In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
The global emergency notification system in automobile market is estimated to garner a notable CAGR over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the increasing concerns amongst the governments of various countries, regarding road safety, backed by increasing incidences of road accidents. As per the statistics presented by the World Health Organization, 1.3 million people die every year in road crashes. Installation of emergency notification systems in automobiles can reduce the time taken for dispatching medical help in cases of emergencies, which will reduce the number of casualties of road crashes. Moreover, increasing adoption of mass notification systems in developed countries, is estimated to boost the market growth over the years. In fact, many countries have made it mandatory to have an inbuilt emergency notification system in domestically manufactured vehicles. For instance, in the countries of the European Union, Automatic Crash Notification (eCall) is being developed as mandatory systems in all commercial and passenger cars, owing to the increasing number of accidents in the region. According to the European Road Safety Observatory (ERSO), 3288 fatalities were caused in 2018, due to crashes involving heavy goods vehicles, which accounted to 14.5% of all road accident deaths.
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The global emergency notification system in automobile market is segmented by deployment type into on-premise and cloud-based notification systems, out of which, the cloud-based segment is anticipated to hold a notable share in the market during the forecast period as it can save time and provide multi-channel communication. Furthermore, increasing use of cloud servers by the end users, is another factor driving the growth of this segment.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the global emergency notification system in automobile market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Europe region is estimated to garner the largest share over the forecast period on the back of various government initiatives to mandate the use of emergency notification systems in vehicles manufactured in the region. This is expected to boost the demand for these systems amongst the automobile manufacturers, which, in turn, is anticipated to drive the market growth in the region.
The market in the North America region is estimated to witness significant CAGR over the forecast period, owing to the high production of automobiles in the region, along with increasing cases of road crashes. In the U.S., over 200 million vehicles were actively used daily, as of 2018, out of which around 10 million were involved in a road accident within the year. The high number of road crashes has given rise to the importance of emergency notification systems in vehicles, which is estimated to act as a major growth factor for the regional market.
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The global emergency notification system in automobile market is further classified on the basis of region as follows:
Our in-depth analysis of the global emergency notification system in automobile market includes the following segments:
The concept of emergency notification systems in automobile is still in developmental stage, with various automotive companies joining hands with the developers of mass emergency notification systems, to develop cars with in-built notification systems. Moreover, with the supportive policies of the governments, and the rapid ongoing advancements in the field, it is expected that within the next few years, several players who are into developing automotive electrical equipment would participate in manufacturing these systems.
Ans: Increasing initiatives by government to curb road accidents is one of the major factors driving the market growth.
Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022-2030.
Ans: High investment in this industry is a major factor estimated to hamper the market growth.
Ans: The market in the North America will provide the highest growth opportunities for the market during the forecast period on the back of growing automotive sector and high incidences of road accidents.
Ans: The emergency notification systems for automobiles are still in conceptual stage. Various major automobile manufacturers are collaborating with developers of emergency notification systems, which is estimated to generate massive market opportunities
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by deployment type, application, and by region.
Ans: The medical support segment is anticipated to hold a significant market size during the forecast period, as providing medical help as soon as possible can save lives, which is the ultimate target of these systems.