Automotive Active Safety System Market Industry Outlook By Drivers, Restraints And Opportunities 2027
Research Nester released a report titled “Automotive Active
Safety System Market: Global Demand Analysis & Opportunity Outlook 2027”which
delivers detailed overview of the global automotive active safety system market
in terms of market segmentation by product, by vehicle type, by fuel type, by
offering and by region.
Further, for the
in-depth analysis, the report encompasses the industry growth drivers,
restraints, supply and demand risk, market attractiveness, BPS analysis and
Porter’s five force model.
The rising cases of
road accidents are estimated to result in growing demand for safety systems
which are provided inside automobiles. Such systems are incorporated with
vehicles and assist in minimizing the risk of accidents by sending out warning
signals to the driver, who can then avert the automobile and prevent any
collision. According to WHO, around 1.35 million people die every year as a
result of road accidents, out of which, the majority of victims are children
and young adults aged 5-29 years. 93% of road accidents in the world occur in
low and middle income countries, which contain approximately 60% of the world’s
total vehicles.
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The automotive active
safety system market is anticipated to grow at a CAGR of 11.25% during the
forecast period, i.e., 2019-2027. The high growth rate during this period can
be attributed to the increasing demand for road safety features in automobiles
on the back of growing usage of privately owned vehicles for various purposes.
The market is segmented on the basis of vehicle type into passenger cars, light
commercial vehicles, heavy commercial vehicles and others, out of which,
passenger cars segment is estimated to propel the market growth on account of
growing requirement for personal vehicles and rising awareness among people
about prevention of road accidents across the world.
The market in North
America is estimated to hold largest market share on the back of increasing
demand for active safety systems for automobiles. The growing requirement for
such systems can be attributed to rules and regulations imposed by the
government regarding road safety. Additionally, the market in Europe and
Asia-Pacific region is anticipated to expand with notable growth rate during
the forecast period on the back of rising disposable income of individuals and
adoption of stringent rules and regulations by governmental bodies in these
regions.
In Q4 2021, USA
current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD
rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap.
Export of good and services increased by $25.7 billion to reach $1.03 trillion
in the first quarter of 2022. However, goods and services deficit was $79.6
billion in June, down $5.3 billion from $84.9 billion in May, revised-
reflecting some sight of relief. On the other hand, annual inflation rate in
the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the
cost of logistic and some signs to disrupt supply chain whilst electricity cost
upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022,
existing US home sales declined 5.9% to 4.81 million (seasonally adjusted
annual rate), the lowest since May of 2020 and below market expectations of
4.89 million. As mortgage rate touches to peak 6%, sales for houses declined
for a sixth consecutive month. Global energy crises to remain at focal point,
pushing consumers to spend less on the products and services and save more.
On the other hand, the
worst is expected to be seen in the European countries especially during 2022
winters. The energy and gas crises has already started grappling the region
where in many Western European countries including Germany is looking for coal
fired solutions to tackle the gas supply shortage, created by Russian-Ukraine
conflict.
Amidst global
concerns, market players have started looking for safe investments by holding
on to the new technology and product launches. Factors like currency
translation, disruption in global supply chain, Anti-China sentiments brewing
across the globe, slowdown in Chinese economy, inflated products prices, USD
getting stronger every week, decreasing purchasing power and strict measures
taken by central banks/institutions across the world to ensure less spending
and more saving, could hit the demand for the product and service badly in near
future.
Stricter Safety Standards To Boost Market Growth
Increasing incidences of road accidents and formation of strict
regulations regarding their prevention and safety of passengers are anticipated
to drive the growth of automotive active safety system market. Moreover, the
rising number of vehicles purchased per year with increased safety features are supporting
the market growth.
However, the
requirement of high initial investments which are not affordable by small and
medium enterprises is estimated to hinder the growth of automotive active
safety system market during the forecast period.
This report also provides the existing competitive scenario of
some of the key players of the global automotive active safety system market
which includes company profiling of Delphi
Technologies, Bosch, Continental AG, ZF Friedrichshafen, Autoliv, Hyundai
Mobis, Valeo, DENSO, Magna International, FLIR Systems and Infineon
Technologies. The profiling enfolds key information of the
companies which encompasses business overview, products and services, key
financials and recent news and developments.
On the whole, the
report depicts detailed overview of the global automotive active safety system
market that will help industry consultants, equipment manufacturers, existing
players searching for expansion opportunities, new players searching
possibilities and other stakeholders to align their market centric strategies
according to the ongoing and expected trends in the future.
The Final Report will cover the impact analysis of COVID-19 on
this industry @ https://www.researchnester.com/sample-request-617
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