Increasing number of high-end and high-performance cars in the Global Automotive Safety System Market is expected to augment the market at a healthy CAGR of ~ 9% during the forecast period of 2024 to 2032.
Automotive safety systems, which contain seatbelts and headrests, deal with the safety of passengers in vehicles. Safety systems aid in holding occupants in their place during the collision and also minimize the risk of injury. Growing demand for high-speed vehicles has resulted in an augmented rate of accidents. Thus, the demand for integrating vehicles with safety features has augmented significantly. Some of the safety features contain blind spot detection, lane keep assist, and an antiroll braking system. With integrated safety features in the vehicles, the demand for automobiles upsurges simultaneously, thus resulting in the growth of the global automotive safety system market.
The COVID-19 pandemic saw a decay in economic growth in almost all the major countries, thus affecting consumer spending patterns. Due to the lockdown implemented across several countries, national and international transport has been hindered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap. Thus, insufficiency in raw material supply is anticipated to hinder the production rate of automotive safety systems, which negatively impacts the market growth. However, this situation is anticipated to improve as the government has started relaxing norms around the world for continuing business activities.
Top Trend in the Automotive Safety System Market: Growing technological development is driving the market growth
Market CAGR for automotive safety system is driven by the rising technological development in emerging economies. New technological developments are gaining popularity in the automotive safety systems market. The automotive industry increasingly focuses on integrating smarter and safer safety systems into vehicles for better safety in different terrains and conditions. For instance, in January 2022, Sweden- based truck manufacturer Volvo Vehicles introduced Active Grip Control, a unique safety feature for electric trucks. The new technology significantly improves acceleration, stability, and braking in slippery conditions. The new safety feature also decreases the risk of oversteering and jackknifing when driving unloaded.
Regional Analysis
North America is projected to remain the largest active safety systems market, while Asia-Pacific is anticipated to be the largest passive safety systems market. The United States will remain to lead the active safety systems market in North America, while China and India will lead the passive safety systems market in Asia-Pacific. The need for passive safety systems in the Asia-Pacific region is being driven by increasing automobile production, augmented passive safety system content per vehicle, primarily in China and India, and the passage of progressively strict regulations.
Market Segmentation
The Global Automotive Safety System Market has been segmented into Technology, Passive Technology, Fuel Used, Offering, and Vehicle Type
Based on active technology, The Global Automotive Safety System Market has been segmented into ESC, LDW, ABS, BSD, TPMS, and EBD. The ABS segment is the fastest-growing segment in the global Automotive Safety System market.
Based on passive technology, The Global Automotive Safety System Market has been segmented into Pedestrian, Whiplash Protection, and airbags. The Airbag segment is anticipated to be the fastest-growing in the global Automotive Safety System market.
Based on the fuel used, The Global Automotive Safety System Market has been segmented into Petrol, Diesel, EV, and HEV. The EV segment is projected to be the fastest in the global Automotive Safety System market.
Based on the Offering, The Global Automotive Safety System Market has been segmented into Software, Hardware. The hardware segment is anticipated to be the largest in the global Automotive Safety System market.
Based on the vehicle type, The Global Automotive Safety System Market has been segmented into Passenger, LCV, and HCV. The passenger segment is projected to be the largest in the global Automotive Safety System market.
Key Players
Some of the key market players are Robert Bosch GmbH (Germany), TRW Automotive (U.S.), Autoliv Inc. (U.S.), Johnson Electric Holdings Limited (Hong Kong), Takata Corporation (Japan), Mobileye N.V. (Israel), Delphi Automotive PLC (Aptiv PLC) (U.S.), Continental AG (Germany), Denso Corporation (Japan), and Magna International Inc. (Canada).
Many companies in Automotive Safety System Market are focusing on advancements to stay ahead in the competition.
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