Oct 28, 2022   SOURCE: BusinessWire

The Worldwide Automotive Passive Safety System Industry is Expected to Reach $25.9 Billion by 2028 - ResearchAndMarkets.com

The "Automotive Passive Safety System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, and Vehicle Type" report has been added to ResearchAndMarkets.com's offering.

The Automotive passive safety system market is projected to grow from US$ 19,967.55 million in 2022 to US$ 25,932.05 million by 2028. It is estimated to grow at a CAGR of 4.5 % from 2022 to 2028.

Automotive safety systems, including seat belts and head restraints, are concerned with the safety of the occupants inside the vehicle. Safety systems help keep occupants in place and minimize the risk of injury in the event of a collision. Increased demand for high-speed vehicles has led to a rise in accident rates.

Therefore, the demand for the integration of vehicles with safety features has increased significantly. Safety features include blind spot detection, lane departure warning, and an anti-roll braking system. At the same time, the integration of automotive safety features is increasing the demand for automobiles, expanding the Automotive Passive Safety System market share globally.

The automotive passive safety system market deals with unusual occurrences involving passengers in the vehicle. Passive safety systems mitigate the effects of abnormal events, such as accidents. These systems include airbags, seat belts, crash zones, and passenger compartments. Passive safety systems have significantly contributed to the road and personal safety over the past decades by reducing the consequences of accidents and accidents. As a result, most European cars are now performing very well in crash tests, and passive safety technology is maturing.

Key factors leading to the Automotive Passive Safety System market growth include the continuous automotive market expansion and the increasing consumer preference for safer vehicles. The steady increase in vehicular accidents has sparked concern from consumers and governments worldwide, creating opportunities for the passive safety systems industry. Further, significant growth in the automotive market due to rising disposable income is providing opportunities to the automotive passive safety systems market growth.

The growing preference for advanced safety features in vehicles, the introduction of stricter safety standards by governments in many countries, the increasing prevalence of curtain and knee airbags, especially in developing countries, and technological advances are driving the Automotive Passive Safety System market size. The rising raw material costs, exchange rate fluctuations, and price competition are hindering the automotive passive safety system market growth.

China, India, South Korea, Japan, and Australia are APAC's key economies in the automotive passive safety system market. These economies are performing well, owing to the numerous technological and infrastructural developments. The region has a robust automotive sector, which is supported by the expansion in the automotive manufacturing industry in countries such as China, India, and South Korea. Countries, such as India, China, South Korea, and Japan, are among the leading vehicle manufacturing countries worldwide, which is acting as a supporting factor for the automotive passive safety system market growth. For instance, According to the Society of Indian Automobile Manufacturers (SIAM), India produced 22,933,230 vehicles, of which 3,650,698 were passenger vehicles and 805,527 were commercial vehicles in 2021.

In 2021, China emerged as the largest vehicle-producing country in the world. According to the China Association of Automobile Manufacturers (CAAM), the overall production and sales of passenger vehicles in china amounted to 21.408 million units and 21.482 million units, respectively. The Japanese automobile sector is still thriving, with Japanese manufacturers making and selling many vehicles worldwide. Due to increased automotive production in Japan, Japan's automotive component manufacturing industry is predicted to be among the most opportunistic third to only the US and Germany. The automotive component industry in Japan has expanded in tandem with the increase in the number of automobile manufacturers in the country, owing to the increasing number of passenger and commercial vehicles on the road.

The presence of a strong automotive sector and the increasing number of car manufacturers are the major factors driving the automotive passive safety system market in the region size. The region has a few major automotive manufacturers, such as Suzuki, Mitsubishi, Hyundai-Kia, Tata Motors Limited, Lexus, and Toyota. Also, a large number of Automotive Passive Safety System makers and suppliers, such as MITSUBA Corporation, Zhejiang Zhenqi Auto Parts Corp., Ltd., and DENSO Corporation, are present in the region. The governments of various APAC countries are taking initiatives to develop the automotive sector in their respective countries.

Market Dynamics

Drivers

  • Growing Initiatives to Introduce Regulatory Standards Concerning Vehicle Safety
  • Rising Automobile Production

Restraints

  • High Operating and Maintenance Costs of Passive Safety Systems

Opportunities

  • Growing Adoption of Electric Vehicles

Future Trends

  • Technological Advancements in Passive Safety Systems

Companies Mentioned

  • Autoliv Inc;
  • Continental AG
  • Joyson Safety Systems
  • Robert Bosch GmbH
  • ZF Friedrichshafen AG
  • FAURECIA
  • Hyundai Mobis
  • Knauf Industries
  • Toyoda Gosei Co. Ltd
  • Tokairika Co. Ltd

For more information about this report visit https://www.researchandmarkets.com/r/fi50nr