The global light vehicle safety system market is anticipated to grow at a considerable CAGR of 7.7% during the forecast period (2022-2028). Light vehicle safety systems are the equipment, components, or devices integrated or installed in light motor vehicles for the safety of the driver, pedestrian, or other vehicles while driving on the roads. The major factor attributing to the growth of the global light vehicle safety system market includes the increasing number of road traffic accidents across the globe. According to the report published by the World Health Organization (WHO) in June 2021, the rate of mortality due to road traffic accidents is very high with the mortality of around 1.3 million people globally every year. It is estimated that road traffic accidents can cost most countries up to 3% of their gross domestic product. The report also described that around 20 million to 50 million people also suffer from non-fatal injuries as a result of road traffic accidents. Thus, increasing the demand for safety systems in motor vehicles.
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The application of safety systems is also increasing due to the installation of safety systems in motor vehicles during production as the number of motor vehicle production is increasing across the globe. According to the 2021 Production Statistics report published by the International Organization of Motor Vehicle Manufacturers (OICA), around 80 million motor vehicles were produced across the globe in 2021. Among these, around 23 million commercial vehicles were manufactured and around 57 million passenger cars were produced in 2021. Thus, contributing to the growth of the global light vehicle safety system market.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in April 2022, the local unit of Continental AG in India got approval from headquarters in Germany for investment in India’s facility. This investment will be used in research & development activities and to increase the manufacturing capacity of Continental AG.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Technology
- By Application
- By Sales Channel
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Autoliv Inc., Continental AG, Rober Bosch GmbH, Denso Corp., and Valeo, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Light Vehicle Safety System Market Report by Segment
By Technology
- Adaptive Cruise Control
- ABS
- EBD
- ADAS
- Others
By Application
- Passenger Vehicles
- Light Commercial Vehicles
By Sales Channel
- OEM
- Aftermarket
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