PUBLISHER: Markets & Data | PRODUCT CODE: 1539198
PUBLISHER: Markets & Data | PRODUCT CODE: 1539198
Automotive Safety System Market Assessment, By Technology, By Vehicle Type By Offering, By Distribution Channel By Region, Opportunities and Forecast, 2017-2031F
Global automotive safety system market is projected to observe a CAGR of 7.37% during the forecast period 2024-2031, growing from USD 125.15 billion in 2023 to USD 221.05 billion in 2031. The market has witnessed significant growth in recent years and is projected to maintain a strong pace of expansion in the coming years owing to the growing requirement for an efficient driving experience, the rising need for luxury vehicles, and increasing consciousness among customers about the importance of safety features in automobiles. The automotive safety system market demand is expected to rise, owing to a growing number of fatalities, and supportive policies by the government concerning vehicle safety. In 2022, based on government data, 333,296 road traffic accidents took place due to drivers or riders acting recklessly, carelessly, or in a hurry. In automotive, the demand for safety systems including seatbelts, braking, airbags, and others is rising owing to enhancing road safety standards, consumer awareness, and motivating significant safety advancements initiatives from original equipment manufacturers. However, in Canada, all vehicles made for sale and imported to Canada must meet the Canada Motor Vehicle Safety Standards. Importers and manufacturers must follow the Motor Vehicle Safety Regulations - Schedule III and related technical standards documents, safety standards, and test methods.
Companies in the global automotive safety system market are significantly investing in modifying and integrating safety equipment in automobiles, propelling the global automotive safety system market growth in the forecast period. Furthermore, key participants in the global automotive safety systems market are collaborating to release new safety solutions to enhance the safety and reliability of vehicles.
For instance, in January 2024, Infineon Technologies and Aurora Labs Ltd. announced the collaboration to reveal AI-driven solutions improving the reliability and safety of important automotive components including airbags, steering, and braking.
Advancements in Automobile Safety Features to Drive Market Demand
Technological advancements in automobile safety features offer an overall better driving experience and protection on the road. The significant innovations in safety features include adaptive cruise control, collision advance technology, autonomous emergency braking, and others help prevent high-speed crashes, keep drivers in control, and detect cars or other objects, propelling the global automotive safety systems market demand. Companies in the global market are integrating different safety features including anti-lock braking systems, and others to maintain control during sudden movements and safeguard skidding, coupled with helping drivers to stay vigilant and avoid potential collisions.
For instance, in April 2024, Honda Motor Co., Ltd. strengthened its commitment to safety by unveiling advanced safety features in its product line including Elevate, Amaze, City, and City e: HEV. The prevalent models, Honda Elevate and City will have 6 airbags, 3-point Emergency Locking Retractor (ELR) seatbelts, and Seatbelt reminders for all 5 seats as standard offering across all grades.
Launch of Automobiles with Advanced Safety Features to Drive Market Growth
Automobiles with advanced safety features, development in road infrastructures, and rising safety awareness are expected to propel the growth of the global automotive safety system market in the forecast period. Companies in the global market are launching vehicles featuring sophisticated technology including corrective steering and automatic emergency braking. Governments in emerging countries are framing different policies to enhance the safety features of vehicles and compelled companies to perform safety tests using crash dummies designed with more muscular, larger, or wider physiques traditionally related to men. For instance, in May 2024, U.S. Senator Deb Fischer announced an introduction of new legislation to enhance passenger vehicle safety by demanding the usage of the most advanced testing devices accessible, including a THOS-5F female crash test dummy. In addition, companies are introducing new vehicles with advanced safety features to offer greatly enhanced safety features and high performance.
For instance, in May 2024, PlusAI, Inc. announced the launch of a new and advanced technology offering called PlustProtect to improve next-generation safety systems for all vehicle types and contribute to enhanced road safety.
Government Safety Policies and Regulations Pushes the Global Market Growth
Governments of different countries are framing different policies, regulations, and safety standards to safeguard the public from unreasonable risk of accidents, resulting in the operation of automobiles. Governments of emerging countries are compelling companies to launch the next generation of vehicles to enhance vehicle safety and introduce the New Car Assessment Program and National Roadway Safety Strategy (NRSS) to enable safer vehicles. Whereas, through the NRSS, the department will continue to leverage improved motor vehicle safety performance and technologies to enhance safety for automobile occupants coupled with several other road users. In addition, the National Highway Traffic Safety Administration confirms timely investigation into emerging vehicle safety problems arising from the deployment of new technologies.
For instance, in July 2024, the National Highway Traffic Safety Administration, an organization within the US Department of Transportation charged with lessening injuries, deaths, and property damage from motor vehicle accidents. The NHTSA implements and develops safety standards and grants to local and state governments for their highway safety programs.
Passenger Vehicles Dominate the Global Automotive Safety System Market Share
Passenger vehicles dominate the largest share of the global automotive safety system market owing to an increase in the production of passenger vehicles, rising integration of cutting-edge safety technology, and growing awareness concerning vehicle safety. The evolution of autonomous emergency braking, collision avoidance, and pedestrian detection systems in passenger vehicles is expected to foster the global passenger vehicle safety system market growth in the forecast period. Governments of different countries have implemented different strict regulations to incorporate intelligent braking systems. In addition, key companies in the market are integrating advanced safety features to offer safety and reduce the risk of accidents or injuries.
For instance, in January 2024, XPeng Inc. announced the launch of the XPENG X9 large 7-seater MPV, which features next-generation technology architecture SEPA2.0 for the Chinese market to offer a more comfortable driving experience.
Asia-Pacific Registers the Largest Global Automotive Safety System Market Size
Table of Contents
1. Project Scope and Definitions
2. Research Methodology
3. Executive Summary
4. Voice of Customer
- 4.1. Product and Market Intelligence
- 4.2. Mode of Brand Awareness
- 4.3. Factors Considered in Purchase Decisions
- 4.3.1. Features and Other Value-Added Service
- 4.3.2. Vehicle Compatibility
- 4.3.3. Efficiency of Safety Systems
- 4.3.4. After-Sales Support
5. Global Automotive Safety System Market Outlook, 2017-2031F
6. North America Automotive Safety Systems Market Outlook, 2017-2031F*
7. Europe Automotive Safety System Market Outlook, 2017-2031F
8. Asia-Pacific Automotive Safety System Market Outlook, 2017-2031F
9. South America Automotive Safety System Market Outlook, 2017-2031F
10. Middle East and Africa Automotive Safety System Market Outlook, 2017-2031F
11. Demand Supply Analysis
12. Import and Export Analysis
13. Value Chain Analysis
14. Porter's Five Forces Analysis
15. PESTLE Analysis
16. Pricing Analysis
17. Market Dynamics
18. Market Trends and Developments
19. Case Studies
20. Competitive Landscape
21. Strategic Recommendations
22. About Us and Disclaimer
List of Tables
- Table 1. Pricing Analysis of Products from Key Players
- Table 2. Competition Matrix of Top 5 Market Leaders
- Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
- Table 4. About Us - Regions and Countries Where We Have Executed Client Projects
List of Figures
- Figure 1. Global Automotive Safety System Market, By Value, In USD Billion, 2017-2031F
- Figure 2. Global Automotive Safety System Market, By Volume, In Units, 2017-2031F
- Figure 3. Global Automotive Safety System Market Share (%), By Technology, 2017-2031F
- Figure 4. Global Automotive Safety System Market Share (%), By Vehicle Type, 2017-2031F
- Figure 5. Global Automotive Safety System Market Share (%), By Offering, 2017-2031F
