The Global Automotive Safety Systems market to grow at a CAGR of 9.43% over the period 2014-2019.
Automotive safety is the procedure of designing and constructing the safety systems of a vehicle as per the standards and regulations prescribed by government agencies and transport authorities worldwide. Automotive safety systems help prevent and minimize the impact of accidents. Present day vehicles are equipped with both passive and active safety systems to protect both passengers and the driver.
Safety concerns are increasing across various socioeconomic groups of the population, which is leading to increased adoption of side airbags in low-cost and compact automobiles. The demand for compact and mid-sized vehicles is on the rise in countries such as India, which is a key market for automotive manufacturers.
According to the report, increasing concern among consumers about automotive safety is driving demand for safety systems. The demand for electronically equipped safety solutions, such as power steering and driver assistance systems such as camera and radar systems, is increasing.
Further, the report states that most of automotive safety systems are electronically controlled, which increases the chances of product failure in critical situations. There are instances where either the electronic sensors fail or the speed with which airbags are deployed is high, or the ignition switch fails, thereby disabling the safety features.