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Automotive Safety System Market Overview
The global automotive safety system market is expected to witness rapid growth in the forecast period (2020–2030), owing to the increasing demand for a safer and more-convenient driving option. Moreover, the expanding government involvement, in terms of policy and regulation implementation for mandating advanced safety features in the vehicles, is further escalating the demand for safety systems in the automobile industry.
In terms of vehicle type, the automotive safety system market is bifurcated into passenger cars and commercial vehicles. Of the two, the adoption of automotive safety system is more significant in passenger cars, especially in the luxury segment. Thus, with the growing sales of luxury passenger cars, the demand for safety systems is expected to boom further in the coming years.
On the basis of offering, the automotive safety system market is bifurcated into software and hardware. Of these, the software bifurcation is expected to witness considerable growth in the forecast period, attributed to the increasing adoption of advanced driver assistance systems (ADAS), automotive internet of things (IoT) solutions, vehicle telematics, and connected vehicle technology.
Based on technology, the automotive safety system market is bifurcated into active and passive technologies. The active technologies are expected to witness a rapid increase in their market share in the forecast period, owing to their swift incorporation in luxury vehicles as well as in different levels of autonomous vehicles.
Geographically, the automotive safety system market is categorized into North America, Europe, Asia-Pacific (APAC), and Latin America, Middle East, and Africa (LAMEA). Amongst all regions, North America is predicted to hold a significant share in the market. This is owing to the regulations implemented by the government of North American countries, especially the U.S., which mandate certain safety systems to be included in the vehicles.
Automotive Safety System Market Dynamics
One of the main drivers for the growth of the automotive safety system market is the implementation of government regulations in different countries, concerning safety features in the vehicles being produced. For instance, in 2012, the National Highway Traffic Safety Association (NHTSA), under the U.S.’s Department of Transportation (DOT), mandates, that all the cars which are manufactured and plying on the country’s roads should have the threshold automotive safety technologies, such as adaptive cruise control, anti-lock braking, electronic stability control, and blind spot detection. Similarly, as per the European Council, all the new cars in the European market need to be equipped with advanced safety systems, including advanced emergency braking systems, tire pressure monitoring systems, lane keeping assistance systems, and intelligent speed assistance systems, by 2022.
One of the biggest hurdles in the path of the automotive safety system market is the increase in the production cost of the vehicles due to the installation of these advanced systems. Technological advancements in the safety features of the vehicles require heavy investment in research and development (R&D), which, in turn, increases the total cost of the vehicles.
The introduction of autonomous vehicles would create lucrative growth opportunities for automotive safety system providers. Autonomous vehicles include advanced safety features, such as night vision systems, intelligent park assist systems, driver monitoring systems, adaptive front lights, automatic emergency braking systems, and adaptive cruise control systems. Thus, with the increasing adoption of autonomous vehicles, the automotive safety system market revenue is expected to go up significantly.
Automotive Safety System Market Competitive Landscape
Some of the major players operating in the global automotive safety system market are Robert Bosch GmbH, Continental AG, Magna International Inc., Bendix Commercial Vehicle Systems LLC, Infineon Technologies AG, BYD Auto Co. Ltd., Bayerische Motoren Werke (BMW) AG, Delphi Technologies Inc., DENSO Corp., and BorgWarner Inc.
The report covers a country-wise automotive safety system market analysis. Some of the major countries covered in the report are the U.S., Canada, Germany, the U.K., France, Italy, the Netherlands, China, Japan, India, Australia, Brazil, and Mexico.
Automotive Safety System Market Size Breakdown by Segment
The Automotive safety system market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Vehicle Type
Based on Vehicle Autonomy
Based on Offering
Based on Technology