018 – The Hyundai Motor Company (South Korea), one of the leading global automotive manufacturers announced the addition a new safety feature/technology in the redesigned 2019 Santa Fe SUV to help prevent parents from leaving a child in the back seat of a hot car.
Hyundai’s system, called Rear Occupant Alert, in addition to reminding drivers that the rear door was opened prior to the trip, it continues to monitor the rear seat for motion after the vehicle is parked and all doors are locked. Simultaneously, Hyundai’s two-stage warning system uses door logic as well as an ultrasonic motion sensor located in the ceiling behind the rear seat.
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