Market Research Future (MRFR) has launched a new release on the global automotive safety system market. The report tries to present a thorough overview of the market’s potential growth trajectory over the forecast period through the use of detailed information about the market’s historical growth trajectory and current prospects in various segments. The leading segments of the global automotive safety system market and key players operating in the market are also elaborated upon in the report to provide readers with a clear picture of the conditions within the market. The key drivers and restraints affecting the global automotive safety system market’s growth are also elaborated upon in the report. According to the report, the global automotive safety system market is expected to rise at a CAGR of 9% over the forecast period from 2017 to 2023.
Automotive safety systems comprise a wide variety of solutions incorporated in automotive design to make the vehicles safer. This includes both solutions to limit the damage caused in case of accidents as well as solutions to make driving safer and risk-free in the first place. The growing technological development in the automotive sector is a major driver for the automotive safety system market, as increasing technological sophistication has allowed the development of ever more effective and comprehensive safety systems. The increasing development of faster cars has also been a key reason for the development of capable automotive safety systems. Automotive brands are likely to focus on automotive safety systems in the coming years as a key selling point, as consumers are increasingly keen to acquire vehicles that contain solutions to keep them safe in case of unforeseen disasters.
The increasing awareness about road safety among consumers is likely to be a major driver for the automotive safety systems market over the forecast period. While consumers are becoming ever more affluent, they are focusing more on the safety aspects of a vehicle while making a purchase, which is likely to play into the thinking process of automotive manufacturers while designing new automobiles. The increasing demand for high-performance cars is also likely to be a major driver for the global automotive safety system market.
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Segmentation:
The two major types of technology used in automotive safety systems are active and passive. Major examples of automotive safety systems using active technology include ESC, LDW, ABS, BSD, TPMS, and EBD. These solutions are reliant on the central electronic processing unit of a vehicle to function properly, as they derive electronic inputs from the CEPU regarding all aspects of a vehicle’s performance. Automotive safety systems based on passive technology include airbags and whiplash protection systems. Airbags are among the most common automotive safety systems and are even adopted in budget automobiles.
By vehicle type, the global automotive safety systems market is segmented into passenger vehicles, LCVs, and HCVs.
By offering, the automotive safety system market is bifurcated into software and hardware.
By fuel system, the automotive safety system market is segmented into petrol, diesel, electric vehicles, and hybrid electric vehicles.
Regional Analysis:
Regionally, the global automotive safety system market is segmented into North America, Europe, Asia Pacific, and rest of the world.
North America and Europe are likely to be the dominant regions in the global automotive safety system market due to the widespread availability of technologically advanced automobiles. The widespread presence of smooth and well-maintained highway networks has also resulted in increasing demand for high-performance vehicles, which drives the demand for automotive safety systems. The automotive industry in these regions is also at a leading position in terms of technological innovation, resulting in easy availability of the advanced technology necessary to adopt sophisticated automotive safety systems.
Asia Pacific is also likely to play a major role in the global automotive safety system market over the forecast period due to the growing demand for vehicles in the emerging region. The increasing disposable income of automotive consumers in the region is likely to lead to increasing incorporation of advanced automotive safety systems in vehicles, leading to steady growth of the automotive safety systems market.
Industry Updates:
In January 2019, Hyundai’s Mobis division came up with a revolutionary new plan to make autonomous vehicles safer. This solution consists of using the car’s headlights for not just lighting the path for the driver but creating informative displays for pedestrians that help keep them informed about the car’s movement. This is likely to play a key role in the development of autonomous vehicles in the coming years.
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