According to the latest report by IMARC Group, titled "Automotive Active Safety System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global automotive active safety system market size reached US$
13.2 Billion in 2022. Automotive active safety refers to the preventive systems in automobiles that are crucial in the prevention of or mitigating road accidents or crashes. These systems provide warnings and additional assistance, as well as aid in keeping the vehicle in the correct lane and alert the users about blind spots, which helps in avoiding accidents. Apart from this, they are also utilized to minimize the severity of an unavoidable crash. Some of the most common active safety systems include electronic stability control (ESC), tire pressure monitoring system (TPMS), and lane departure warning system (LDWS).
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Automotive Active Safety System Market Trends:
The global market is primarily driven by the rising need for effective passenger and vehicle safety solutions in the automotive industry. In line with this, rapid urbanization and growing consumer expenditure capacities have increased the uptake of automobiles, thus resulting in the expanding vehicle fleet. This has, in turn, created the need for improved safety systems in vehicles to ensure optimum security and prevention of any accidents or mishaps. Furthermore, active safety systems are considered more efficient than their passive counterparts, which do not come into action until called upon. Increasing government rules and regulations, especially in developing economies, for preventing, minimizing and avoiding road accidents, are acting as another major growth-inducing factor. In addition to this, increasing incidences of drink-and-drive, along with the growing usage of mobile phones while driving, is facilitating the demand for safety features in vehicles, such as early warning signals, better grip and anti-lock braking system. Other factors, including the growing number of road trips and long-distance traveling, extensive research and development (R&D) activities, technological advancements, such as road-sign recognition cameras and GPS-linked speed limit database, which prevent the drivers from exceeding the speed limit, are expected to create a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 32.3 Billion by 2028, growing at a CAGR of
15.8% during 2023-2028.
- Based on the product, the market has been divided into the tyre-pressure monitoring system, lane departure warning, adaptive cruise control, night vision system, driver monitoring, anti-lock braking system, blind spot detection and others.
- On the basis of the vehicle type, the market has been classified into passenger cars, light commercial vehicles, heavy commercial vehicles and others.
- Based on the fuel type, the market has been categorized into diesel, petrol, electric and other vehicles.
- On the basis of the offering, the market has been bifurcated into hardware and software.
- On the geographical front, the market has been classified into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players operating in the market. Some of these players include Robert Bosch GmbH, Continental AG, Delphi Group, ZF Friedrichshafen AG, Autoliv Inc, Hyundai Mobis co., Ltd., Valeo SA, DENSO Corporation, Magna International Inc., FLIR Systems, Inc., Infineon Technologies AG, FICOSA GROUP, Peugeot S.A., BorgWarner Inc., and CAx Software Private Limited.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal