Automotive Safety Technology Market Huge Growth Opportunities and Trends to 2029: Continental, Robert Bosch, Aptiv
Updated · Jun 27, 2023
Published Via 11Press: According to HTF MI, the global Automotive Safety Technology Market is expected to see a growth rate of 9.0% and may see a market size of USD218.3 Billion by 2028, currently pegged at USD 109.5 Billion.
What is Automotive Safety Technology?
Automotive safety technology is the umbrella term for a number of systems and technologies intended to improve the security and safety of automobiles and the people inside them. It has a number of features, including adaptive cruise control, night vision, blind spot recognition, lane departure warning, collision avoidance systems, and advanced driver assistance systems (ADAS). These innovations are meant to decrease the severity of accidents when they do happen, prevent them from happening in the first place, and increase general road safety.
|Market Current Size Values (2023)||
USD 109.5 Billion
|Market Forecast Values (2028)||
USD 218.3 Billion
|Key Companies Profiled||Continental AG (Germany) Robert Bosch GmbH (Germany) Denso Corporation (Japan) Aptiv PLC (Ireland) ZF Friedrichshafen AG (Germany) Magna International Inc. (Canada) Autoliv Inc. (Sweden) Veoneer Inc. (Sweden) Hyundai Mobis Co. Ltd. (South Korea) Harman International Industries Inc. (United States) Mobileye N.V. (Israel) NVIDIA Corporation (United States) TomTom N.V. (Netherlands) Panasonic Corporation (Japan) WABCO Holdings Inc. (United States) Others|
Key Developments in the Market:
Magna International and Veoneer reached an agreement on December 20, 2022, for Veoneer to sell its active safety division to Magna International for $3.8 billion. Through the acquisition, Magna was able to strengthen its advanced driver assistance systems (ADAS) capabilities and quicken the creation and introduction of next-generation ADAS technology. Subject to regulatory approval and the usual closing requirements, the transaction was planned to close in the third quarter of 2022.
Vehicle safety technology is covered by a number of ISO standards. The functional safety of electrical and electronic equipment in cars is covered by the ISO 26262 standard. To reduce the risk of risks brought on by malfunctions or failures, it offers a framework for designing and developing safety-related systems. Another standard that focuses on identifying and mitigating potential dangers emerging from a vehicle’s intended functionality is ISO 21448, sometimes referred to as SOTIF (Safety of the Intended Functionality). It offers advice on how to recognize and address risks that might not be brought on by flaws or failures, such as improper use or unplanned behavior.
The objective of ISO 22397, a standard for incident preparedness and response in the automotive sector, is to enhance businesses’ capacity to respond successfully to accidents and emergencies involving their goods and services. Given the large number of businesses providing a variety of safety technologies and solutions, the global market for automobile safety technology is regarded as highly competitive.
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Major Companies Profiled in This Report
- Continental AG (Germany)
- Robert Bosch GmbH (Germany)
- Denso Corporation (Japan)
- Aptiv PLC (Ireland)
- ZF Friedrichshafen AG (Germany)
- Magna International Inc. (Canada)
- Autoliv Inc. (Sweden)
- Veoneer Inc. (Sweden)
- Hyundai Mobis Co. Ltd. (South Korea)
- Harman International Industries Inc. (United States)
- Mobileye N.V. (Israel)
- NVIDIA Corporation (United States)
- TomTom N.V. (Netherlands)
- Panasonic Corporation (Japan)
- WABCO Holdings Inc. (United States)
Automotive Safety Technology Market Key Business Segments
- Passenger Cars
- Commercial Vehicles
- Off-Highway Vehicles
By Technology Type
Active Safety Technology
- Anti-Lock Brakes
- Electronic Stability Control
- Lane Departure Warning
Passive Safety Technology
- Seat Belts
- Pre-Collision Warning Systems
By Vehicle Type
- Conventional Vehicles
- Electric Vehicles
- Autonomous Vehicles
- The most recent developments and trends in vehicle safety technology are focused on enhancing the safety of drivers, passengers, and pedestrians by utilizing cutting-edge sensors and networking technologies.
- Advanced driver assistance systems (ADAS) like collision avoidance and lane departure warning are made possible by the growing usage of cameras and sensors to provide a 360-degree view of the vehicle’s surroundings. A further development is the inclusion of connectivity capabilities like vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication, which can send out real-time notifications and aid in accident avoidance.
- A rising amount of attention is also being paid to the creation of autonomous cars, which have the potential to reduce human error and increase safety. Other developments include upgrades to tire pressure monitoring systems, airbag technology, and the use of biometric sensors to detect driver fatigue and distraction.
Market Growth Drivers:
- A number of factors, such as rising consumer demand for sophisticated safety features in cars to lower the number of collisions and fatalities, stringent government safety regulations, and technological advancements in the automotive industry, are propelling the global market for automotive safety technology.
- Additionally fueling the market’s expansion are rising disposable incomes, urbanization, and consumer awareness of road safety. The development of novel safety technologies, including ADAS (Advanced Driver Assistance Systems), is projected to fuel the expansion of the automotive safety technology market in the years to come. Automotive manufacturers are also expected to place an increased emphasis on research and development operations in this area.
- Several factors, including the high cost of developing and implementing advanced safety features, limited consumer awareness and understanding of such features’ benefits, data privacy and security concerns with the growing use of connected cars, regulatory and legal barriers, and technical limitations in some safety technologies, limit the market for automotive safety technologies globally.
- Even while lane departure warnings, adaptive cruise control, and other cutting-edge safety technology are more common in new cars, these issues continue to prevent them from being widely adopted. Automakers may also be hindered in their efforts to develop and deploy cutting-edge safety systems by regional variances in rules and laws.
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Frequently Asked Question
Q1: What is the current market size for the Automotive Safety Technology Market?
A: According to HTF MI, the Automotive Safety Technology Market was valued at USD 109.5 billion in 2023 and is expected to reach USD 218.3 billion by 2028, growing at a CAGR of 9.0% during the forecast period.
Q2: What are the key segments of the Automotive Safety Technology Market?
A: The Automotive Safety Technology Market can be segmented based on Offering by Application (Passenger Cars, Commercial Vehicles, Off-Highway Vehicles) by Technology Type (Active Safety Technology, • Anti-Lock Brakes, • Electronic Stability Control, • Lane Departure Warning), Passive Safety Technology, • Airbags, • Seat Belts, • Pre-Collision Warning Systems) by Vehicle Type (Conventional Vehicles, Electric Vehicles, Autonomous Vehicles) and by Geography (North America, South America, Europe, Asia Pacific, MEA)
Q3: Who are the key players in the Automotive Safety Technology Market?
A: Some of the key players in the Automotive Safety Technology Market include Continental AG (Germany), Robert Bosch GmbH (Germany), Denso Corporation (Japan), Aptiv PLC (Ireland), ZF Friedrichshafen AG (Germany), Magna International Inc. (Canada), Autoliv Inc. (Sweden), Veoneer Inc. (Sweden), Hyundai Mobis Co. Ltd. (South Korea), Harman International Industries Inc. (United States), Mobileye N.V. (Israel), NVIDIA Corporation (United States), TomTom N.V. (Netherlands), Panasonic Corporation (Japan), WABCO Holdings Inc. (United States), Others.
Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +1 434 322 0091
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