Global Automotive Safety System Market: Autonomous Driving Giving Way for Better Safety Systems in Automobile

Global Automotive Safety System Market

Automotive safety systems are the various components designed to provide several safety features. These components are designed to promote vehicle safety, passenger safety as well as providing roadside pedestrian safety. These systems are equipped with putting the emergency brakes whenever necessary, so that any cases of accidents can be reduced. These safety systems work independently as well as in combination with other safety systems of the vehicle to promote better quality of protection.

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Automotive safety system market is growing due to rising demand for vehicles with advanced and autonomous features, rising initiatives taken by government to promote safety systems; the effects of these factors are mentioned below:

  • Rising demand for vehicles with advanced and autonomous features: One of the most widespread trends present in the automotive industry is the adoption of autonomous technologies in vehicles. This trend is having a significant impact on the demands for safety systems as autonomous vehicles are highly focused on promotion of better safety systems and solutions for the passengers, vehicle and pedestrians
  • Rising initiatives taken by government to promote safety systems: Along with various other factors, the focus of various authorities on ensuring that the passengers, driver, vehicle are highly secure while the vehicle is operating on roads is also positively impacting the growth of automotive safety systems. These regulations imposed are designed to promote the utilization of modern and highly effective safety solutions in vehicles by the original manufacturers before these vehicles hit the road

Strategic launches of products and innovations of technologies in the market:

  • In July 2019, VIA Technologies, Inc. announced the availability of “VIA Mobile360 M820” designed to promote better quality of driver assistance and safety systems in commercial fleets. It is an automotive-grade solution capable of handling nine cameras for ADAS, DMS, PAS, SVS and DMOD
  • In June 2019, Hitachi Automotive Systems, Ltd. announced that they had granted KPS Capital Partners, LP for a put-option agreement in relation to the complete acquisition of Chassis Brakes International B.V. This agreement is expected to result in enhanced capabilities for Hitachi’s safety systems, not only that but help them in promoting the chassis as well as motion control capabilities for the entire vehicle

The market is segmented on the basis of technology as active safety systems, passive safety systems, on-highway vehicle type as PC, LCV, M&HCV, buses, trucks; off-highway vehicle type as agricultural vehicle, construction vehicle; electric vehicle as BEV, FCEV, HEV, PHEV; offering as hardware, software; end-user type as OEM, aftermarket.

“According to Data Bridge Market Research, global automotive safety systems market is expected to reach USD 190.89 billion by 2026, growing with a substantial CAGR during the forecast period of 2019 to 2026”

Some of the major players operating in market are Robert Bosch GmbH, DENSO CORPORATION., STMicroelectronics, Delphi Technologies, Infineon Technologies AG, ZF Friedrichshafen AG, Continental AG, Valeo, Magna International Inc., Autoliv Inc., Mobileye., HYUNDAI MOBIS., ANAND Group, Knorr-Bremse AG, HARMAN International, BMW AG, TOYODA GOSEI Co., Ltd., MANDO-HELLA Electronics Corp., Lear Corporation., Groupe PSA, BorgWarner Inc. and Ficosa Internacional SA amongst others.

With the focus of automotive industry currently on the development of autonomous vehicles the need for having various associated components and service offerings is highly significant, such as blind spot solutions, park assist and even better quality of safety solutions. These safety solutions will subsequently experience higher demands and therefore this opportunity will help the market players in utilizing a new path for their market adoptions.