Dubai, UAE, Oct. 04, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Extrapolate, the Global Vehicle Safety System Market size is estimated to reach USD 185.17 billion by 2030 from USD 84.91 billion in 2022, exhibiting a CAGR of roughly 10.24% during the forecast period of 2023-2030. Market expansion is being driven by government laws concerning vehicle safety, an increase in accidents, and a rise in demand for luxury vehicles. In addition, mounting consumer spending power and rising demand for passenger vehicles in emerging nations are anticipated to facilitate market growth.
Automotive safety systems encompass the equipment installed in a vehicle to reduce the probability and impact of traffic collisions. A vehicle safety system is one of the most crucial components of automobile manufacturing. Safety systems are employed in the automotive industry to assure the security and safety of vehicles and their passengers.
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Competitive Landscape
Leading players in the global vehicle safety system market are focusing on mergers & acquisitions as their primary strategy to grow their business. For instance, Magna International Inc. announced its plan to acquire Veoneer Active Safety in December 2022. It purchased a business line from SSW Partners as part of this deal. Through this, Magna International mainly set out to strengthen its presence in the advanced driver assistance systems (ADAS) space.
Some prominent firms operating in the vehicle safety system market include:
- Bayerische Motoren Werke Aktiengesellschaft
- BorgWarner Inc.
- Continental AG
- DENSO CORPORATION
- Hyundai Motor Group TECH.
- Joyson Safety Systems
- Magna International Inc.
- Robert Bosch GmbH
- TOYODA GOSEI Co., Ltd.
- ZF Friedrichshafen AG
Key Insights:
- In terms of technology, the passive safety systems segment dominated the market in 2022
- By vehicle type, the passenger vehicles segment is anticipated to grow significantly in the near future
- Based on region, Europe is likely to be the largest market for vehicle safety systems during the forecast period
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Market Segmentation
By Technology
- Active Safety System
- Passive Safety System
Surging Sales Fueled by the Extensive Adoption of Passive Safety Systems in Vehicles
The passive safety systems segment led the vehicle safety system market in 2022 and is likely to grow at a rapid CAGR through the forecast period. A major factor contributing to the segment’s growth is the widespread recognition of safety systems in vehicles, aimed at preventing fatalities. The regulations governing these passive safety systems are not limited to developed countries alone but also extend to developing nations worldwide, thereby boosting demand for passive safety systems.
By Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Medium & Heavy Duty Commercial Vehicles
High Consumer Safety Awareness Drives Increased Sales of Passenger Vehicles
The passenger vehicles segment contributed to the largest share of the global vehicle safety system market revenue in 2022. The growth of the segment was primarily attributable to several factors, such as escalating consumer awareness of safety systems, their widespread adoption in automobiles, and a substantial surge in demand for luxury vehicles globally.
Consumer awareness regarding safety systems has significantly influenced their preferences, leading to a shift in the market. Consumers today place a higher value on vehicles with cutting-edge features that improve the driving experience while maintaining safety.
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Government Rules Enforcing Safety Features to Drive Product Demand
The enforcement of government rules regarding safety features in newly manufactured vehicles in various nations is one of the primary factors boosting the growth of the vehicle safety system market. Adaptive cruise control, anti-lock brakes, electronic stability control, and blind spot detection are just a few examples of the automotive safety technologies that the National Highway Traffic Safety Association (NHTSA), a division of the U.S. Department of Transportation (DOT), mandated to be included in every vehicle manufactured and being operated on the nation's roads.
Similarly, the European Council mandated that by 2022, all new cars sold in Europe must come with cutting-edge safety features, including advanced emergency braking, tire pressure monitoring, lane-keeping assistance, and intelligent speed assistance.
Europe Market Revenues Set to Soar with Improving Road Safety
Europe emerged as the largest market for vehicle safety systems in 2022 due to the growing adoption of standardized road and passenger safety regulations. The region has made substantial progress in mandating the implementation of passive vehicle safety systems. By 2022, an impressive 80-90% of personal and commercial vehicles in operation were equipped with both active and passive safety systems.
The General Safety Regulation (GSR), which the EU significantly amended in 2022, now mandates the installation of vehicle safety equipment in all types of cars, including those that were first registered before 2022. The market for vehicle safety systems in the region is anticipated to grow as a result of this mandated installation. Additionally, it is projected that ongoing amendments and technological developments in the active safety systems market will present potential growth opportunities for industry participants.
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Increasing Road Accidents in North America to Bolster Product Demand
The North America vehicle safety system market is expected to grow significantly in the upcoming years as a result of technological developments in the ever-growing automotive sector, along with the rising number of road accidents in the region. For instance, in 2020, the U.S. witnessed a staggering total of over 38,000 fatalities. Nonetheless, by 2022, this number saw a significant decline, reducing to approximately 31,000, due to the strict road safety regulations mandating the implementation of safety systems in automobile manufacturing.
Table of Content
Chapter 1 Introduction of the Global Vehicle Safety System Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Vehicle Safety System Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Vehicle Safety System Market, By Vehicle Type
Chapter 7 Global Vehicle Safety System Market, By Technology
Chapter 8 Global Vehicle Safety System Market, By End-user
Chapter 9 Global Vehicle Safety System Market, By Geography
Chapter 10 North America
Chapter 11 Europe
Chapter 12 Asia-Pacific
Chapter 13 Middle East & Africa
Chapter 14 Latin America
Chapter 15 Global Vehicle Safety System Market Competitive Landscape
Chapter 16 Company Profiles
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