Global Automotive Safety System Market Assessment, By Technology [Active Safety System, Passive Safety System], By Vehicle Type [On-Highway Vehicles, Off-Highway Vehicles] By Offering [Hardware, Software], By Distribution Channel [Online, Offline] 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.

Global Automotive Safety System Market Size, Growth, 2031

Global automotive safety system market&nbsp;is projected to observe a&nbsp;CAGR of 7.37%&nbsp;during the forecast period 2024-2031, growing from&nbsp;USD 125.15 billion&nbsp;in 2023 to&nbsp;USD 221.05 billion&nbsp;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 &ndash; 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.
<h2 style="text-align: justify;">Advancements in Automobile Safety Features to Drive Market Demand</h2>
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.
<h2 style="text-align: justify;">Launch of Automobiles with Advanced Safety Features to Drive Market Growth</h2>
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.
<h2 style="text-align: justify;">Government Safety Policies and Regulations Pushes the Global Market Growth</h2>
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.
<h2 style="text-align: justify;">Passenger Vehicles Dominate the Global Automotive Safety System Market Share</h2>
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.
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<h2 style="text-align: justify;">Asia-Pacific Registers the Largest Global Automotive Safety System Market Size</h2>
Asia-Pacific registers the largest size in the global automotive safety system market due to continuous technological advancement, rapid integration of sensor fusion technology in vehicles, and growing awareness concerning vehicle safety. The demand for safety systems in vehicles is rising as these systems improve reliability and accuracy in vehicles, coupled with reducing traffic fatalities and injuries. In Asia-Pacific, China is projected to dominate the hold the largest market share, owing to consumer awareness and increase in requirement for safe vehicles. Automakers in Asia-Pacific are increasingly integrating advanced safety features into new launch vehicles to address customer expectations and maintain competitiveness across the country. In addition, governments in emerging countries are introducing new safety standards to compel companies to incorporate safety features in vehicles.
For instance, in August 2023, the Government of India launched the Bharat New Car Assessment Programme to improve road safety by elevating vehicle safety standards for up to 3.5 tonnes in India.
Future Market Scenario (2024 &ndash; 2031F)
1.&nbsp;A rising number of accidents, a rapid trend of customization, and rising safety regulations by the government are projected to drive the global automotive safety system market growth.
2.&nbsp;Increasing production of passenger and commercial vehicles, and continuous technological advancements in the automotive industry are estimated to foster the global market demand.
3.&nbsp;Growing consumer safety concerns and the launch of semi-autonomous and autonomous vehicles, surging the global automotive safety system market demand.
4.&nbsp;Rapid innovations in sensor technologies are playing an essential role in shaping the global automotive safety system market.
Report Scope
&ldquo;Automotive Safety System Market Assessment, Opportunities and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global automotive safety system market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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Report Attribute
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Details
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Base Year of the Analysis
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2023
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Historical Period
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2017-2022
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Forecast Period
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2024-2031
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Projected Growth Rate
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CAGR of 7.37% between 2024 and 2031
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Revenue Forecast in 2031
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USD 221.05 billion
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Segments Covered
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Technology, Vehicle Type, Offering, Distribution Channel
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profile
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Autoliv Inc., Robert Bosch GmbH, Continental AG, Hyundai Mobis Co., Ltd., Infineon Group, Toyoda Gosei Co., Ltd., ZF Friedrichshafen AG, DENSO Corporation, Magna International Inc., Ashimori Industry Co., Ltd.&nbsp;
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In the report,&nbsp;global automotive safety system market&nbsp;has been segmented into the following categories:&nbsp;
<ul style="text-align: justify;">
<li>By Technology
<ul>
<li>Active Safety System</li>
<li>Passive Safety System</li>
</ul>
</li>
<li>By Vehicle Type
<ul>
<li>On-Highway Vehicles</li>
<li>Off-Highway Vehicles</li>
</ul>
</li>
<li>By Offering
<ul>
<li>Hardware</li>
<li>Software</li>
</ul>
</li>
<li>By Distribution Channel
<ul>
<li>Online</li>
<li>Offline</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Companies in the global automotive safety system market are efficiently producing advanced safety systems for passenger and commercial vehicles due to rising awareness concerning vehicle safety among consumers. Companies invest in advancing the functioning and performance of safety systems to offer an overall better driving experience to consumers. In addition, they are investing in different research and development programs to enhance the performance and compatibility of safety systems. Furthermore, companies are adopting different market expansion strategies including new product launches, partnerships, joint ventures, amalgamation, collaborations, and others to expand their market presence and product portfolio.
In May 2023, Autoliv, Inc., presented different safety solutions at the Shanghai Automobile Industry Exhibition 2023 featuring a zero-gravity seat, cockpit, and the Star steering wheel to offer comfort, safety, and an improved driving experience.
Key Players Operating in Global Automotive Safety System Market are:
<ul style="text-align: justify;">
<li>Autoliv Inc.</li>
<li>Robert Bosch GmbH</li>
<li>Continental AG</li>
<li>Hyundai Mobis Co., Ltd.</li>
<li>Infineon Group</li>
<li>Toyoda Gosei Co., Ltd.</li>
<li>ZF Friedrichshafen AG</li>
<li>DENSO Corporation</li>
<li>Magna International Inc.</li>
<li>Ashimori Industry Co., Ltd.</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul style="text-align: justify;">
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
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Global Automotive Safety System Market Assessment, Opportunities and Forecast, 2017-2031F

The global automotive safety system market is expected to experience growth due to increasing demand for passenger and commercial vehicles, rising awareness about vehicle and passenger safety among consumers, and trends of customization.

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