The Global Car Safety Market was worth US$ 165.14 billion in 2022 and is anticipated to reach a valuation of US$ 297.31 billion by 2028 and is predicted to register a CAGR of 10.71% during 2023-2028.
Market Overview:
Car safety systems are vehicle technology that helps prevent and minimize collision injuries. Safety systems include seat belts and a headrest that help keep the occupant in place during a crash and minimize the risk of injury. Automotive safety regulations are a set of guidelines for the design of automotive components, manufacturing equipment, and safety systems. The main objective of these regulations is to minimize the occurrence and consequences of traffic accidents.
Motor Vehicle Safety Standards are a set of guidelines implemented for motor vehicles, safety systems, and manufacturing equipment. The main objective of enforcing such regulations is to control traffic accidents. Motor vehicle safety regulations are implemented in many countries, where active safety systems play an essential role in limiting these accidents. Active safety systems consist of several subsystems, including tire pressure monitoring systems, antilock brakes, and electronic stability control. Passive safety systems include seat belts and airbags that help reduce the risk of injury in the event of an accident.
Market Drivers:
The Intelligent Braking System (IBS) in all passenger and commercial cars is attracting new attention as end users seek to optimize performance. Cars are equipped with sensors that continuously monitor vehicle conditions and respond in an emergency. An intelligent mechatronic system includes an ultrasonic wave transmitter and an ultrasonic receiver that produces and transmits ultrasonic waves forward at a predetermined distance and provides the distance between the obstacle and the vehicle. Several countries have adopted strict regulations to incorporate an intelligent braking system, for example, 40 countries led by Japan and Europe have agreed to require that new cars and light commercial vehicles be equipped with an automatic braking system for 2019. This is likely to create new opportunities for cars with IBS, thus creating demand for the global car safety market.
Market Restraints:
Car production and sales have grown slowly since 2016 due to the slowdown in the economy and various government financial reform activities around the world.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
10.71% |
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Segments Covered |
By Occupant Type, System Type, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
NTN Bearing Corporation, Danaher, SKF, The Timken Company, Rexnord Corporation, NSK Ltd., JTEKT Corporation, and Others. |
Market Segmentation:
The driver and passenger segments are likely to experience the highest CAGR during the forecast period due to the increasing number of traffic accidents resulting in more serious deaths in the human body and the increase in the number of awareness programs on safety among consumers, which would drive market growth during the forecast period. On the other hand, consumers are rapidly moving toward higher spending on the various safety features available in their cars due to the increase in disposable income. It opens the door to investment opportunities for the giants of the industry. In addition, manufacturers provide active and passive safety systems in the automotive industry to provide a better driving experience and comfort for customers, which will lead to a better driving experience and convenience for consumers, thus creating opportunities for the growth of the global car safety market.
Active automotive safety systems are expected to grow at a CAGR of around 9.20% during the forecast period due to their benefits such as anti-lock braking, electronic stability control, or vehicle traction control, and also prevent or mitigate road accidents by improving the overall driving experience in different road conditions and situations. The government of several countries has adopted strict regulations to implement the car's safety function.
Market Regional Analysis:
The Global Car Safety Market Report includes the segmentation of regions:
North America and Europe have demanded the use of tire pressure monitoring systems (TPMS) and anti-lock braking systems (ABS) which are driving market growth. North America is experiencing significant growth due to increased sales of sport utility vehicles and trucks. Asia-Pacific is supposed to grow at the highest CAGR during the outlook period, due to strong demand for vehicles, especially from countries such as China and India. Several OEMs are investing in the region, motivated by factors such as the expanding middle class and young population. Passenger car production is expected to increase in countries such as China and India, due to the availability of a profitable workforce and favourable government policies.
The coronavirus pandemic has pushed humanity and the global economy into a crisis not seen since the Great Depression. In their efforts to stop this pandemic, several governments have imposed a blockade in their respective countries. While the lockdown may have helped limit the spread of the virus, it has severely affected the economy, disrupting the entire value chain of most of the major industries in the world and the auto industry. The automotive sector has already experienced a significant slowdown in the last 12-18 months due to structural changes. The COVID-19 lockdown has had a multiplier effect: the industry has been almost completely paralyzed since March 2020. A prolonged cut-off in consumer demand due to foreclosure has significantly affected the revenues and cash flow of automakers. In response, most companies are starved of R&D funds to support basic operations, which could delay progress on fuel alternatives and mobility by two to four quarters. Over time, some companies may even accept a strategic call to exit unprofitable vehicle markets and segments. While they can respond with certain actions immediately, they must also be prepared to regain lost value through initiatives after the lockdown ends. Additionally, they must consider responding appropriately to the continuing disruptions caused by the pandemic and reinventing their business with long-term interventions.
Market Key Players:
Market Recent Developments:
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