Research Nester released a report titled “Automotive Safety Systems Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global automotive safety systems market in terms of market segmentation by vehicle type, end-user, technology and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
In automotive industry safety systems are used for ensuring the safety and security of automobiles & passengers. Various types of safety systems such as seatbelts, airbags, anti-locking braking systems, electronic traction, stability controls systems, lane departure warning, blind-spot detection, and driver monitoring are used for assuring the safety of passengers.
The vehicles are integrated with the advanced safety technologies and automated driving features such as passenger sensing systems, electrochromic mirror or auto-dimming mirrors, padded knee bolsters, and energy-absorbing systems steering systems that preventing serious injuries to the passengers.
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The automotive safety systems market is projected to grow with a moderate CAGR during the forecast period, i.e., 2020-2029 on account of the rising number of accidents, resulting in loss of lives and properties across the world, is being considered as one of the major factors driving the demand and development of advanced automotive safety systems.
Consumers are gaining awareness about the advanced safety features and technologies, they are indicating an interest in improving their vehicle’s safety systems. Furthermore, According to the report of mordor intelligence, out of the 6 million car accidents that occur on the US roads every year, over 40% of them (approximately 2.5 million) are rear-ending collisions that transpire, owing to the driver’s lack of attention on the road. Thus, the US NHTSA is enacting regulations by forcing automakers to install collision avoidance systems in both passenger cars and commercial vehicles.
The automotive safety systems market is segmented based on vehicle type as passenger car, light commercial vehicle, and medium & heavy duty commercial vehicle. The passenger car is expected to remain the largest segment of safety systems in the global automotive industry during the forecast period of 2020-2029. This vehicle type is also projected to witness the fastest growth in the same period, owing to increasing penetration of safety systems, high demand for active safety systems, and an organic growth in the production of luxury cars and SUVs.
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On the basis of region, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World. The North America market has the largest number of automobiles per person. The number of automobiles in the U.S. is almost equal (if not more) to the population there. This large population, coupled with one of the world’s best road infrastructure, compels automakers to manufacture high powered vehicles for this market. The Europe market produces some of the most innovative and technologically advanced automobiles which invariably leads to better and faster cars. The Asia Pacific region is said to be the biggest automotive market by the sheer number of automobiles manufactured and sold. Thus, this region has the highest vehicle population all these factors, cumulatively drive the growth of the automotive safety system market at a global level.
Increasing in demand for a safe, efficient, and convenient driving experience to drive the Market Growth
The consistent rise in vehicle accidents, resulting due to abrupt lane change, has been creating concerns among both the consumers and governments across the world. Thus, continuous technological advancements in the automotive industry are constantly ensuring in adding new features to the automobiles to reduce road accidents and enhance the safety of both passengers and drivers. This, in turn, is driving the implementation for advanced driver assistant systems (ADAS), which may aid in propelling the market for LDWS. Lane Departure Warning System (LDWS) is a group of safety technologies, which have been designed primarily to prevent high-speed accidents on highways, expressways, and freeways. They warn the driver and sometimes take corrective measures and prevent collisions and run-off-road accidents.
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This report also provides the existing competitive scenario of some of the key players of the automotive safety systems market which includes company profiling of ZF Friedrichshafen AG, Continental AG, Autoliv Inc., Ford Motor Company, Hyundai Motor Group, Magna International Inc., Denso Corporation, and Aptiv Plc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the automotive safety systems market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.