Press release
Global Automotive Passive Safety System Market Size to Increase at a CAGR of 3.5% by 2027
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 3.5%
The growing demand for seat belts has contributed significantly to the development of the market for automotive passive safety systems. A growing understanding of the importance of seat belts and growing concerns about driver and passenger safety are fueling the global automotive passive safety system market growth.
The increasing use of seat belts as part of passive safety systems is also driving the expansion of the market. This can be attributed to its role in keeping passengers in the correct position and reducing the impact the vehicle has on the body in the event of an accident. In addition, developments in seat belt manufacturing, including seat belt extensions and seat belt controls to provide the best customer experience and ensure safety, are driving the global automotive passive safety system market growth.
Automotive Passive Safety System Industry Definition and Major Segments
Passive vehicle safety systems are safety features that are automatically activated in the event of an accident. Passive safety systems reduce the risk of damage and injury and protect vehicle occupants. These systems include seat belts, vehicle controls, and airbags. When the vehicle exceeds the braking speed, the airbag deploys. The steering wheel protects the driver from accidents on the road and ensures the stability of the vehicle on the road.
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Based on product type, the market can be divided into:
• Airbags
• Seat Belts
• Electronic Control Unit
• Steering Vehicles
• Whiplash Protection System
• Occupant Sensing System
• Others
The continuous segment holds a significant share in the global passive vehicle safety systems.
Based on vehicle type, the market is bifurcated into:
• Passenger Vehicle
• Commercial Vehicle
On the basis of end-user industry, the global automotive passive safety system market is segmented into:
• OEM
• Aftermarket
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Europe is anticipated to be a significant regional market during the forecast period.
Automotive Passive Safety System Market Trends
The growing demand for automotive, especially passenger cars, is accelerating the growth of the passive vehicle systems market due to the rise in the young population and the income of the middle class. Increasing vehicle production to meet the demand is also contributing to the growth of the market. In addition, as environmental awareness increases, interest in electric vehicles increases, and passive safety systems are strengthened.
In addition, strict government road safety regulations are driving global automotive passive safety system market growth due to the increase in road accidents. For example, in February 2022, the Indian government enforced front and rear three-point seat belts to provide better occupant protection than two-point seat belts. Technological advancements and investments by industry participants to improve the features of passive safety systems in automotive are expected to drive market growth during the forecast period.
The increase in the number of vehicles on European roads will drive global automotive passive safety system market growth.
Additionally, government initiatives to increase road traffic and reduce road fatalities to zero will drive market growth in the region. On the other hand, the Asia Pacific region is expected to capture a significant market share due to the development of the automotive industry and the strong position of manufacturers in this region, especially in developing countries such as China and India. In addition, increasing demand for vehicles due to rapid urbanization and increasing population is expected to significantly boost market growth during the forecast period.
Key Market Players
The major players in the global automotive passive safety system market report are:
Autoliv Inc.
Nihon Plast Co. Ltd.
Continental AG
Hyundai Motor Company
Tokai Rika Co., Ltd.
Toyoda Gosei Co., Ltd.
Joyson Safety Systems Aschaffenburg GmbH
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyzes the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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