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Automotive Safety Systems Market Forecast 2024-2033: Trends and Innovations | 2024 To 2033 Key Players Autoliv Inc., Continental AG, Nippon Denso Co. Ltd., ZF Friedrichshafen AG, Valeo SA, Mobileye Global Inc.
Automotive Safety Systems Market Share
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According to The Business Research Company's, 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,
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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 Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
Automotive Safety Systems Market 2024 Key Insights:
• 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%.
• Surging Electric Vehicle Demand Drives Automotive Safety System Market
• Advancing Automotive Safety Systems With Volvo Active Grip Control
• North America will be the largest region in the automotive safety systems market in 2023
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