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Automotive Safety Systems Market Growth to be Driven by Emerging Trends | $186.54 Billion by 2029
Automotive Safety Systems
What is the Projected Market Size of the Automotive Safety Systems Industry?
The market size of automotive safety systems has seen considerable expansion in the past few years. The market is projected to increase from $124.7 billion in 2024 to $133.07 billion in 2025, experiencing a compound annual growth rate (CAGR) of 6.7%. The historical growth is creditable to factors such as crashworthiness standards, execution of traffic laws and regulations, public campaigns highlighting safety importance, and urbanization proliferation.
What Will Be the Size of the Automotive Safety Systems Market by 2029?
The market size of automotive safety systems is projected to witness robust growth in the coming years. The market is forecasted to reach $186.54 billion in 2029, with a compound annual growth rate (CAGR) of 8.8%. This growth during the forecast period can be ascribed to several factors such as a rise in the use of advanced driver assistance systems (ADAS), the incorporation of vehicle-to-everything (v2x) communication for instant safety alerts, increase in the creation and adoption of self-driving vehicles, usage of intelligent infrastructure and traffic management systems, and an enhanced focus on sustainability and eco-friendliness. Notable trends for the forecast period involve the application of data analytics to anticipate potential road safety concerns, the vision zero initiative, cooperation among various stakeholders, creation of connected and smart crosswalks for pedestrian safety, and proactive transportation.
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What Are the Key Drivers Accelerating Growth in the Automotive Safety Systems Market?
The escalating requirement for electric cars is anticipated to exert strain on automotive safety systems over the forecast timeframe. These vehicles necessitate safety components like adaptive cruise control (ACC), alerts for blind spots, automatic braking, lane assistance, and more, which steer the market. For instance, the International Energy Agency, an intergovernmental organization based in France, recorded that electric vehicle sales were at 10 million in 2022. These sales are expected to rise to 14 million in 2023. Accordingly, the upsurge in electric vehicle demand is projected to create further need for automotive safety systems, thereby propelling the market within this timeframe.
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How Is the Automotive Safety Systems Market Segmented by Type, Application, and Region?
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, After market
Subsegments:
1) By Active Safety System: Advanced Driver Assistance Systems (ADAS), Automatic Emergency Braking (AEB), Electronic Stability Control (ESC), Lane Departure Warning (LDW), Adaptive Cruise Control (ACC), Collision Avoidance Systems, Blind Spot Detection (BSD), Parking Assistance Systems
2) By Passive Safety System: Airbags, Seatbelts, Crash Sensors, Structural Reinforcements, Safety Cage Or Body Structure, Child Safety Seats, Whiplash Protection Systems
What Are the Key Trends Driving Growth in the Automotive Safety Systems Market?
The rise of new technology represents a crucial trend that is gaining momentum in the automotive safety systems market. The car industry is becoming more and more concerned with incorporating intelligent and more secure safety systems into vehicles to enhance safety across various terrains and conditions. For example, Volvo Vehicles, a truck manufacturer based in Sweden, rolled out a special safety feature known as Active Grip Control for electric trucks in January 2022. This advanced technology enhances acceleration, stability, and braking when in slippery conditions. The newly introduced safety attribute also minimizes the probability of oversteering and jackknifing when the vehicle is not loaded.
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Who Are the Leading Companies Driving Growth in the Automotive Safety Systems Market?
Major companies operating in the automotive safety systems market include 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
Which Is the Leading Region in the Global Automotive Safety Systems Market?
North America will be the largest region in the automotive safety systems market in 2024.Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the automotive safety systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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