The World Health Organization (WHO) estimates that nearly 1.3 million human lives are lost due to road traffic crashes worldwide. To reduce the incidences of road accidents and related deaths, the WHO has initiated a package of six strategies — Save LIVES. The components of this initiative are speed management, leadership, infrastructure design, vehicle safety standards, enforcement of traffic laws, and survival after a crash. The vehicle safety standards of this initiative mandate the installation of seat belts, child restraint anchorage points, anti-lock braking devices, and electronic stability control.
Thus, the increasing global concerns regarding the high prevalence of road accident fatalities will help the automotive safety system market prosper during 2020–2030. Apart from the international organizations, governments of various countries are also mandating the incorporation of vehicle safety features in passenger cars and commercial vehicles to reduce road accident cases. In the coming years, the burgeoning demand for passenger cars, especially luxury cars, owing to the mounting disposable income of people, will create a huge requirement for vehicle safety features worldwide.
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| Automotive Safety System Market |
Active and passive safety systems being integrated into conventional and autonomous vehicles are offered by Robert Bosch GmbH, BYD Auto Co. Ltd., BorgWarner Inc., Continental AG, Bayerische Motoren Werke (BMW) AG, Magna International Inc., DENSO Corp., and Infineon Technologies AG. These companies are engaged in the development of hardware and software of the vehicle safety systems. In the upcoming years, they will be involved in the largescale development and distribution of safety software, owing to the surging adoption of automotive internet of things (IoT) solutions, advanced driver assistance systems (ADAS), connected vehicle technology, and vehicle telematics in the automotive industry.
According to P&S Intelligence, North America led the automotive safety system market in the preceding years, due to the implementation of stringent vehicle safety regulations in the U.S. and Canada. For instance, the National Highway Traffic Safety Administration (NHTSA) issues Federal Motor Vehicle Safety Standards (FMVSS) to implement vehicle safety laws from the U.S. Congress. These laws enable the U.S. Department of Transportation (DoT) to achieve its mission to reduce and prevent vehicle crashes.
Thus, the escalating need to reduce road accident cases and the increasing implementation of vehicle safety regulations will encourage the integration of safety systems in automobiles.
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