Car Safety Market – Status and Development, Average Product Price and Market Shares of Key Players
Market Research Reports, Business Consulting Services & Analytics
Car Safety Market Drivers Implementation of Stringent Environment and Fuel Efficiency Regulations
HYDERABAD, TELANGANA, INDIA, January 17, 2023 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Car Safety Market is forecast to reach $258.3 billion by 2025, at a CAGR of 10.6% during 2020-2025. Increased number of accidents, increasing vehicle safety concerns and stringent government regulations in different regions are some of the reasons which drive the market. In 2018, according to the report given by National Safety Council (NSC) of U.S. an estimated 40,000 people lost their lives to car crashes and about 4.5 million people were severely injured. Similarly around 25,100 road fatalities were reported by the 28 EU States. Rise in the accidents made the government to implement stringent regulations. For instance in 2018 National Highway Traffic Safety Administration (NHTSA) of U.S. Made stringent regulations for car safety. Such regulations are likely to decrease the rise in accidents and create demand for car safety market in the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways:
1. Asia-Pacific dominates the Car safety market owing to rising production of automobiles and stringent regulatory norm on reducing fatality rate.
2. The active automotive safety systems is expected to grow at a CAGR of around 9% in the forecast period owing to its advantages of helping driver to control the vehicle, prevent or mitigate road accidents.
3. Drop In the production and sales of cars in United States and other developed market will hinder the growth of car safety market.
4. Major players in Car safety Market include Continental AG, ZF TRW Automotive Holdings Corporation, Autoliv Inc., Toyoda Gosei Co. Ltd. Denso Corporation, Takata Corporation, Valeo Johnson Electric Holdings Limited Company, Delphi Automotive PLC., and Robert Bosch GmbH.
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Segmental Analysis:
1. The active automotive safety systems is expected to grow at a CAGR of around 9.20% in the forecast period owing to its advantages such as anti-lock braking, electronic stability control or traction control of the vehicle and it also prevent or mitigate road accidents by improving overall driving experience under different road conditions and situations.
2. Occupant type segment is likely to witness highest CAGR of 8.8% in the forecast period owing to the increasing number of road accidents which further lead to severe fatalities in the human body and rise in the number of awareness programs regarding safety amongst the consumers would propel the market growth during the forecast period.
3. In 2018, APAC dominated the Car Safety market share with more than 39.5%, followed by North America and Europe. The economy of APAC is majorly influenced by the countries such as China and India.
4. In India, the government allowed 100% foreign direct investment without minimum investment standards for the automotive sector in 2018. Similarly, China is continuously creating awareness among public about car safety by several advertisements.
Competitive Landscape:
The top 5 players in the Car Safety industry are -
1. Continental AG
2. ZF TRW Automotive Holdings Corporation
3. Autoliv Inc.
4. Toyoda Gosei Co. Ltd.
5. Denso Corporation
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Related Reports:
A. Automotive Safety Technology Market
https://www.industryarc.com/Report/18125/automotive-safety-technology-market.html
B. Road Safety Market
https://www.industryarc.com/Research/Road-Safety-Market-Research-500782
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