With a growing number of automotive takers, governments across the globe are making it mandatory for automotive manufacturers to adhere to the stringent safety norms. This is spurring the growth of the automotive safety system market. The automotive safety system market is gaining substantial mileage due to technological developments happening in the industry. The global automotive safety system market is expected to gain 9% CAGR to advance during the forecast period (2017-2023). Market Research Future (MRFR) claims this in their recently published report and predicts a possibility for the market in crossing their estimated valuation by the end of 2023.
Automotive manufacturers put a great emphasis on building a brand value due to which they try to secure every possible avenue of growth. Hence, the burgeoning safety system industry. Their strict adherence to road safety policies is predicted to ensure high-end and high-performance cars. At the same point of time, technological integration is making it easier for manufacturers to implement such changes which are helping the market growth as well.
Fuel-used, offering, active technology, passive technology, and vehicle type are segmentations based on which MRFR had studied the automotive safety system market.
By active technology, the automotive safety system market includes Anti-Lock Braking Systems (ABS), Lane Departure Warning Systems (LDW), Tire Pressure Monitoring Systems (TPMS), Driver Monitoring System (DMS), Adaptive Cruise Control (ACC), and Blind Spot Detection (BSD). These technologies work in sync with the Central Electronic Processing Unit (CEPU) by feeding its real-time data to constantly modify the database and set actions according to the parameters set by the manufacturers for the car.
Based on passive technology, the automotive safety system market can be segmented into a pedestrian, whiplash protection, and airbag. The airbag system finds widespread acceptance, and its installation cost is quite low, along with its production cost.
Based on the fuel used, the automotive safety system market includes petrol, diesel, electric vehicle (EV) and hybrid electric vehicle (HEV).
Based on the offering, the automotive safety system market can be segmented into software and hardware. The hardware safety system has low installation cost and is less complex in the installation procedure.
The Americas, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are regions that have been included in the report of the MRFR for a better analysis of the automotive safety system market. Segments which MRFR made to study the global automotive safety system market.
The North America market has high expenditure capacity owing to which the regional market has the largest number of automobiles per person. The growth is also getting backed by robust infrastructure and superlative connectivity. These features compel automakers to design high-speed cars and vehicles with high engine power. Europe’s market, on the other hand, has a robust automobile sector which is known for its innovation and advanced technologies. Better and faster cars are a result of such an extraordinary infrastructure.
The APAC region is picking up speed fast, and it is due to the vast population which has triggered unprecedented growth in the number of vehicle owners. Both in terms of manufactured cars and sold, the market is the biggest. This has increased the demand for safety measures installation inside the car owing to which the regional market is expected high growth during the forecast period.
Several companies are actively participating in the global automotive safety system market. Their involvement ensures strategic moves that are aimed at individual growth but which plays well for the holistic growth of the market as well. These companies are Continental AG (Germany), Delphi Automotive PLC (Aptiv PLC) (U.S.), Magna International Inc. (Canada), Denso Corporation (Japan), TRW Automotive (U.S.), Robert Bosch GmbH (Germany), Johnson Electric Holdings Limited (Hong Kong), Autoliv Inc. (U.S.), Takata Corporation (Japan), and Mobileye N.V. (Israel).
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