Car Safety Market: Global Technological Trends and Future Potential, Forecast 2023-2029

The Car Safety Market is expected to reach US $243.91 billion by 2029, thanks to growth in the lane departure warning system segment. The report analyzes Car Safety market dynamics by region, technology, services, and system.
Car Safety Market Overview:
The Car Safety Market was valued at US $130.63 Bn. in 2022, and it is expected to reach US $243.91 Bn. by 2029 with a CAGR of 9.33% during the forecast period.

The study and practise of design, equipment, construction, and regulation to reduce the occurrence and consequences of traffic crashes involving motor vehicles is known as car safety. According to the World Health Organization (WHO), almost 80% of cars sold worldwide fail to meet basic safety requirements. Only 40 countries including Sweden, Denmark, Singapore, Japan, and others have accepted all seven of the most important car safety rules.

A pedestrian is hurt by a motor vehicle every 8 minutes in the United States, and pedestrians are 1.5 times more likely than car occupants to be killed in a motor vehicle crash every outing. Alliances to promote road and automobile safety, such as Together for Safer Roads (TSR), bring together worldwide private sector companies from a variety of industries to work together to improve road safety. TSR puts members' data, knowledge, technology, and worldwide networks together to focus on five areas of road safety that are likely to have an impact both globally and locally.To know about the Research Methodology :- Request Free Sample Report
Car Safety Market Dynamics:
The Demand For Intelligent Braking Systems (IBS) In Automobiles Is Increasing:
Intelligent braking systems (IBS) in all commercial and passenger vehicles are gaining popularity as consumers seek to improve performance. Sensors in cars are equipped the continually monitor the vehicle's parameters and respond in an emergency case. An ultrasonic wave receiver and ultrasonic wave emitter in an intelligent mechatronic system produce and emit ultrasonic waves frontward at a specified distance, indicating the distance between the vehicle and the object.

Then, based on the detecting pulse information, a microcontroller is implemented to manage the vehicle's speed and apply brakes on the automobile supremely for safety reasons. Several countries in the European Union have enacted strict regulations requiring new cars and light commercial vehicles to be equipped with automated braking systems by 2019. For example, forty countries led by Europe and Japan have agreed to require new cars and light commercial vehicles to be equipped with automated braking systems by 2019. This is anticipated to open up new opportunities for automobiles with IBS, resulting in increased demand for the car safety sector.
Stringent Norms for Safety And Fuel Economy Regulations Are Being Implemented:
Consumer and regulatory demands are causing a disturbance in the automobile market, which is being met with new technology advances. Several countries' governments are concentrating on lowering the number of accidents by incorporating active and passive safety technologies into automobiles. By 2022, the UK government plans to make technologies like advanced emergency braking (AEB), intelligent speed assistance (ISA), and lane-keeping technology mandatory in cars. Similarly, some nations, including India, China, and the United States, have enacted strict legislation requiring automakers to include passive and active safety technologies in new vehicles by 2022.

The goal of these stringent regulations is to reduce the number of accidents. As a result, most manufacturers are incorporating technologies such as active and passive safety systems into automobiles to achieve the same, resulting in increased demand for the car safety sector.
Sales And Production Of Automobiles Have Fallen:
Because of the global economic recession and other government financial restructuring measures, car production and sales have been sluggish since 2017. For example, since 2017, the increase in the Federal Reserve's interest rate has reduced vehicle sales in the United States. During this time, production has also been falling. Global car sales dropped by roughly 3.1 million in 2021.

In China, Ford reported an approximate 28.75% drop in new vehicle sales in 2019. GM reported a 0.9% to 1.20% drop in sales in the same year. This is likely to lead to a contraction of the automobile market globally, which may have an adverse effect on the growth of the car safety sector.
Technological Trends in Car Safety:
The year 2022 has thrown in unexpectedly difficult circumstances for the car sector. While the COVID-19 pandemic took center stage, creating a turbulent market environment, it was also an exciting year in terms of automobile trends.

• Electronic Stability Control (ESC):

ABS (Anti-lock Braking System) is a legal requirement; the time is to think about the future. The data from the steering angle sensor, wheel speed sensors, lateral acceleration, and yaw rate sensor is continuously evaluated by the ESC system. It compares the driver's input to the actual behavior of the vehicle.

• ADAS (Advanced Driver Assistance Systems) Features:

Autonomous driving is the way of the future. While sometimes away from seeing a completely driverless vehicle on our roads, Advanced Driver Assistance Systems is the next logical step (ADAS) features.

In luxury vehicles, features such as Autonomous Emergency Braking (AEB) and Emergency Brake Assistance (EBA) have already been introduced. These features are likely to be available in Clevel vehicles in 2022, and subsequently across all categories. The focus is on adapting these technologies to Indian road conditions and lowering the product's price to allow greater accessibility.

