Automotive Safety System Market Overview:
The Automotive Safety System market size was valued at USD 109.5 Billion in 2023. The automotive safety system industry is projected to grow from USD 119.35 Billion in 2024 to USD 218.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.83% during the forecast period (2024 - 2032). The rise in the demand for a safe, effective, and suitable driving experience and the rising need for luxury cars are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Safety System Market Trends
Growing technological development is driving the market growth
Market CAGR for automotive safety system is driven by the rising technological development in emerging economies. New technological developments are gaining popularity in the automotive safety systems market. The automotive industry increasingly focuses on integrating smarter and safer safety systems into vehicles for better safety in different terrains and conditions. For instance, in January 2022, Sweden- based truck manufacturer Volvo Vehicles introduced Active Grip Control, a unique safety feature for electric trucks. The new technology significantly improves acceleration, stability, and braking in slippery conditions. The new safety feature also decreases the risk of oversteering and jackknifing when driving unloaded.
Additionally, the consistent rise in vehicle accidents owing to abrupt lane changes creates global concerns among customers and governments. Thus, ongoing technological advancements in the automotive industry are continually adding unique features to automobiles to decrease road accidents and expand the security of both passengers and drivers in both automobiles, driving the performance of advanced driver assistant systems (ADAS), which may aid in driving the market. Suppliers in the market are assisting OEMs to maintain innovation in vehicle safety standards. For instance, in April 2021, Denso Corporation developed an advanced driver-supporting technology featured in Lexus LS and Toyota Mirai. The design is equipped with LiDAR sensors and an evolved driver system electronic control system (ADS ECS) to notice the shape and determine the distance of objects.
The rise in vehicle accidents has created awareness amongst people and international organizations. For instance, the United Nations established the 2030 Agenda for Sustainable Development to reduce road traffic deaths and injuries by 50%. Amidst this growing focus on on-road vehicle safety, OEMs are researching new vehicle safety systems. Passive safety systems are reaching the maturity level, which limits the growth opportunity. Active safety measures offer considerable potential by avoiding emergency situations to further increase the on-road safety of vehicles altogether, or at least by actively helping the driver to mitigate them properly. These benefits have prompted automakers to incorporate some driver assistance systems in their vehicles, increasing vehicle safety and driving the automotive safety system market revenue.
Automotive Safety System Market Segment Insights:
Automotive Safety System Fuel Used Insights
The Automotive Safety System market segmentation, based on fuel used, includes mechanical process, hydraulic process, and pneumatic process. The hydraulic process segment dominated the market, accounting for 35% of market revenue (38.34 Billion). In developing economies, category growth as the hydraulic process can provide longer drain intervals, better lubrication, and increased environment-friendliness. However, mechanical process is the fastest-growing category owing to the growing necessity for electric vehicles.
Automotive Safety System Active Technology Insights
The Automotive Safety System market segmentation, based on active technology, includes ESC, LDW, ABS, BSD, TPMS, and EBD. The TPMS category generated the most income (70.4%). This is owing to the low price of these systems, which permits aftermarket adoption by small and medium car owners. However, EBD is the fastest-growing category due to growing government regulations for the mandatory fixture of EBD systems in cars manufactured in the US and Europe.
Automotive Safety System Offering Insights
The Automotive Safety System market segmentation, based on offering, includes hot stamping and cold stamping. The hot stamping category generated the most income over the forecast period owing to the growing demand for hot stamping in electric vehicles. However, cold stamping is the fastest-growing category due to the established automotive industry.
Automotive Safety System Passive Technology Insights
The Automotive Safety System market segmentation, based on passive technology, includes single-stage operation and progressive-stage operation. The single-stage operation category generated the most income. This is due to the growing demand for advanced safety systems in developed and developing countries, such as tire pressure monitoring and adaptive cruise control systems. However, progressive stage operation is the fastest-growing category due to rising automobile production.
Automotive Safety System Vehicle Type Insights
The Automotive Safety System market segmentation, based on vehicle type, includes passenger vehicles, light commercial vehicles (LCV), and heavy commercial vehicles (HCV). The passenger vehicles category generated the most income. This is due to the improved demand for automotive safety systems in developing economies due to growing consumer awareness, supporting legislation, and improving road safety standards. However, heavy commercial vehicle (HCV) is the fastest-growing category due to growing industrialization in developing and emerging economies.
Figure 1: Automotive Safety System Market by Vehicle Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Safety System Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American automotive safety system market will dominate, owing to the existence of major players in the region. Furthermore, the growing adoption rate of recent technology and improved economic conditions will boost market growth in this region. Further, the US automotive safety system market held the largest market share, and the Canadian automotive safety system market was the fastest-growing market in the North American region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Automotive Safety System Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's automotive safety system market accounts for the second-largest market share due to governments' introduction of stricter safety standards in many countries and the increasing prevalence of curtain and knee airbags in this region. Further, the German automotive safety system market held the largest market share, and the UK automotive safety system market was the fastest-growing market in the European region.
The Asia-Pacific automotive safety system Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to the growing usage of advanced electronics and the high production of automobiles in countries including Japan, China, and South Korea. Moreover, China’s automotive safety system market held the largest market share, and the Indian automotive safety system market was the fastest-growing market in the Asia-Pacific region.
