Global Advanced Safety Vehicle Technology Market: Introduction
- Advanced safety vehicle technology is a sophisticated safety technology that helps minimize the chances of a collision and enhances vehicle safety. This advanced safety technology is a combination of electronic components, mechatronic components, and IoT platform that regulates, controls, and navigates the vehicle safely.
- According to estimates by the International Organization for Road Accident Prevention, human error accounts for 90% of total accidents worldwide
Key Drivers and Restraints of Global Advanced Safety Vehicle Technology Market
- Rise in demand for safer vehicles and advanced safety features is projected to drive the advanced safety vehicle technology market. Vehicles equipped with advanced vehicle safety technology have higher chances to mitigate risk of crash. Demand for advanced safety vehicle technology is increasing, as it helps predict the danger and avoid it.
- Increased consumer awareness toward vehicle safety, such as assessment of safety rating during vehicle purchase, is boosting the adoption of advanced vehicle safety technology. Increased competition among automakers and focus on long-term vision, such as “zero fatalities” by Volvo and “Zero Crash, Zero Emission, Zero Congestion” by General Motors, have influenced other automakers and is boosting the vehicle safety technology market
- Rising stringency of safety norms worldwide and increased competition among automakers to develop the safest car are anticipated to drive the advanced safety vehicle technology market
- Advanced safety vehicle technology is expensive and its malfunction or failure could lead to the possibility of a worse accident, which is a key factor restraining the market
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Blind Spot Detection (BSD) & Lane Keep Assist (LKAS) segment projected to expand at notable CAGR
- Blind spot detection provides an audio-visual warning to the driver if any vehicle approaches from the adjacent lane where the driver has a blind spot. The BSD helps minimizes the risk of a collision and is being increasingly preferred by automakers to develop safer vehicles. Another such technology, namely Lane Keep Assist, which detects the lane marking on the road and navigates the vehicle and minimizes straying of the vehicle and avoids collision, is anticipated to witness significant adoption.
Passenger vehicle segment to hold leading share of advanced safety vehicle technology market
- Based on vehicle type, passenger vehicle is likely to be a highly lucrative segment, as car owners exhibit high preference for advanced technologies regarding safety and comfort
Ultrasonic sensor to hold leading share of market
- Around 4-6 ultrasonic sensors are utilized in vehicles equipped with advanced vehicle safety technology, which has led to significant demand for these sensors. Ultrasonic sensors are effective for detection across a short range. Moreover, these sensors are cost-effective and are also economical; hence, they are highly preferred by automakers.
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Asia Pacific to lead global advanced safety vehicle technology market
- In terms of region, the global advanced safety vehicle technology market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific accounted for a major share of the global advanced safety vehicle technology market, followed by Europe and North America. Asia Pacific held a major share due to the presence of countries such as China and Japan, which are key manufacturers of vehicles equipped with ADAS features. The U.S., Germany, and China are anticipated to witness significantly high demand for ADAS systems during the forecast period, as these countries are leading the research in technology and major OEMs in these countries have planned to launch models equipped with advanced vehicle safety technology.
Key Manufacturers Operating in Global Market
The global advanced safety vehicle technology market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- Continental AG
- Robert Bosch GmbH
- Harman International Industries
- NVIDA Corporation
- Mobileye N.V.
- Renesas Elecronics
- Texas Instruments
Global Advanced Safety Vehicle Technology Market, by Technology
- Automatic Emergency Braking
- Pedestrian Detection
- Lane Departure Warning
- Blind Sport Warning
- Active roll mitigation
- Forward Collision Warning
Global Advanced Safety Vehicle Technology Market, by Component Type
- Camera Unit
Global Advanced Safety Vehicle Technology Market, by Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Global Advanced Safety Vehicle Technology Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.