NEW YORK, May 2, 2016 /PRNewswire/ -- "Progressively stringent safety norms and increasing vehicle electrification are driving the automotive safety systems market"
The automotive safety systems market is estimated to be USD 93.73 billion in 2015, and is projected to reach 152.59 billion by 2020, growing at a CAGR of 10.24%. The automotive safety systems market has witnessed considerable growth in countries such as the U.S., China, India, and Mexico, owing to increasing vehicle electrification, rising vehicle production, and increasingly stringent safety norms.
"Active safety: Largest application market for automotive safety systems"
Active safety systems play a key role in preventing incidents and accidents, whereas passive safety systems help to mitigate negative consequences in the event of a crash. Active safety systems consist of various subsystems, such as anti-lock braking, electronic stability control, and tire pressure-monitoring systems. All these systems are triggered at different times, based on circumstances, to prevent accidents.
"High demand for vehicles in Asia-Pacific to drive the market for automotive safety systems"
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 cheap 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 region also houses OEMs such as Toyota (Japan), Hyundai Motor Company (South Korea), and Honda Motor Company (Japan). Additionally, certain countries in Asia-Pacific, such as South Korea and Japan, have strong technological capabilities.
The study also contains insights provided by various industry experts, ranging from component suppliers to Tier-I companies and OEMs. The break-up of the primaries is as follows:
- By Company Type - Tier 1 - 55 %, Regulatory bodies - 30% and Others - 15%
- By Designation - C level - 35%, Director level - 30%, Others - 35%
- By Region - North America - 11%, Europe - 25%, Asia-Oceania - 60%, RoW - 4%
The passenger safety systems market is dominated by a few globally established companies such as Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC (U.K.), Robert Bosch GmbH (Germany), and Toyoda Gosei Co. Ltd. (Japan). These companies have consistently adopted growth strategies such as new product development, expansions, mergers, and joint ventures to gain traction in the passenger safety market.
Reasons to buy the report:
This report provides an in-depth industry analysis, including industry trends, and company profiles, which together comprise and detail the basic views on the emerging and high-growth segments of the automotive safety systems market, competitive landscape, drivers, restraints, challenges, high-growth regions and countries, and government initiatives.
The report will enable new entrants/smaller firms, as well as established firms, to understand the market, which in turn, will help the firms to acquire a larger market share. Firms purchasing the report could use any one or a combination of the below-mentioned four strategies (market development, product development/innovation, market diversification, and competitive assessment) to strengthen their position in the market.
The report provides insights with reference to the following points:
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for automotive safety systems across regions
- Safety Regulations: Region-wise analysis of automotive safety regulations
- Impact Analysis: Analysis of the impact of regulations on automotive safety systems and stakeholders
- Product Development/Innovation: Detailed insights regarding R&D activities, upcoming technologies, and new product launches in the global safety systems market
- Market Diversification: Detailed information about untapped markets, investments, new products, and recent developments in the global automotive safety systems market
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the global automotive safety systems market
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