Europe automotive pedestrian protection system market to accrue appreciable share by 2024, prominent efforts by regional contenders to augment the product demand
Automotive pedestrian protection system market has emerged as one of the most lucrative business spheres of the automotive domain in the recent years. The increasing awareness among the regional governments and regulatory bodies regarding the importance of pedestrian safety has been stimulating the product demand. In 2016, more than 5,000 pedestrian fatalities occurred due to road accidents in the U.S. alone. In accordance, the Federal Highway Administration (FHWA) and National Highway Traffic Safety Administration (NHTSA) have taken initiatives to raise awareness among the masses about pedestrian safety, that are certain to augment the overall automotive pedestrian protection system industry size.
U.S. Automotive Pedestrian Protection System Market, By Product, 2017 & 2024 (USD Million)
European companies like Bosch and Continental have been continuously conducting research and development activities to invent advanced technologies related to pedestrian protection systems. In the recent years, the regulatory framework governing pedestrian protection systems has become stricter, on the grounds of which Bosch encompasses a cost-effective and safe electronic system in its portfolio, incorporated with an active impact protection system. Given that the current challenges related to sensor equipment have been encouraging industry giants to come up with highly advanced sensing systems, Continental has optimized interfaces and improved quality standards with the development of an acceleration satellite assisted scalable sensor system. Incidentally, this newly developed pedestrian protection system can be efficiently improved with the integration of pressure-based technology.
Speaking along the same lines, telecommunications group, Vodafone and Continental have recently declared their innovation-driving partnership on June 2018. Their main objective of this partnership is to enhance smart vehicle connectivity and road safety across Germany. As per research, the traffic accident rate across Germany has been increasing tremendously with more than 7000 accidents occurring on the roads of Germany every single day. In this regard, the duo plan to develop mobile assisted digital shields for pedestrians and a high traffic warning system. The development of mobile-assisted computing systems will provide cost-effective benefits, as it would not be necessary for automakers to integrate expensive chipsets in the vehicle.
The presence of strong technology companies and vehicle manufacturers across European countries has thus been aiding the growth of Europe automotive pedestrian protection system industry. Incidentally, Europe accounted for more than 45% of the overall automotive pedestrian protection system market share in 2017, and is anticipated to dominate the industry over 2018-2024.
Currently, many automobile manufacturers have been focusing on developing intelligent, clean, safe, and convenient mobility solutions rather going in for high speed and more horsepower technologies. The shifting focus of the automakers toward the development of highly advanced safety features is likely to impel automotive pedestrian protection system industry share. Validating the aforementioned fact, the leading Indian car manufacturer, Maruti Suzuki has invested quite some capital to build an in-house pedestrian safety and crash testing facility near Delhi in compliance with stringent traffic safety and crash regulations. Considering that bad road conditions and the absence of high technology facilities in most of the vehicles lead to road accidents in India, prominent automakers have been working to develop advanced safety systems, propelling the regional automotive pedestrian protection system market trends.
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Taking into account the surging need for vehicle safety for reducing fatalities, the Indian government is also looking forward to implementing strict rules and regulations. Under the Bharat New Vehicle Safety Assessment Program, the government is planning to mandate the deployment of pedestrian protection safety facilities in the vehicles in the coming years. In addition, the government has given few more years to automakers to equip all their existing vehicle models with this facility. The regulatory initiatives taken by the Indian government will generate commendable business opportunities for the giants in automotive pedestrian protection system market over the ensuing years.
In line with the vehicle safety regulatory policies, automakers have now been manufacturing new vehicle models equipped with pedestrian protection systems. The increasing use of such safety features in newly developed vehicles is poised to propel the product demand over the years ahead. The deployment of strict regulatory standards for enhancing pedestrians’ safety also will help augment the revenue scale of automotive pedestrian protection system industry. For the record, by the end of 2024, overall automotive pedestrian protection system market will surpass a valuation of USD 3 billion.
Author Name : Satarupa De