PUBLISHER: The Business Research Company | PRODUCT CODE: 1486803
PUBLISHER: The Business Research Company | PRODUCT CODE: 1486803
Automotive safety systems are integral components of modern vehicles, designed to prevent accidents and protect passengers and pedestrians before, during and after a collision. These systems are developed through advanced engineering and technology to enhance vehicle safety, offering protection and preventive measures to reduce the impact of accidents on the road.
The automotive safety systems market consists of sales, by entities (organizations, sole traders and partnerships), of automotive safety systems that are utilized by a broad spectrum of users, from individual car owners to commercial fleet operators, embodying a crucial aspect of vehicle design and operation. The primary objective of these systems is to minimize the occurrences of accidents and mitigate their consequences, thereby safeguarding human life and reducing property damage.
The global automotive safety system market was valued at $94,153.14 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 4.0%.
Rising Number Of Road Accidents
The rising number of road accidents drove the growth of the automotive safety systems market during the historic period. Road accidents refer to collisions, crashes or incidents involving vehicles on public roadways, resulting in damage, injury or death. The rising number of road accidents can be attributed to factors such as increasing vehicle population, human error, distracted driving, impaired driving, inadequate infrastructure, speeding and inadequate enforcement of traffic laws. Automotive safety systems help prevent road accidents and reduce their severity, by employing technologies such as collision avoidance systems, automatic emergency braking, lane departure warning and adaptive cruise control. According to the Federal Highway Administration, a US-based Department of Transportation, there were 39,508 fatal motor vehicle crashes in the United States in 2021, in which 42,939 deaths occurred. This resulted in 12.9 deaths per 100,000 people and 1.37 deaths per 100 million miles traveled. Therefore, the rising number of road accidents supported the growth of the automotive safety systems market.
Strategic Collaborations Among Market Players To Drive Innovation
Companies in the automotive safety systems market are focusing on strategic collaborations, to enhance their research and development efforts. Strategic collaborations enhance automotive safety systems, by fostering innovation, accelerating development and expanding offerings to ensure advanced safety standards. For instance, in October 2023, TTTech Auto, an Austria-based provider of safe software solutions, collaborated with Mobileye, an Israel-based system software company. The collaboration is focused on accelerating innovation and safety enhancements in autonomous driving and ensuring the dependability of Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicle (AV) technology. Through their partnership, TTTech Auto and Mobileye aspire to drive innovation, raise safety standards, expedite development processes and expand the range of solutions available to customers. This alliance is positioned to enable automotive original equipment manufacturers (OEMs) to seamlessly integrate state-of-the-art driver assistance and autonomous driving features into their vehicles.
The global automotive safety systems market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 32.6% of the total market in 2022.
Automotive Safety Systems Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global automotive safety systems market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for automotive safety systems? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The automotive safety systems market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider automotive safety systems market; and compares it with other markets.