Automotive Safety System Market to Gain Exponentially With Rising Demand for Autonomous Automobile & PV by 2023
Global automotive safety system market is anticipated to lead the market due to high demand for passenger vehicles. Automotive safety system is the inbuilt safety solution like good braking system and steering that help avoid road mishaps. This system may be activated by a computer or human. It is less in noise level inside the automobile, better visibility from the driver’s seat, early caution for severe braking ahead, anti-lock brake system, quality chassis assist and grip, collision avoidance and traction control.
The key drivers of automotive safety system market include rise in government initiatives for the adoption of safety systems, increase in demand for autonomous automobile, passenger cars and electric vehicles and rise in disposable income of consumers on the global scale. Additionally, improved automotive infrastructure and lifestyle of consumers is also propelling the demand for automotive safety system, thereby fueling the market. Nevertheless, software failures in most applications, rise in number of security threats and significant cost of vehicles are hampering the market growth.
Increase in research and development efforts by OEMs to active safety systems is an emerging trend in the market. Nonetheless, rise in number of safety solutions in automobiles is expected to challenge the automotive safety system market. Innovative automotive safety features, such as blind spot detection, lane departure warning systems, or other enhanced driver assistance systems add to the overall vehicle cost.
Market is categorized on the basis of products, type of vehicle, safety system, and geography. On the basis of products, market is divided into sensors and systems. Sensors segment is predicted to lead the market in the forecast period due to the rising focus on improving accuracy of the sensors. Moreover, increase in investment in sensors by major market players is also driving the growth of the segment.
Based on vehicle type, automotive safety system market is bifurcated into mid-priced cars, luxury cars, and economy cars. Luxury cars segment is expected to lead the market in the coming years owing to the enhancements in auto driving and high demand for premium safety solutions for automobiles. Safety solutions reduce injury or death rate due to road mishaps, which is stimulating manufacturers to install safety solutions.
In terms of safety system, market is split into active safety systems and passive systems. Active safety system is further divided into blind spot detection, drowsiness monitoring system, e-call telematics, active cruise control, head-up display, park assist, night vision system, tire-pressure-monitoring, lane departure warning system, and others. Passive safety system is also classified into seatbelt, electronic control unit steering wheel, airbag, and others. At present, passive safety system segment leads the market due to improvements in the products.
Geographically, automotive safety system industry is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Europe is predicted to dominate the market in the forecast period due to heavy investments in the domain for the introduction of quality solutions. North America and Asia Pacific regions are also expected to lead the market due to enhancements in technology and awareness for automotive safety solutions, respectively.
The key players in automotive safety system market comprise Magna, Denso Corporation, Robert Bosch GmbH, Continental AG, Autoliv AB, Delphi Automotive, Takata Corporation, and ZF TRW Automotive Holdings Corp., Ficosa International S.A., Borg Warner Inc., and PSA Peugeot Citroen.
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