The Global Automotive Safety System Market Size is valued at 143.13 billion in 2023 and is predicted to reach 283.49 billion by the year 2031 at an 8.99% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The increasing consciousness among consumers regarding the significance of safety features in automobiles has stimulated demand.
- The progression of sensor technology, machine learning, and AI has resulted in the creation of increasingly sophisticated safety systems.
- Insurance companies offering discounts for vehicles equipped with advanced safety features provide an additional incentive for consumers to opt for such systems.
- North America dominated the market and accounted for a global revenue share in 2023.
- Ensuring seamless interaction and compatibility between different components requires significant engineering expertise and can increase development time and costs.
The equipment installed into a vehicle to lessen the likelihood and severity of traffic collisions is referred to as an automotive safety system. The vehicle safety system is a critical component in the automobile manufacturing industry. Safety systems are employed in the automotive industry to ensure the safeness and security of automobiles and passengers.
Seatbelts, airbags, antilock braking systems, electronic traction, stability control systems, lane departure warning, blind-spot recognition, and driver monitoring are all utilized to ensure the safety of passengers. Vehicle demand is being driven by rising population, per capita income, and favorable foreign direct investment. With increased vehicle demand, demand for higher road safety regulations rises, boosting the automotive safety system market expansion soon.
However, the global market for car safety systems has been poorly disrupted by the COVID-19 pandemic. The COVID-19 pandemic slowed economic growth in nearly all major countries, altering consumer purchasing patterns.
National and international travel have been hampered due to the lockdown applied in many nations, which has dramatically disrupted the supply chain of numerous sectors worldwide, consequently increasing the supply-demand gap. As a result, a lack of raw material supply is likely to slow the manufacturing rate of automobile safety systems, severely impacting the automotive safety system market growth.
Recent Developments:
- In Feb 2024, Bosch and Microsoft collaborated to investigate novel possibilities through the utilization of generative artificial intelligence. Bosch collaborated with Microsoft to harness the predictive powers of generative AI in order to transform vehicle safety systems. Bosch's strategic plan demonstrated its steadfast dedication to innovation and safety, which closely matched the opinions stated by the majority of participants in the Bosch Tech Compass poll. They saw AI as a catalyst for improving road safety.
- In January 2024, Magna International Inc, advances road safety with impaired driving prevention technology. A prominent mobility technology company, unveiled a breathalyzer and camera-based pre-development system intended to prevent drunk driving. The state-of-the-art solution is a major step forward in the continuous endeavor to improve road safety.
Competitive Landscape:
Some Of The Automotive Safety System Market Players Are:
- Autoliv AB
- Continental AG
- Delphi Automotive Plc
- Denso Corporation
- Hyundai Mobis
- Infineon
- Johnson Electric Holdings Limited (Hong Kong)
- Knorr-Bremse
- Magna International Inc.
- Mobileye N.V. (Israel)
- Robert Bosch GMBH
- Takata Corporation
- TRW Automotive (U.S.)
- Valeo
- ZF Friedrichshafen
- Other Market Players
Market Segmentation:
The automotive safety system market is segmented on the basis of technology, on-highway vehicle, off-highway vehicle, electric vehicle, and offerings. The technology segment includes active safety systems (anti-lock braking systems, automatic emergency braking, blind spot detection, electronic brake force distribution, electronic stability control, forward-collision warning, lane departure warning systems, traction control system, and tire pressure monitoring systems), passive safety systems (occupant protection and pedestrian protection systems, whiplash protection systems).
The on-highway vehicle type include buses, light commercial vehicles, passenger cars, and trucks. For off-highway vehicles, the market is segmented into agriculture vehicles and construction vehicles. The electric vehicle segment includes battery electric vehicles, fuel cell electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. By offering, the market has been segmented into hardware and software.
Based On On-Highway Vehicles, The Passenger Cars Segment Is Accounted As A Major Contributor To The Automotive Safety System Market
The passenger cars category is expected to hold a major share of the global automotive safety system market in 2024. Growing passenger car sales and production in developing nations are likely to boost segment expansion in this market. The increased use of safety features in passenger automobiles as a result of severe government safety rules is also expected to fuel market expansion in this sector.
The Hardware Segment Witnessed Growth At A Rapid Rate
The hardware segment is projected to grow at a rapid rate in the global automotive safety system market. The hardware safety system is adopted primarily due to its simple complexity and inexpensive installation cost. Despite being complicated, highly integrated, and expensive, the software system is significantly more precise and trustworthy in terms of safety features.
The North American Automotive Safety System Market Holds A Significant Revenue Share In The Region
The North American automotive safety system market is expected to register the highest market share in terms of revenue in the near future. The region's rising population, combined with one of the best road infrastructures in the world, encourages automakers to create high-powered automobiles, which will drive the expansion of the automotive safety system market throughout the projection period. Because of the increasing number of automobiles manufactured and sold in Asia Pacific, the automotive safety system market is expected to increase significantly. Furthermore, the increased disposable income in developing countries is expected to drive the expansion of the automobile safety system market in the area in the coming years.
Recent Developments:
- In Feb 2024, Bosch and Microsoft collaborated to investigate novel possibilities through the utilization of generative artificial intelligence. Bosch collaborated with Microsoft to harness the predictive powers of generative AI in order to transform vehicle safety systems. Bosch's strategic plan demonstrated its steadfast dedication to innovation and safety, which closely matched the opinions stated by the majority of participants in the Bosch Tech Compass poll. They saw AI as a catalyst for improving road safety.
- In January 2024, Magna International Inc, advances road safety with impaired driving prevention technology. A prominent mobility technology company, unveiled a breathalyzer and camera-based pre-development system intended to prevent drunk driving. The state-of-the-art solution is a major step forward in the continuous endeavor to improve road safety.
Automotive Safety System Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 143.13 Bn |
|
Revenue forecast in 2031 |
USD 283.49 Bn |
|
Growth rate CAGR |
CAGR of 8.99% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Technology, On-Highway Vehicle, Off-Highway Vehicle, Electric Vehicle, And Offerings |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Robert Bosch, Denso, Delphi Automotive, Infineon, ZF Friedrichshafen, Continental, Valeo, Magna, Autoliv, Mobileye, Hyundai Mobis, Takata, Knorr-Bremse. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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