“Growing government regulations pertaining to vehicle safety and increasing demand for a safer, efficient, and convenient driving experience are set to drive the automotive safety system market”
The global automotive safety system market is estimated to be USD 82.80 billion in 2017 and is projected to reach 169.46 billion by 2025, growing at a CAGR of 9.36% during the forecast period. The automotive safety system market has promising growth potential due to several factors, including the stringent safety regulations pertaining to vehicle safety across the globe; increasing demand for a safe, efficient, and convenient driving experience; and rising disposable income in emerging economies. On the other hand, increasing role of complex software in a wide range of applications in a vehicle provides increased functionality and value for consumers. Various advanced safety features require complex software for functioning. Safety features embedded with sophisticated internal networks, dozens of ECUs, and extensive remote connectivity ultimately increase the complexity of the vehicle. The use of complex software can, at times, cause software failure in a vehicle. This is a major restraining factor for advanced safety systems market.
“Active safety system: The fastest growing segment of the automotive safety system market, by technology “
Growing trend of autonomous vehicles is expected to drive the active safety system market. Various features such as lane departure warning system (LDWS), automatic emergency braking (AEB), anti-lock braking systems (ABS), electronic brake force distribution (EBD), electronic stability control (ESC), lane departure warning systems (LDW), tire pressure monitoring system (TPMS), traction control system (TCS), forward-collision warning (FCW), and blind spot detection (BSD) are gaining momentum across the globe. The safety and comfort benefits of these systems are encouraging the safety feature manufacturers to carry out extensive R&D activities to develop active safety systems that cater to the set standards.
“Software: The fastest growing offering type of the automotive safety system market”
The software segment is estimated to be the fastest growing segment of the automotive safety system market, by offering. The main purpose of software is to communicate autonomously with other devices. The software content has been increasing day by day in the advanced applications of the vehicle. Increasing demand for human–machine interface in the vehicle helps to drive the software segment of the automotive safety system market.
“Asia Pacific: The fastest growing region in the automotive safety system market”
The Asia Pacific region is estimated to dominate the automotive safety system market and is projected to grow at the highest CAGR during the forecast period. The market growth in this region can be attributed to the improving socio-economic conditions in emerging economies such as China and India. Increasing demand for luxury vehicles has also driven the automotive safety system market in the region.
The study contains insights of various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type– Tier 1- 45%, Tier 2- 35% Tier 3 - 20%
• By Designation— C level - 35%, D level - 25%, Others - 40%
• By Region— North America - 40%, Europe - 30%, Asia Pacific - 25%, RoW - 5%
Major players profiled in the report are:
Tier I suppliers:
• Robert Bosch (Germany)
• Continental (Germany)
• Denso (Japan)
• Delphi (UK)
• Infineon (Germany)
• ZF Friedrichshafen (Germany)
The report segments the automotive safety system market and forecasts its size, by volume and value, on the basis of region (Asia Pacific, Europe, North America, and RoW), technology (active and passive safety system ), on-highway vehicle (PC, LCV, Buses, and Trucks), electric vehicle (BEV, HEV, FCEV, and PHEV), off-highway vehicle (agriculture and contruction vehicles), and offering (hardware and software).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the automotive safety system market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall automotive safety system market and its subsegments. This report will help stakeholders to understand the competitor landscape better and gain insights to position their businesses better and make suitable go-to-market strategies. The report also helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.