Automotive Safety Systems Market Size

Automotive Safety Systems Market size was over USD 110.13 billion in 2023 and is projected to reach USD 295.93 billion by the end of 2036, witnessing around 7.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of automotive safety systems is assessed at USD 117.09 billion.

Extensive research associated with automotive safety systems in western countries, along with the government’s stringent safety regulations and organic growth in the automobile production across the globe are driving the market of automotive safety system. Moreover, the rising accidents and the increasing vehicle safety concerns among the consumers is projected to drive the automotive safety systems market growth. To meet the increasing standards for safety features in the vehicles major advanced driver assistant system (ADAS) manufacturers in the market have started investing in R&D activities. For instance, Continental AG invested USD 59 million for building a new R&D centre in Queretaro, Mexico. As consumers are gaining awareness about the advanced safety features and technologies, they are indicating an interest in improving their vehicles' safety systems. According to the data by the US National Highway Traffic Safety Administration (NHTSA), about 88% of rear-end collisions occur due to the negligence of the driver, or following the other vehicle closely.