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Automotive Safety Systems Market: By Vehicle Type (Passenger Cars [PC], Light Commercial Vehicle [LCV], Buses, Trucks), By Product Type (Active Safety System, Passive Safety System), By End User (OEMs, Aftermarket), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
The word "vehicle safety" refers to the planning and execution of rules, tools, and infrastructure to lessen the effects of motor accidents. Active and passive systems are the two main categories into which vehicle safety systems can be generally divided. Automotive active safety systems keep an eye on the road and the vehicle's performance to warn the driver and avert accidents before they happen. In cases where avoiding a collision is not practicable, active safety devices can lessen the force of impact. Using a variety of sensors, a vehicle's active safety system can understand its surroundings and operational conditions. Subsequently, processors analyze this information and perform corrective actions if needed or alert the occupants.
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Global Automotive Safety Systems Market to surpass USD 280.3 billion by 2031 from USD 115.4 billion in 2021 at a CAGR of 9.3% in the coming years, i.e., 2021-2031. Some of the main drivers of the market include factors like rising safety system contents per vehicle, stricter safety laws, high demand for safety solutions, and an organic increase in automobile manufacturing. Other market factors include the rise in demand for premium cars and the need for a safer and more convenient driving experience.
Based on Vehicle Type, the global Automotive Safety Systems Market is fragmented into Passenger Cars (PC), Light Commercial Vehicle (LCV), Buses, and Trucks. During the projection period of 2020 to 2025, Passenger Cars (PC) are anticipated to continue to represent the largest sector of safety systems in the global automotive industry. Due to the increasing adoption of safety systems, the strong demand for active safety systems, and an organic increase in the production of luxury cars and SUVs, this vehicle type is also expected to experience the greatest growth during the same time period.
Global Automotive Safety Systems Market is classified on the basis of End User into OEMs and Aftermarket. The OEMs segment is anticipated to continue being the largest end-user category during the forecast period and to grow at a faster rate during that time due to increased regional penetration of newly-built automobiles. Active safety systems are now being incorporated by all major automakers into some of their vehicles. Each of them has been in contact with vendors to provide affordable, cutting-edge active safety systems for their mass production versions.
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Increased traffic accidents have raised awareness among the public and international organizations. In light of the increased attention being paid to vehicle on-road safety, OEMs are looking at new safety systems for their vehicles. Systems for passive safety are becoming more developed, which reduces room for expansion. Active safety measures have great promise for improving vehicle on-road safety by preventing emergencies completely, or at the very least, by actively assisting the driver in correctly mitigating them. These advantages have compelled automakers to include various driver aid systems in their cars, which boost vehicle safety and hence fuel the worldwide automotive active safety systems market.
Another significant market driver is governmental legislation governing car safety. Government authorities throughout the world have been forced to implement numerous legislation that mandate some active safety systems in order to safeguard the safety of vehicle drivers and fellow passengers due to the growing burden of traffic accidents and the costs they impose on public health.
Complicated and expensive features are some factors that hamper the growth of the Automotive Safety Systems market in a significant manner.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Automotive Safety Systems Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. During the forecast period, North America is expected to continue to have the largest market for active safety systems, while Asia-Pacific is expected to have the biggest market for passive safety systems. China and India are the Asia-Pacific markets for passive safety systems, while the US continues to be the market's growth engine for active safety systems in North America. The need for passive safety systems in the Asia-Pacific region is being driven by rising car production, rising passive safety system contents per vehicle, primarily in China and India, and the passage of stricter regulations.
By the end of 2020, COVID-19 had had a significant negative impact on the auto sector due to the numerous travel bans and other lockdown-related restrictions that had been put in place worldwide. All facets of the aviation and aerospace sector, including the producers of automotive safety systems, are affected by the epidemic. Automobile manufacturers have been concentrating on decreasing costs and expenses, which includes reducing manufacturing spending, as a result of travel limitations, the economic downturn brought on by the epidemic, and the resulting decline in demand. The demand for automotive safety systems suppliers has been declining as a result of prolonged halts in the supply chain of major automotive manufacturers.
REPORT ATTRIBUTE |
DETAILS |
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Market size value in 2021 |
USD 115.4 billion |
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Revenue forecast in 2031 |
USD 280.3 billion |
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Growth Rate |
CAGR of 9.3% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2030 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Vehicle Type, Product Type, End User, and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled |
Autoliv Inc., Continental AG, DENSO CORPORATION, Joyson Safety Systems, ZF Friedrichshafen AG, Valeo, Mobileye, Robert Bosch GmbH, Infineon Technologies AG, Knorr-Bremse AG, and Other Prominent Players. |
Automotive Safety Systems Market size was estimated at USD 115.4 billion in 2021 and is expected to reach USD 280.3 billion in 2031.
Automotive safety systems are the devices built into the car to lessen the likelihood and effects of collisions with other vehicles. One of the most crucial components in the automobile manufacturing sector are automotive safety systems.
The Passenger Cars segment accounted for the largest Automotive Safety Systems Market share.
Key players in the Automotive Safety Systems Market include Autoliv Inc., Continental AG, DENSO CORPORATION, Joyson Safety Systems, ZF Friedrichshafen AG, Valeo, Mobileye, Robert Bosch GmbH, Infineon Technologies AG, Knorr-Bremse AG, and Other Prominent Players.
Consumers in the automotive sector are predicted to fuel industry expansion as more high-end and high-performance vehicles enter the market and as consumers become more aware of the importance of including road safety features.
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