New Product Launch and Development is the Second Most Adopted Strategy by the Key Players in the Automotive Safety System Market
The automotive safety system market is projected to grow at a CAGR of 9.36% during the forecast period to reach USD 169.46 Billion by 2025 from an estimated USD 82.80 Billion in 2017. The government regulations pertaining to vehicle safety and the demand for a safer, efficient, and convenient driving experience are the key factors driving the market growth. The increase in demand for luxury cars is also expected to drive the market growth.
Joint ventures, partnerships, collaborations, and agreements are the key strategies adopted by market players to achieve growth in the automotive safety system market. Robert Bosch (Germany), Denso (Japan), Delphi Automotive (UK), Continental (Germany), and ZF Friedrichshafen (Germany) are some of the leading tier I suppliers who adopted these strategies in the automotive safety system market.
New product launch and development is the second most adopted strategy by the key players in the automotive safety system market. The tier I suppliers such as Denso (Japan), Delphi Automotive (UK), Continental (Germany), Infineon Technologies (Germany), and Magna International (Canada) are the major tier I suppliers that have adopted this strategy to achieve growth in the automotive safety system market.
Robert Bosch is a global manufacturer specializing in mobility, software solutions, household, and industry and trade solutions. The company manufactures automotive components, power tools, security solutions, and household appliances. The company has 350 subsidiaries in 60 countries. They provide products for driver safety and comfort functions as part of its mobility solution portfolio. For instance, in August 2017, Robert Bosch launched a new driver assistance system called the predictive emergency braking system to protect pedestrians and cyclists.
ZF Friedrichshafen (Germany) acquired TRW Automotive Holdings Corp (US), which has been incorporated as a new division called Active & Passive Safety Technology. The company operates through 7 business segments, namely, Active & Passive Safety Technology, Car Powertrain Technology, Car Chassis Technology, Commercial Vehicle Technology, Industrial Technology, ZF Services, and E-mobility. The company has 113 production locations in more than 20 countries. It maintains 22 technical centers and 13 test tracks around the world. It had an employee strength of 136,820 as of 2016. For instance, in January 2018 ZF announced that it is planning to expand its manufacturing and engineering footprint in Poland to produce advanced safety electronics. The new plant will focus on all active and passive safety product lines, including advanced camera generations for active safety and occupant safety electronics such as airbag control units.
Related Reports:
Automotive Safety System Market by Technology (Active (ABS, ESC, BSD, LDWS, TPMS) and Passive (Airbag, Pedestrian and Whiplash Protection)), On-highway (PC, LCV, Buses, Trucks), Off-highway, EV, Offering (Hardware, Software) - Global Forecast to 2025
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