• Passive Safety Features:

Seatbelts, airbags, and child lock systems are the norm. However, in 2022, the focus is likely to remain on Passive Safety Systems, which are technologies that operate during and after a crash. They have made a significant contribution to road safety by lowering fatalities and injuries. Advanced passive safety systems are likely to become more prevalent in 2022. However, to do so, the industry must concentrate on the Safety Domain Control Unit (SDCU).

The SDCU is developed primarily for high-end applications and includes various extra functions aimed at reducing the chance of an accident and limiting damage in the early and late stages of one. Its ability to combine data from forward-looking environment sensors is one of its most useful features. This enables the severity of an accident to be predicted before it occurs, and the restraint systems to be adjusted accordingly.
Car Safety Market Segment Analysis:
Based on Technology, the car safety market is segmented as, active safety, and passive safety. In 2020, the active safety segment was dominant and held almost xx% of the overall market share in terms of revenue. Active safety systems help in the prevention of accidents and incidents, while passive safety systems help in the mitigation of negative consequences in the case of a collision.

Tyre pressure monitoring systems, anti-lock brakes, and electronic stability control are among the active safety systems subsystems. Active safety technology combines crash prevention and post-crash recovery.

Detailed information about each segment is covered in the MMR’s report.

Based on Services, the car safety market is segmented as, hardware, and software. In 2022, the software segment was dominant and held almost xx% of the overall market in terms of revenue. This may be related to the increase in the adoption of advanced technologies like AI (Artificial Intelligence) and IoT (Internet of Things) are likely to drive market growth throughout the forecast period.



Based on System, the car safety market is segmented as, lane departure warning systems, and other on-board safety systems. During the forecast period, the lane departure warning system segment is likely to dominate and hold almost xx% of the overall market in terms of revenue. This may be related to the consumers and governments around the world are concerned about the rising number of car accidents caused by sudden lane changes.

According to a cost-benefit analysis of the LDWS technology, deploying LDWS in heavy vehicles might avoid up to 6,372 crashes, 1,342 injuries, and 115 deaths each year.
Regional Insights:
The Asia Pacific led the market in 2020, accounting for nearly xx% of global revenue followed by Europe and North America. Countries like India and China have a significant impact on the economy of Asia Pacific because of their supremacy in terms of population. The governments in these countries are vigorously enforcing stringent government laws as well as many favorable policies.

In India, for example, the government permitted 100% foreign direct investment in the automobile sector in 2018, with no minimum investment standards. Similarly, China uses a variety of commercials to raise public awareness about car safety. These kinds of legislation and public awareness campaigns are likely to compel carmakers to install new technologies to meet safety standards, ultimately expanding the car safety business.

The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global market dynamics, structure by analyzing the market segments and projecting the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.
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Car Safety Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 130.63 Bn.


Forecast Period 2023 to 2029 CAGR:
9.33%
Market Size in 2029:
US $ 243.91 Bn.


 Segments Covered:
by Technology
Active Safety
Passive Safety


by Services
Hardware
Software


by System
Lane Departure Warning System
Other On-Board Safety Systems



Car Safety Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players:
1. Robert Bosch
2. Continental AG
3. Denso Corporation
4. Infineon
5. Delphi Automotive Plc
6. ZF Friedrichshafen AG
7. Magna International
8. Hyundai Mobis
9. Autoliv Inc.
10. Tata Motors
11. Toyota Boshoku Corp.
12. Mitsubishi Electric Corp.
13. Ryobi
14. Valeo SA
15. Schaeffler AG
16. Others
Frequently Asked Questions:
1. What is the forecast period considered for the Car Safety market report?
Ans. The forecast period for the global car safety market is 2023-2029.

2. Which key factors are hindering the growth of the Car Safety market?
Ans. The fallen sales and production of the new cars due to the COVID-19 pandemic and economic slowdown since 2017 are key factors expected to hinder the market growth during the forecast period.

3. What is the compound annual growth rate (CAGR) of the Car Safety market for the next 6 years?
Ans. The global car safety market is expected to grow at a CAGR of 9.33% during the forecast period (2023-2029).

4. What are the key factors driving the growth of the Car Safety market?
Ans. The increasing demand for car safety with the use of advanced technologies like IBS, ADAS, and implementation of stringent safety regulations by various authorities across the globe are the key factor expected to drive the growth of the market during the forecast period.

5. Which are the worldwide major key players covered in the Car Safety market report?
Ans. Robert Bosch, Continental AG, Denso Corporation, Infineon, Delphi Automotive Plc, ZF Friedrichshafen AG, Magna International, Hyundai Mobis, Autoliv Inc., Tata Motors, Toyota Boshoku Corp., Mitsubishi Electric Corp., Ryobi, Valeo SA, Schaeffler AG, and Others.