The global automotive safety systems market is anticipated to undergo substantial growth in the foreseeable future, with a projected valuation of $177.36 billion by 2028, reflecting a compound annual growth rate (CAGR) of 8.6%. These estimations are derived from The Business Research Company’s “Automotive Safety Systems Global Market Report 2024,” which offers comprehensive insights into the industry.
Of particular significance is the anticipated surge in demand for electric vehicles, which is expected to be a primary driver of this growth. Furthermore, it is predicted that the North America region will exert dominance in the market, possessing the largest market share.
Prominent entities in the automotive safety systems market include Autoliv Inc., Continental AG, Nippon Denso Co. Ltd., ZF Friedrichshafen AG, Valeo SA, Mobileye Global Inc., and Robert Bosch GmbH.
The market is categorised based on type, vehicle type, end user, and geography. Types of automotive safety systems comprise active safety systems and passive safety systems, while vehicle types encompass both passenger cars and commercial vehicles. The end user segment includes original equipment manufacturers (OEMs) and aftermarket providers. Geographically, the market is divided into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, and the Middle East and Africa.
Automotive safety systems are designed to mitigate the risk of injuries, avert accidents, and diminish the impact of collisions. These systems comprise an array of features such as seatbelts, airbags, occupant sensing systems, traction control, and anti-lock braking systems, among others.
The comprehensive “Automotive Safety Systems Global Market Report 2024” furnishes an in-depth analysis of the industry, encompassing market characteristics, trends, strategies, and the macroeconomic scenario. It also encompasses a competitor landscape, company profiles, and future market potential forecasts.
The Business Research Company offers an array of market reports, including those on automotive light emitting diode (LED) bulbs, automotive repair and maintenance, and automobile rental and leasing, which offer valuable insights for businesses and professionals navigating the dynamic automotive industry landscape.
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In conclusion, the outlook for the automotive safety systems market indicates substantial growth, propelled by the burgeoning demand for electric vehicles and the expansion of the North America region. With an increased emphasis on safety and technological advancements in the automotive sector, the market is poised to experience consistent expansion in the ensuing years.