DUBLIN, Jan. 20, 2015 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/snfmbg/car_safety_market) has announced the addition of the "Car Safety Market - Trends & Forecast to 2020" report to their offering.
The automotive safety systems market is estimated to be USD 93.73 Billion in 2015, and is projected to reach USD 152.59 Billion by 2020, growing at a CAGR of 10.24%. The car safety systems market has witnessed considerable growth in countries such as the U.S., China, India, and Mexico, owing to the increasing vehicle electrification, rising vehicle production, and increasingly stringent safety norms.
Asia-Pacific is projected to grow at the highest CAGR during the forecast period, as a result of the high demand for vehicles, especially from countries such as China and India. Several OEMs are investing in the region, prompted by factors such as the expanding middle class and the young demographic.
Passenger car production is expected to grow in countries such as China and India, owing to availability of cost-effective labor and favorable government policies. For instance, the Government of India has allowed 100% foreign direct investment (FDI) with no minimum investment criteria for the automotive sector.
The market for automotive passenger safety systems is mainly driven by legislation mandating safety technology installation in vehicles. The New Car Assessment Program (NCAP) is a government car safety evaluation program that provides ratings based on the safety performance of cars. The program has become a catalyst in encouraging significant safety improvement initiatives from OEMs, which drives consumer confidence and consequently, demand. The growing focus of consumers and OEMs on occupant safety increases the number of technology installations per vehicle.
The cyclical nature of automotive sales and production could adversely affect the active and passive safety systems market, as the growth or decline of the passenger car safety systems market is proportional to passenger car sales and production. The main challenge faced by OEMs or other manufacturers is increased costs, as it is generally difficult to pass the full extent of increased prices for manufactured components and raw materials onto customers in the form of price increases.
- Autoliv Inc
- Continental AG
- Delphi Automotive PLC
- Denso Corporation
- Johnson Electric Holdings Limited
- Robert Bosch GmbH
- Toyoda Gosei Co., Ltd.
- ZF TRW Automotive Holdings Corporation
Key Topics Covered:
2 Research Methodology
4 By Region
5 By Occupant Type
6 By Application
7 Impact Analysis of Safety Regulations for Passenger Cars
8 Passenger Safety Regulatory Bodies, By Region
9 Competitive Landscape
10 Company Profiles
For more information visit http://www.researchandmarkets.com/research/snfmbg/car_safety_market
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SOURCE Research and Markets