Automotive safety electronics market in North America likely to grow at a CAGR of approximately 13% by 2023
Arizton’s recent market research report on the automotive safety electronics market identifies Autoliv, Bosch, Continental AG, Denso, and ZF as the leading vendors that are likely to dominate the market during the forecast period. This research report provides a detailed analysis of market segmentation by product (systems and sensors), by vehicle type (economy cars, luxury cars, and mid-priced cars), and by geography (APAC, Europe, North America, Latin America, and MEA).
The automotive safety electronics market is projected to reach revenues of around $40 billion by 2023, growing at a CAGR of more than 12% during 2018-2023.
The automotive safety electronics market is divided into three major segments that include by product, by vehicle type, and by geography.
North America to grow at the fastest CAGR in the automotive safety electronics market during forecast period
The automotive safety electronics market by geography is segmented into APAC, Europe, North America, Latin America, and MEA. North America occupied the third largest market share in 2017, growing in at a CAGR of approximately 13% during the forecast period. The rising penetration of electric vehicles and hybrid vehicles in the US and Canada is one of the major factors attributing to the adoption of these systems in the North American market. The US, Canada, and Mexico are the largest revenue generators in the North American automotive safety electronics market. The establishment of stringent regulations on safety solutions, sustainability, and body and convenience is encouraging the vendors in the region to launch innovative solutions in the North American market. The OEMs are focusing on increasing electrification in the form of electric drive-by-wire technologies and micro-hybrids in the North American market.
Leading manufacturers such as Volkswagen, Mazda, Honda, Audi, and Nissan are investing in the expansion of facilities and billion-dollar development projects in Mexico.
Such initiatives will augment the growth of the automotive safety electronics market in North America.
Safety systems to grow at a considerable CAGR in the automotive safety electronics market during forecast period
The product type segment in the automotive safety electronics market is classified into systems and sensors. The systems segment dominated the largest market share in 2017, growing at a CAGR of more than 4% during the forecast period. The growing demand for ADAS solutions is propelling the growth of this segment in the global market. The increasing attention to safety, rapid electrification of vehicles, and rising demand for green energy vehicles are some of the main factors attributing to the rising demand in the systems segment in the automotive safety electronics market. Stringent regulations will encourage the end-users to implement these systems in their cars in the global market. For instance, the US and the EU regulations are mandating vehicles to be equipped with autonomous emergency braking (AEB) and forward collision warning (FCW) by 2020. Major brands such as Tesla, BMW, and Audi are offering premium safety solutions to attract a maximum number of consumers and gain a larger market share in the global market. The introduction of self-driving vehicles will revolutionize the automotive safety electronics market.
Economy cars segment to grow at an impressive CAGR in the automotive safety electronics market during forecast period
The automotive safety electronics market by vehicle type is divided into economy cars, luxury cars, and mid-priced cars. Economy cars occupied a portion of the market share in 2017, growing at a CAGR of over 40% during the forecast period. The increasing efforts by various automotive OEMs to introduce different safety solutions in entry-level or economic cars will boost the development of the global market. For instance, vendors such as Renesas and Cogent have announced to introduce ADAS features in entry-level and mid-priced cars. Japanese vendors such as Toyota have already introduced economy cars with ADAS features in the automotive safety electronics market. The development of powertrain and chassis system, body electronics, safety and security system, telematics, and infotainment technologies will boost the demand for these solutions in the economy car segment. The reducing cost of semiconductor components and the emergence of connected and autonomous cars will augment the evolution of the automotive safety electronics market during the forecast period.
The other prominent players in the automotive safety electronics market are ADVICS, Aisin Seiki, Aptiv (Delphi Automotive), Gentex, HARMAN, Hella, Hitachi, Hyundai Mobis, Infineon Technologies, Magna International, Mando (Halla Group), Mobileye (Intel), Nidec Elesys, NVIDIA Corporation, NXP Semiconductor, Omnivision, Panasonic, QNX, Renesas Electronics, Texas Instrument, TKJP (Takata), Tokai Rika, Toshiba, Valeo, Velodyne LiDAR, and WABCO.
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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