New York, US, March 22, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Safety System Market Research Report Information By Active Technology, by Passive Technology, by Fuel Used, by Offering, by Vehicle Type, and Region — Forecast till 2030”, the size of the global market for automotive safety systems will be at USD 200 billion by 2030, growing at a CAGR of 9% between 2020 and 2030.
Automotive Safety System Market Overview
In the automotive sector, car safety measures are crucial. These systems have many components that make cars safer. Safety systems are employed in the automobile industry to guarantee the security and safety of vehicles and their occupants. Driving is made safe and secure by the use of safety equipment including seatbelts, airbags, and antilock braking systems.
The COVID pandemic had cost automakers a significant percentage of their customer base. Automakers were also facing high prices, and people had no choice because it was hard to find dealers for used stock. The requirement for producing new safety systems or installing them in vehicles has been greatly decreased as a result of the global shutdown of industrial facilities and strong social distancing norms.
Prominent players in the global Automotive Safety System market include
- Delphi Automotive PLC (Aptiv PLC),
- Continental AG,
- Denso Corporation,
- Magna International Inc.,
- Robert Bosch GmbH,
- TRW Automotive,
- Autoliv Inc.,
- Johnson Electric Holdings Limited,
- Takata Corporation,
- Mobileye N.V.
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Even more so than driverless vehicles, safety systems are becoming a must. High-end vehicles with intricate engine architecture are on the rise as incidents involving powerful vehicles decline. Like other environmental elements in society, these cars make a lot of noise, thus it is important to control them appropriately.
Over the world, the number of people who own a car has been rising, and earnings have increased as well. Together with this, the rate of foreign direct investment has risen to the point where many new cars are not only being bought but are also being made domestically. The desire for safety enhancements in the automotive industry is brought on by each of these issues.
Automotive Safety System Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 200 Billion |
| CAGR during 2022-2030 | 9% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Active technology, passive technology, fuel used, offering, vehicle type |
| Key Market Opportunities | Increase in need for safety system |
| Key Market Drivers | Increase in demand for vehicle |
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The Automotive Safety System market is experiencing growth restrictions due to a number of issues. The expensive price of these systems is a significant deterrent to adoption, to start. Furthermore, there isn't a single system that is widely accepted due to the lack of industry standardisation. It is challenging for consumers to choose the right system, and it is challenging for manufacturers to create systems that work well together because to the lack of standards.
The automotive industry is a wealthy one that has been rapidly growing. As the demand for safety systems rises, so do the prospects in this industry.
Several product categories, including advanced driver assistance systems, self-driving cars, and vehicle security systems, are included in the automotive safety system market. By identifying possible risks on the road and issuing alerts or taking appropriate action, these gadgets are meant to safeguard drivers and passengers from accidents. An sophisticated driver assistance system would, for instance, be able to recognise when a car is about to collide with another vehicle and warn the driver, giving them time to react before it's too late.
Automotive Safety System Market Segmentation Overview
The global Automotive Safety System market has been divided into ESC, LDW, ABS, BSD, TPMS, and EBD segments based on active technology. In the global market for automotive safety systems, the ABS category is experiencing the quickest growth.
The Pedestrian, Whiplash Protection, and Airbags segments of the global Automotive Safety System market were created using passive technology. In the global market for automotive safety systems, the airbag category is anticipated to develop at the fastest rate.
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The global Automotive Safety System market has been divided into Petrol, Diesel, EV, and HEV segments depending on the kind of fuel utilised. The Automotive Safety System market is predicted to grow at the fastest rate in the EV sector.
The global market for automotive safety systems has been divided into two segments based on offerings: software and hardware. In the global market for automotive safety systems, the hardware sector is anticipated to be the largest. The passenger, light commercial vehicle, and heavy commercial vehicle segments of the global market for automotive safety systems have been created. In the global market for automotive safety systems, the passenger segment is anticipated to be the largest.
North America, Europe, Asia-Pacific, and the Rest of the World are the regions into which the global market for automotive safety systems has been segmented. The Automotive Safety System industry's main market is in North America.
More passive safety systems are required as a result of new safety standards and increased auto manufacturing in the Asia-Pacific area. More features are in demand because of rising consumer demand in China and India. Vehicles are increasingly utilising passive safety features.
Throughout the projection period, it is anticipated that the North American safety systems market will continue to be the largest. It is anticipated that the United States would continue to dominate this industry. Companies have been heavily spending in innovation, R&D, and product releases for safety systems to acquire a competitive edge in the worldwide market.
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The market has a number of domestic and foreign competitors. Market participants are spending money on R&D while also looking for innovative ways to expand and enhance their product portfolios. To improve their market positions and win over a sizable consumer base, different businesses are engaging in expansion, the introduction of new products, joint ventures, and partnerships.
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