The development of intelligent and automated sensors is expected to transform the global automotive safety electronics market.
Arizton’s recent market research report on the global automotive safety electronics market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product (systems and sensors), by vehicle type (economy cars, luxury cars, and mid-priced cars), by geography (APAC, Europe, North America, Latin America, and MEA), and offers detailed competitive analysis.
The global automotive safety electronics market is estimated to generate revenues of approximately $40 billion by 2023, growing at a CAGR of over 12% during 2018-2023.
The rapid electrification of vehicles, adoption of connected vehicle concept, advanced safety features in mass mid-segment vehicles, and increasing hybrid and electric vehicles are some of the factors attributing to the growth of the global market. The integration of advanced driver assistance systems (ADAS), infotainment systems, and telematics will result in the revolution of the global automotive safety electronics market.
The top 3 drivers and trends propelling the development of the global automotive safety electronics market are discussed below:
Increased Focus on Introducing Safety Solutions
The growing focus on the development and launch of innovative safety solutions is driving the demand in the global automotive safety electronics market. The increasing investments in advanced technologies such as the advanced driver assistance systems (ADAS) will help companies reach a wide set of audiences in the global market. The OEMs are actively investing in the efficient manufacturing process and exploring means to reduce the cost of these technologies to make it available for the mass mid-segment vehicles. With such initiates, vendors will generate higher revenues and gain a larger global automotive safety electronics market share. The implementation of automotive safety regulations by government bodies will propel the demand for ADAS systems during the forecast period. Regions such as Russia, the US, Japan, the EU, and South Koreas are the forerunners of manufacturing and developing effective solutions in the global automotive safety electronics market. Furthermore, the implementation of TPMS, AEBS, and LDWS in various vehicles across segments will help in the development of the market.
Rising Consumer Segment for Affordable Luxury
The rising demand for luxury cars in developing countries and emerging markets are fueling the growth of the global automotive safety electronics market. Some of the leading automakers are launching the entry-level models in emerging markets due to the availability of the plethora of financing options in these regions. Sentimental buying tendencies amongst end-users in these developing countries are the USP for various manufacturers operating in the global market. China has seen tremendous growth in the automobile sales in the past year. In India, the affluent class is increasingly buying luxury cars because of the availability of entry models in the full-fledged lineup and vehicle finance options. Such demands will create new avenues for leading vendors in the global automotive safety electronics market. The manufacturers of luxury cars are equipping their automobiles with comprehensive active and electronic safety features to attract more consumers in the global market. The implementation of ABS and warning systems are gaining immense popularity in the Chinese and Indian markets. The establishment of safety regulations across various emerging countries will boost demand in the global automotive safety electronics market over the next few years.
Increasing Use of Advanced Sensors in Automobiles
The rising number of handicapping and fatal injuries and deaths on the roads is encouraging the implementation of advanced safety solutions thereby, augmenting the evolution of the global automotive safety electronics market. The development of enhanced safety features will encourage consumers to implement these solutions in their vehicles in the global market. Some of the most common safety features available in the global market are seatbelts, airbags, stronger chassis, and electronic and sensor-guided features like rearview displays, blind spot displays, braking systems, traction control and obstacle identifiers. The development of intelligent and automated sensors is expected to transform the global automotive safety electronics market during the forecast period.
The leading vendors in the global automotive safety electronics market are Autoliv, Bosch, Continental AG, Denso, and ZF.
The complete overview of the latest market research report on the global automotive safety electronics market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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