8:58 AM Automotive Active Safety Sensors Market Size to reach US$ 18,554.5 million in 2023 |
With more than 1 million annual road fatalities worldwide, safety has become paramount importance for the automotive industry. Various safety regulatory organizations, such as NCAP (New Car Assessment Program) and NHTSA (National Highway Traffic Safety Administration), are imposing stringent safety regulations on automakers, which are encouraging automakers to incorporate active safety systems into their new cars. Sensors are nowadays considered a very crucial product for passenger safety as they recognize accident hazards or events in milliseconds. The main function of active safety sensors is to help the driver to control the vehicle to avoid accidents and enhance the driving experience under various road conditions. The global automotive active safety sensors market size is likely to witness an excellent double-digit growth over the next five years to reach US$ 18,554.5 million in 2023. Increasing usage of active systems in passenger cars to reduce the number of accidents, implementation of stringent regulations regarding passenger safety, a growing trend towards advancing the vehicles by making it autonomous, and market entry of technology-driven companies like Apple and Google are some of the major factors that are proliferating the growth of the active safety sensors in the automotive industry. Organic growth of the automotive industry further substantiates the demand for active safety sensors in the automotive industry. The automotive industry is trending towards autonomous vehicles. In the current scenario, vehicles have reached second generation or L2 (Level 2), which is partial automation, whereas Level 4 and level 5 are full automation. Increasing demand for autonomous vehicles is likely to spur the demand for active safety sensors in the automotive industry in the coming years.
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By Vehicle Type: The market is segmented based on the vehicle type as passenger car, LCV, and M&HCV. Passenger car is expected to remain the growth engine of the market during the forecast period. High production of cars coupled with an increased adoption of active safety systems is driving the segment. Passenger car has been undergoing the most disruptive advancements with the targeting areas are electric vehicles, autonomous vehicles, and enhancements in fuel efficiency. Active systems are going to play a mammoth role in achieving such areas. By Sensor Type: Based on the sensor type, the market is segmented as radar sensor, LiDAR sensor, camera sensor, and others. Radar is expected to remain the dominant sensor type in the market during the forecast period. The sensor type is also likely to grow at an impressive rate in the same period. Radar sensors have longer and higher resolution properties that allow them to easily distinguish between multiple objects in real time. They are also not very much affected by environmental conditions, such as lighting, weather, and particles. These factors are some of the key whys and wherefores for higher growth of radar sensors as compared to other sensors. Another factor evoking interest towards the usage of radar sensors is its large-scale adoption in ADAS (Advanced Driver Assistance Systems) technologies. By Application Type: Based on the application type, the market is segmented as braking system, adaptive cruise control, blind spot detection, lane departure warning, and others. Braking system is expected to remain the most dominant segment of the market during the forecast period and is also likely to grow at an impressive rate during the same period. By Region: In terms of region, Europe is expected to remain the largest automotive active safety sensors market during the forecast period, owing to the high adoption of active safety systems to address the stringent regulations of safety standard of Euro NCAP (New Car Assessment Programme) and increasing the share of autonomous and semi-autonomous vehicles in the region. Asia-Pacific is likely to experience the highest growth during the same period. Japan and China are the growth engines of the Asia-Pacific’s market for active safety sensors. Currently, both countries collectively account for more than 65% share of the Asia-Pacific’s market and are likely to grow at an impressive rate during the forecast period. Click below to run through the detailed ToC of the report: https://www.stratviewresearch.com/toc/397/Automotive-Active-Safety-Sensors-Market.html Features of the Report This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. Based on the research, a proper report is crafted with the following key features:
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