Global Car Safety Market: Overview
Car safety regulations are set of guidelines that are implemented for automotive vehicles, safety systems, and manufacturing equipment. The main aim of imposing such regulations is to control the occurrences of automobile accidents. Car safety regulations are implemented in the many countries, where active safety systems play a vital role in restricting such accidents. Active safety systems comprise of various subsystems, which include tire-pressure-monitoring systems, anti-lock braking, and electronic stability control. Passive safety systems include seat belts and airbags that help to reduce the risk of injury in an accident.
Global Car Safety Market: Growth Factors
The growth in the market is mainly due to increase awareness regarding safety systems among consumers thus driving the global car safety market. Other factors that are responsible for the market growth include progressively stringent safety norms, increasing vehicle electrification, and rising production of vehicles. Active safety systems offer advantages such as prevention, pre-crash warning, and post-crash rescue management; these features positively impact the global car safety market. It helps to reduce harmful effects of road traffic accidents. Companies are focusing on creating an accident-proof vehicle, which will inform the driver about the hazards and warn the driver against the disaster; this is anticipated to open up new growth opportunities in the market.
Global Car Safety Market: Segmentation
The global car safety market is categorized based on the occupant type, system type, and geography. The occupant type segment is classified into pedestrian, driver, child, and passenger. The system type is divided into passive systems and active systems. Geographically, the global car safety market is segregated as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Global Car Safety Market: Regional Analysis
Asia-Pacific contributed for the largest market share across the world owing to the huge demand for vehicles in developing economies such as China and India. Government’s favorable policies and availability of cheap labor in China and India boost the production of passenger cars. In India, the government has allowed 100% foreign direct investment with no minimum investment norms for the automotive sector. South Korea and Japan holds strong technological capabilities this is expected to trigger the global car safety market growth. Original equipment manufacturers are investing in Asia-Pacific region due to expanding young demographic and middle-class people. North America and Europe have made mandatory usage of tire pressure monitoring systems (TPMS) and antilock braking systems (ABS) which are fueling the market growth. North America is witnessing a significant growth owing to increasing sales of the sports utility vehicles and pickup trucks.
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Global Car Safety Market: Competitive Players
The dominating players in the global car safety market include Japan Automobile Manufacturers Association, Continental AG, The European Automobile Manufacturers Association, The Automotive Research Association of India, and Toyoda Gosei Co. Ltd. Other players influencing the global market include European Automotive Research Partners Association, Denso Corporation, The United States Council for Automotive Research, Delphi Automotive PLC., Robert Bosch GmbH., and China Association of Automobile Manufacturers.