Car Safety Market: Automotive and Transportation and Forecast (2024-2030) Trends, Statistics and Dynamics

The Global Car Safety Market size was valued at USD 131.62 Billion in 2023 and the total Car Safety Market size is expected to grow at a CAGR of 9.02 % from 2023 to 2030, reaching nearly USD 240.92 Billion in 2030.

Car safety is a feature, which helps to minimize the chances of an accident or reduces the effects of a collision on the occupants of the vehicle. Increasing demand for high-speed vehicles has resulted in an increased rate of accidents. Thus, the demand for integrating vehicles with safety features has increased significantly. Some of the safety features include blind spot detection, lane keep assist, and an antiroll braking system.

The report has covered current market trends influencing market growth and prospects are presented in the report under Car Safety Market. The report includes both qualitative and quantitative research with a focus on interpreting data, identifying patterns, and gaining actionable insights from the Car Safety Market. The analysis of key players’ strategies included in the Car Safety Market has been covered in the report. The Top Manufacturers of the Car Safety Market have been analyzed to gain insights into their strategic implementation, marketing strategies, etc., that have boosted the demand for the Car Safety Market. Leading players are investing heavily in research and development to develop their product lines, which help to grow the car safety market.

• In July 2023, according to MMR, sales of electric vehicles were 10 million in 2022, and there will be an increase to 14 million sales of electric vehicles in 2023.
• German car manufacturers produced over 15.6 million vehicles in 2023.
• The United States is the only foundation of the North American automotive hub and contributes at least 3% to the country's overall gross domestic product (GDP). The country is one of the largest manufacturers in the luxury car market, generating a net revenue of USD 5 billion in 2021. The luxury carmaker BMW reported record-breaking sales of over 336,600 vehicles In 2021

Asia Pacific is the fastest-growing region in the Car Safety Market with a large market share of about 20.1 % in 2023 and is expected to grow at a CAGR of 10.6% during the forecast period and maintain its dominance by 2030. In the Asia Pacific region, particularly in China and India, there is a surge in car sales, as well as customers, have more money to spend on features that enhance safety and comfort, so rising vehicle ownership is driving the demand for car safety Market.To know about the Research Methodology :- Request Free Sample Report
Car Safety Market Dynamics:
Rising number of road accidents
The rising number of road accidents is expected to drive Car safety systems market growth. Road accidents are incidents that occur when vehicles, such as cars, trucks, motorcycles, bicycles, or pedestrians, collide with one another or with obstacles on the road and cause damage to vehicles and injuries to people. Car Safety systems are used to prevent road accidents by alerting drivers of potential hazards and detecting pedestrians and cyclists near the vehicle by issuing warnings with sensors.

For instance, According to MMR, almost 1.3 million people die each year from road traffic injuries. Therefore, rising road accidents drive the growth of the Car Safety systems market.

Increasing demand for Electric Vehicles

The increasing demand for electric vehicles is expected a significant growth in the car safety market during the forecast period. Electric vehicles require safety features such as adaptive cruise control (ACC), blind spot warning, auto braking, and lane assist, which drive the market. Electric vehicle manufacturers are leveraging the unique characteristics of electric platforms to enhance vehicle safety, like the lower center of gravity, which enhances structural gravity. With the increasing technological advancements in the automotive industry, consumers are willing to spend more on the latest technologies that enhance the driving experience and increase driver and passenger safety.

• According to MMR reported that the sales of electric vehicles were 10 million in 2022. It is expected to rise to 14 million sales of electric vehicles in 2023. Thus, the increasing demand for electric vehicles is expected to generate a higher demand for automotive safety systems. This, in turn, will drive the market growth during the period.

• In 2020, the global electric car fleet reached 10 million, with two-thirds being battery electric vehicles (BEVs). Europe had the most rapid growth, doubling registrations to 1.4 million and becoming the world's top electric car industry for the first time.
Car Safety Market Restraints:
High Cost of Cars and Advanced Technologies
High development costs are required for manufacturing a car with various factors like material costs and chip shortages, many consumers are forced to reevaluate their priorities when purchasing a vehicle. The price rise causes consumers to prioritize basic functionalities over advanced safety features. Automated emergency braking and lane departure warning systems are some examples of advanced safety features that significantly increase the overall cost of a vehicle. It makes them less affordable for car buyers who are on a small budget. Although consumer awareness is growing, some people do not understand advanced safety features, leading to hesitancy in paying extra for them. Advanced safety systems often rely on sensors and cameras that collect vehicle data. This raises concerns among some consumers regarding data privacy and security As technology becomes more affordable, consumer awareness grows, and infrastructure improves, these limitations are expected to gradually ease over time.
Car Safety Market Segment Analysis:
Based on the System Type Active segment holds the largest market share of about 47.5% in the Car Safety Market in 2023. According to the MMR analysis, the segment is expected to grow at a CAGR of 9.02% during the forecast period and maintain its dominance till 2030. Active safety systems are dominant because of its used to prevent accidents by assisting drivers in avoiding potential hazards. They include features such as automatic emergency braking, lane departure warning, adaptive cruise control, and blind-spot monitoring.

Passive safety systems are designed to assist in preventing car crashes. Active systems are proactive safety measures that manage steering, braking, and propulsion to help avoid accidents. The future of car safety depends on the development of advanced driver-assistance systems (ADAS) and autonomous vehicles. These technologies have the potential to substantially decrease accidents, making roads safer for all. It is expected to see continued growth in the active safety segment of the market.

