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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