PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1279725
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1279725
Global Automotive Active Safety Systems Market is valued approximately USD 11.49 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 11.2% over the forecast period 2022-2029. Active safety systems play a preventive role in reducing crashes and accidents by providing advance warning or assisting the driver in steering/controlling the vehicle. The Automotive Active Safety Systems market is expanding because of factors such as increasing number of vehicle accidents and rising demand for safety features in vehicles.
Sensors such as radar, cameras, and ultrasonic sensors, in a vehicle active safety system can perceive its surroundings and operational parameters. Processors then interpret this data and take corrective action or alert the occupants. Its prevalence has progressively increased during the last few decades. According to the World Health Organization, approximately in 2022, 1.3 million people die each year as a result of road traffic crashes. Furthermore, Road traffic crashes cost most countries 3% of their gross domestic product. Between 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability as a result of their injury. Another important component driving space increase is safety features in Vehicles. As per Statista, the global automotive safety system market is projected to grow between 2021 and 2027. While the market was sized at USD 93.28 billion in 2021, it is expected to reach the size of USD 127.2 billion in 2027. In addition, in 2019, the global passive safety market is projected to be sized at around USD 22 billion. Also, growing government initiatives in vehicle safety norms and rising technological advancement in Automotive safety systems would create a lucrative growth prospectus for the market over the forecast period. However, the high cost of Automotive Active Safety Systems stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Automotive Active Safety Systems Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the presence of key market players and rising demand of luxury vehicles that are equipped with multiple active safety systems in the region. According to the Statista, in 2021, motor vehicle parts stores and automobile dealers increased revenue by around 23% over the previous year: U.S. motor vehicle and parts dealers generated revenue of almost USD 1.53 trillion from retail trade. Europe is expected to grow with a highest CAGR during the forecast period, owing to factors such as rising government initiatives regarding automobile safety regulations in the market space.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of figures
List of tables and figures and dummy in nature, final lists may vary in the final deliverable