Based on the End Users, the OEM segment holds the largest market share in the Car Safety Market in 2023 and is expected to maintain its dominance till 2030. In the car safety market, OEM safety features are those integrated into vehicles during the manufacturing process by the original vehicle manufacturer. These include standard safety features like airbags, anti-lock braking systems (ABS), traction control, and electronic stability control (ESC). OEMs are responsible for certifying their cars meet all safety regulations By making safety features standard, compliance is guaranteed and potential issues are avoided. In aftermarket safety products are those installed or added to vehicles after they have been manufactured. It includes additional safety accessories such as backup cameras, parking sensors, dash cams, and advanced driver assistance systems (ADAS) retrofit kits.
Car Safety Market of Regional Analysis:
Europe dominates the Car Safety Market, which holds the largest market share accounting for 46.17% in 2023, the region is expected to grow during the forecast period and maintain its dominance by 2030. Europe is a dominating region thanks to strict rules and regulations in Europe as well as cutting–edge automotive technologies. When it comes to promoting road safety for both drivers and passengers, Europe leads the way. Global standards for vehicle safety are constantly being raised by European tech businesses and companies that are committed to research, innovation, and the integration of advanced safety measures. The intelligent driver assistance systems or strong crash prevention technologies, Europe's supremacy in the Car Safety Market highlights its dedication to quality and protective lives on the road. In Europe, high adoption rates of new safety technologies prioritize car safety, with strict regulations and safety-conscious consumers fueling the Car Safety Market growth.

North America represents a mature market for the Car safety industry, holding a market share of XX% and experiencing significant growth during its forecast period. North American countries, particularly the US and Canada have strict regulations regarding car safety. When it comes to purchasing vehicles, North American consumers prioritize safety. They are willing to pay a premium for cars equipped with advanced driver-assistance systems (ADAS), such as lane departure warning, blind-spot monitoring, and automatic emergency braking. The car safety market in North America is constantly evolving with the development of new technologies, such as night vision cameras, and drowsiness detection of an eye, which is expected to significant growth in the future.
Competitive Landscape for the Car Safety Market:
A key Company's strategy is its constant commitment to research and development (R&D) to maintain a leading position in technological development. The competitive landscape of the Car Safety Market includes a mix of established companies focusing on research and development to enhance efficiency and performance. Product launches have been an important strategic step for the major key players in the Car Safety Market to remain competitive in the global market.

The market is characterized by technological advancements, government regulations, and consumer demand for products, driving the Car Safety industry's growth.

1. In April 2021, Denso Corporation developed an advanced driver assistance technology featured in Lexus LS and Toyota Mirai. The system is equipped with LiDAR sensors and an advance driver system electronic control system (ADS ECS) to detect the shape and identify the distance of objects.

2. In July 2021, Magna International Inc. acquired Veoneer to strengthen their advanced driver assistance system (ADAS), including stereo vision sensor and lane warning system, business by Veoneer technology offerings, customer base, and geographic footprint on a global scale.

3. In October 2021, Hyundai launched its updated model for Santa Fe. The car is packed with several safety features. The SmartSense safety features in Hyundai Santa Fe include a range of radar, camera, and motion detection technologies, including forward collision avoidance assist. It is created to detect pedestrians, vehicles, or cyclists that are presently in front of the vehicle.

4. December 2021: MAHLE Behr GmbH & Co. KG and Hella declared a partnership to deliver the world's first solution that combines outstanding HMI (Human-Machine Interface) technology with advanced driver and occupant monitoring. BHTC's display and climate control outcomes can be fitted with cameras that observe driver tiredness and distraction, as well as sudden sickness, and will give warnings.
Car Safety Market Scope: Inquiry Before Buying



Car Safety Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 131.62 Bn.


Forecast Period 2024 to 2030 CAGR:
9.02%
Market Size in 2030:
US $ 240.92 Bn.


 Segments Covered:
by System Type
Active Safety
Passive Safety


by Vehicle Type
Passenger Cars
Commercial Vehicles


by End Users
OEM
Aftermarket



Car Safety Market, by Region:
North America (United States, Canada, and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Russia, and the Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, ASEAN, and the Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Car Safety Market Key Players:
North America:
1) Magna International Inc. (Canada)
2) General Motors Company (United States)
3) Stellantis (Netherlands)
4) Aptiv PLC (Ireland)

Europe:
1) Robert Bosch GmbH (Germany)
2) Autoliv Inc. (SWEDEN)
3) ZF Friedrichshafen AG (Germany)
4) Continental AG (Germany)
5) Infineon (Germany)
6) Delphi Automotive PLC (U.K.)
7) Volkswagen Group (Germany)
8) Valeo SA (France)
9) Schaeffler AG (Germany)
10) Veoneer, Inc. (Sweden)
11) Hyundai Mobis (South Korea)
12) Hyundai Motor Group (South Korea)

Asia Pacific Region:
1) Denso Corporation (Japan)
2) Toyoda Gosei Co. Ltd. (Japan)
3) Toyota Motor Corporation (Japan
4) Tata Motors (India)
5) Toyota Boshoku Corp.(Japan)
6) Mitsubishi Electric Corp.(Japan)
Frequently Asked Questions:
1] What is the growth rate of the Car Safety Market?
Ans. The Car Safety Market is expected to grow at a CAGR of 9.02 % during the forecast period of 2023 to 2030.

2] Which region is expected to hold the highest share of the Car Safety Market?
Ans. North America is expected to hold the highest share of the Car Safety Market.

3] What is the market size of the Car Safety Market?
Ans. The Car Safety Market size was valued at USD 131.62 billion in 2023 reaching nearly USD 240.92 billion in 2030.

4] What is the forecast period for the Car Safety Market?
Ans. The forecast period for the Car Safety Market is 2024-2030.

5] What segments are covered in the Car Safety Market report?
Ans. The segments covered in the Car Safety Market report are based on System Type, Vehicle Type and End Users.