Global Automotive Safety Systems Market to Reach US$ 56.1 billion in 2023
The Global
Automotive Safety Systems Market: Highlights
The globalautomotive safety system market is projected to grow at a healthy CAGR of 6.7%
over the next five years to reach US$ 56.1 billion in 2022, driven by
increasing safety system contents per vehicle, the introduction of more
stringent safety regulations, high demand for safety solutions, and an organic
growth in the automobile production.
The globalautomotive safety systems market is segmented based on vehicle type as the
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 2017 to
2022. 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.
Global Automotive Safety Systems Market - Insights by Product Type
The globalautomotive safety systems market is secondly segmented based on product type as
active safety systems and passive safety systems. The active safety systems
market is further segmented as active cruise control, blind spot detection,
drowsiness monitoring system, lane departure warning system, head-up display,
night vision system, park assist, e-call telematics, tire-pressure-monitoring
system, and others. Similarly, the passive safety systems market is also
bifurcated into the airbag, seatbelt, steering wheel, electronic control unit,
and others. Currently, passive safety system occupies the largest share in the
global automotive safety systems market which is likely to be surpassed by
active safety systems by 2021. An excellent growth in active safety systems
market is primarily driven by increasing demand for advanced safety systems,
such as tire-pressure-monitoring system and adaptive cruise control system in
both developed and developing countries because of mandated government
regulation and high focus on safety solutions.
The globalautomotive safety systems market is thirdly segmented based on end-user type as
OEM and aftermarket. OEM’s market is likely to remain the largest end-user type
during the forecast period and is expected to witness a higher growth rate in
the same period, driven by increasing penetration in the newly-build vehicles
across regions. All major automakers have started using active safety systems
into some of their vehicles. They all have been in touch with suppliers to develop
low cost advanced active safety systems for their mass volume models.
The globalautomotive safety systems market is finally segmented based on region as North
America, Europe, Asia-Pacific, and Rest of the World. North America is
projected to remain the largest active safety systems market during the
forecast period whereas Asia-Pacific the largest passive safety systems market
in the same period. The US remains to act as the growth engine of the North
American active safety systems market whereas China and India the
Asia-Pacific’s passive safety systems market. Increasing production of
automobiles, increasing passive safety system contents per vehicle, mainly in
China and India, and the introduction of more stringent regulations are driving
the demand for passive safety systems in the Asia-Pacific region. Similarly,
increasing penetration of active safety systems in the North America and Europe
to address stringent government regulations regarding passenger safety is
likely to drive the active safety systems market in the same period.
Continental AG,
Delphi Automotive Plc, Denso Corporation, Robert Bosch GMBH, Magna
International Inc., Valeo, and ZF TRW Automotive are some of the major players
for the global automotive active safety system market whereas Autoliv AB,
Delphi Automotive, ZF TRW Automotive Holdings Corp., and Takata Corporation are
in passive safety systems market. Long-term contracts and advancement in
technologies are the key strategies adopted by major players to gain a
competitive edge in the market throughout the globe.
For more information, contact
Stratview Research
Email: sales@stratviewresearch.com
Direct: +1-313-307-4176
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