Advanced Safety Vehicle Technology Market: Rising Adoption from Small and Medium-sized Enterprises to Fuel Growth 2019

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

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 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.

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

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.

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.

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