Automotive Safety System Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the automotive safety system market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the automotive safety system industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Automotive Safety System industry to benefit clients and increase the market sector. Major players in the automotive safety system market, including Robert Bosch GmbH, DENSO CORPORATION, STMicroelectronics, Infineon Technologies AG, Continental AG, Valeo, Magna International Inc., Johnson Electric Holdings Limited, and others, are attempting to increase market demand by investing in research and development operations.
Robert Bosch, a subsidiary of Robert Bosch Stiftung GmbH, supplies technology and services. The firm offers various products and solutions, such as auto parts and accessories, eBike systems, household appliances, motor vehicle technology, security systems, solar inverters, packaging technology, and industry and business process management solutions. Along with marketing and service partners, subsidiaries and regional companies, the firm serves consumers in the automobile, consumer electronics and BPO industries. In August 2021, Robert Bosch launched an automotive R&D center in Limerick, UK. The direction of the activities in Limerick will be on semiconductor developments and automotive electronics. Initial development at the installation will include radar technologies and integrated circuits for adaptive cruise control for automated driving.
Hyundai Motor Co is an automobile company. The company designs develops, manufactures and distributes cars, buses, trucks, SUVs, MPV and hydrogen vehicles; and chassis, powertrains and automotive parts. Hyundai also provides vehicle financing and credit card processing services. Hyundai markets products under Veloster, Venue, Azera, i40, Elantra, Kona, Creta, Sonata, Tucson, Accent, i20, ix20, and other brands. The company strives to develop advanced technologies such as robotics and Advanced Air Mobility (AAM). · 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.
Key Companies in the Automotive Safety System market include
- Delphi Technologies
- Robert Bosch GmbH
- Continental AG
- ZF Friedrichshafen
- Autoliv Inc.
- Hyundai Mobis
- Valeo
- DENSO
- Magna International
- FLIR Systems
- Infineon Technologies
- Mobileye
- Knorr-Bremse
Automotive Safety System Industry Developments
March 2024: An effort has been launched to provide assistance in ensuring that the technology that underpins self-driving vehicles is implemented in a safe way inside the automotive industry.
When self-driving cars are finally made accessible, Massdrive, which is an acronym that stands for the methods for Assurance of Self-Driving cars plan, will work toward the creation of trustworthy procedures for evaluating and certifying these vehicles.
Initiators of the project include scientists and other professionals, with those linked with the University of Surrey serving as the project's executive director.
Professor Saber Fallah, who is also a co-investigator on the project, said that the objective is to develop solid relationships between automotive manufacturers, people who make the rules, academic institutions, government organizations, and local communities. This is intended to be accomplished via the establishment of strong connections.
The government of the United Kingdom made the declaration in November of the previous year that they want to implement new regulations that would make it possible for autonomous driving to be utilized on roads in the country.
The government has said that any vehicles that are capable of driving themselves would be required to undergo stringent safety testing in order to comply with regulations.
Massdrive will bring together researchers, government officials, and members of the general public in order to launch debates on the ways by which self-driving cars may be made safer, according to Mr. Fallah, who is the director of the connected autonomous vehicles research lab at the university. Massdrive will also bring together members of the general public.
With the assistance of funding from Innovate UK, the Massachusetts Institute of Technology, the University of Surrey, the University of the West of England, and the University of Bristol have collaborated to develop Massdrive. This endeavor would not have been feasible without the collaboration of these four institutions.
Automotive Safety System Market Segmentation:
Automotive Safety System Fuel Used Outlook
- Mechanical Process
- Hydraulic Process
- Pneumatic Process
Automotive Safety System Active Technology Outlook
Automotive Safety System Offering Outlook
- Hot Stamping
- Cold Stamping
Automotive Safety System Passive Technology Outlook
- Single Stage Operation
- Progressive Stage Operation
Automotive Safety System Vehicle Type Outlook
- Passenger Vehicle
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
Automotive Safety System Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
| Report Attribute/Metric |
Details |
| Market Size 2023 |
USD 109.5 Billion |
| Market Size 2024 |
USD 119.35 Billion |
| Market Size 2032 |
USD 218.3 Billion |
| Compound Annual Growth Rate (CAGR) |
7.83% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2018- 2023 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Fuel Used, Active Technology, Offering, Passive Technology, Vehicle Type and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Robert Bosch GmbH, DENSO CORPORATION, STMicroelectronics, Infineon Technologies AG, ZF Friedrichshafen AG, Continental AG, Valeo, Magna International Inc., Johnson Electric Holdings Limited, Autoliv Inc., Mobileye., HYUNDAI MOBIS., ANAND Group, Knorr-Bremse AG, Takata Corporation, and HARMAN International. |
| Key Market Opportunities |
The growing necessity for electric vehicles |
| Key Market Dynamics |
Rising need for luxury cars |
Automotive Safety System Market Highlights:
Frequently Asked Questions (FAQ) :
The Automotive Safety System market size was valued at USD 109.5 Billion in 2023.
The global market is projected to grow at a CAGR of 7.83% during the forecast period, 2024-2032.
North America had the largest share of the global market
The key players in the market are Continental AG, Valeo, Magna International Inc., Johnson Electric Holdings Limited, Autoliv Inc., Mobileye, HYUNDAI MOBIS., ANAND Group, Knorr-Bremse AG, Takata Corporation, and HARMAN International.
The hydraulic process category dominated the market in 2022.
The TPMS had the largest share in the global market.
The hot stamping category dominated the market in 2022.
The passenger car category dominated the market in 2022.
