14 Sep, 2023 APAC automotive active and passive safety systems market to register 2.4% CAGR over 2023-28, says GlobalDataPosted in Automotive
Consumers are willing to pay more for the newest technology that improves the driving experience and enhances passenger safety. Furthermore, growing safety concerns are driving the implementation of advanced driver assistance systems (ADAS) in vehicles. Against this backdrop, the APAC automotive active and passive safety systems market is forecast to register a compound annual growth rate (CAGR) of 2.4% over 2023-28, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report “Global Sector Overview & Forecast – Active and Passive Safety Systems Market,” reveals that the APAC active and passive safety systems market is estimated to reach 270.6 million units in 2023 and 304.3 million units by 2028.
Lucy Tripathi, Senior Automotive Analyst at GlobalData, comments: “The APAC market for passive safety systems will be led by China and India. Faster economic growth in these two countries in the last decade has led to an increase in the number of affluent families. As these customers prefer to purchase luxury vehicles with new and advanced features, the demand for the use of high-tech electronics and more active safety features in vehicles has increased exponentially in the APAC region. In addition, the adoption of more stringent laws is also driving the demand for active and passive safety systems in the medium-to-luxury range of cars.”
Due to its sizable fleet of luxurious passenger cars outfitted with several passive safety systems and early adoption of cutting-edge technology, China dominates the APAC passenger car passive safety systems market. In the upcoming years, it is anticipated that demand for passive safety systems will rise in India as well due to rising safety concerns, numerous laws imposed on passive safety systems, increasing consumer concerns about safety, and the option to purchase luxury and premium vehicles outfitted with cutting-edge safety technologies.
Tripathi concludes: “Governments and consumers around the world are concerned about the continued rise in car accidents owing to sudden lane changes. To decrease road accidents and improve the safety of both drivers and passengers, the automotive industry is constantly adding new safety features to cars. This is exactly what encourages the inclusion of ADAS, which is anticipated to boost the demand for lane departure warning systems (LDWS) over the forecast period. In addition, the expected increase in autonomous vehicle use will help the growth of the active and passive safety systems market in the coming years.”