AUTOMOTIVE SAFETY SYSTEM MARKET TO REACH USD 152.7 BILLION BY 2024 | CAGR 10.1% – FORENCIS RESEARCH

Automotive Safety System Market Size, Share, Trends, Growth, Analysis, Research

Global Automotive Safety System Market: Key Highlights

  • According to the new market research report Automotive Safety System Market by Type (Active Safety System, Passive Safety System), by Material (Internal Combustion Engine (ICE), Electric Vehicles (EVs), Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2024)”, the global automotive safety system market is estimated to reach USD 152.7 Billion by 2024 at a CAGR of around 10.1% during the review period.
  • The automotive safety system is designed to provide safety to the vehicle occupants by minimizing injuries caused by sudden jerks or accidents. Systems are classified into two segments, active safety systems, and passive safety systems.
  • An active safety system plays an important role in reducing crashes and accidents by providing the driver with additional assistance in controlling the vehicle and mostly is electronic and controlled by a computer onboard.
  • A passive safety system helps to protect vehicle occupants by reducing further injuries during the time of an accident. Seat belts and airbags are the common passive safety systems used in automotive vehicles.

Automotive Safety System Market

Global Automotive Safety System Market: Key Market Dynamics

  • Safety being a primary requirement in the automotive sector coupled with rising awareness towards safety and security has expected to drive the product market growth during the forecasted period
  • Growing automotive sales in the emerging nations has expected to surge the demand for automotive safety systems market
  • Higher cost of safety systems such as advanced driver assistance system (ADAS) is expected to restrain the market during the forecasted period

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Global Automotive Safety System Market: Regional Overview

  • North America

The automotive safety system market in the North America region is projected to witness high demand due to the rising number of accidents, resulting in loss of lives and properties. According to US National Highway Traffic Safety Administration (NHTSA), indicates that 88% of rear-end collisions occur due to the negligence of the driver, or following the other vehicle closely. Thus, rising safety concerns has expected to surge the demand for the product market.

  • Europe

Europe is expected to witness steady growth in automotive safety system during the forecasted period owing to the stringent government regulations regarding occupant and pedestrian safety for vehicles. For instance, countries such as Germany, the United Kingdom, and France are promoting Euro NCAP, a car assessment program activity to ensure the safety. Thus, implementation of such programs has expected to drive the product market growth.

Global Automotive Safety System Market: Key Players Overview

  • Autoliv Inc.:

Autoliv Inc. is one of the leading manufacturer and supplier of automotive safety products, and is operated in 27 countries across the globe. In 2019, the revenue generated by the company was USD 8.5 billion. In October 2017, the company has announced the open of new Electronics Technical Center in Southfield, Michigan which will help to grow several key safety electronic systems. 

  • DENSO CORPORATION:

DENSO CORPORATION is one of the leader in global automotive supplier of advanced technology, systems and components in the areas of thermal, power train control, electronics and information and safety. The company has global presence in more than 200 subsidiaries. In March 2017, the company generated revenue of USD 40.4 billion. In Jan 2018, the company developed a new version sensor for improved night diving system which will help to reduce accidents by detecting pedestrians and other road users in low-light situations. 

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Published : 2020-01-17