Press release
Automotive Safety Systems Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions | Autoliv Inc., Continental AG, Nippon Denso Co. Ltd., ZF Friedrichshafen AG, Valeo SA
Automotive Safety Systems Global Market Report
The Business Research Company offers in-depth market insights through Automotive Safety Systems Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The automotive safety systems market size has grown strongly in recent years. It will grow from $116.6 billion in 2023 to $127.37 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to crashworthiness standards, implementation of traffic laws and regulations, public awareness campaigns on the importance of safety, growth in urbanization.
The automotive safety systems market size is expected to see strong growth in the next few years. It will grow to $177.36 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to surge in adoption of advanced driver assistance systems (adas), integration of vehicle-to-everything (v2x) communication for real-time safety alerts, growth in the development and adoption of autonomous vehicles, adoption of smart infrastructure and traffic management systems, increasing focus on sustainable and eco-friendly. Major trends in the forecast period include use of data analytics for predictive analysis of potential road safety issues, vision zero movement, collaboration between different stakeholders, development of connected and intelligent crosswalks for pedestrian safety, active transportation.
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Market Segmentation:
The automotive safety systems market covered in this report is segmented -
1) By Type: Active Safety System, Passive Safety System
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By End User: OEM, Aftermarket
Major Driver - Surging Electric Vehicle Demand Drives Automotive Safety System Market
The increasing demand for electric vehicles is expected to put pressure on automotive safety systems during the forecast period. Electric vehicles require safety features such as adaptive cruise control (ACC), blind spot warning, auto braking, lane assist, and others, which drive the market. For instance, in July 2023, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles were 10 million in 2022, and there will be an increase to 14 million sales of electric vehicles in 2023. Hence, the growing demand for electric vehicles is expected to generate more demand for automotive safety systems, thus driving the market during the period.
Competitive Landscape:
Major companies operating in the automotive safety systems market report are Autoliv Inc., Continental AG, Nippon Denso Co. Ltd., ZF Friedrichshafen AG, Valeo SA, Mobileye Global Inc., Robert Bosch GmbH, Infineon Technologies AG, Knorr-Bremse AG, Nihon Plast Co. Ltd., Toyoda Gosei Co. Ltd., Delphi Automotive plc, Magna International Inc., Takata Corporation, Grammer AG, Lear Corporation, Johnson Controls International, Toyota Boshoku Corp, Hella KGaA Hueck & Co, Bendix Commercial Vehicle Systems LLC, WABCO Vehicle Control System, Ford Motor Company, Joyson Safety Systems, Aptiv plc, Hyundai Precision & Industries Corporation, Aisin Seiki Co. Ltd., Jinzhou Jinheng Automotive Safety System Co. Ltd., Ashimori Industry Co. Ltd., Mando Corporation, Adient plc
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Top Trend - Advancing Automotive Safety Systems With Volvo Active Grip Control
New technological developments are a key trend gaining popularity in the automotive safety systems market. The automotive industry is increasingly focusing on integrating smarter and safer safety systems into vehicles for better safety in different terrains and conditions. For instance, in January 2022, Sweden-based truck manufacturer Volvo Vehicles introduced Active Grip Control, a unique safety feature for electric trucks. The new technology significantly improves acceleration, stability, and braking in slippery conditions. The new safety feature also decreases the risk of oversteering and jackknifing when driving unloaded.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Safety Systems Market Characteristics
3. Automotive Safety Systems Market Trends And Strategies
4. Automotive Safety Systems Market - Macro Economic Scenario
5. Automotive Safety Systems Market Size And Growth
…..
27. Automotive Safety Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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