Press release
Automotive Passive Safety System Market Expands as Demand for Vehicle Safety Intensifies
Automotive Passive Safety System Market
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Asia-Pacific to witness considerable growth
Rise of cost of raw materials, exchange rate fluctuations and price competition are building the challenge for the growth of passive safety system. North America is likely to be at the top in terms of revenue part, at the same time as flourishing economies such as Asia Pacific (APAC) where countries include India, China, and Australia among others. In Middle Eastern and African countries are showing substantial growth and is expected to be a key market in near future.
Top Impacting Factors
Significant factors leading to growth of the automotive passive safety system market include growth in the automobile market and growth in consumer preference for more secure vehicles.
The coronavirus pandemic has led to a deadly blow to industries globally. Original equipment manufacturers (OEMs) have also halted production, which has further decreased demand for automotive passive safety systems.
Consistent rise in vehicle accidents has been creating concerns among both consumers and governments across the world, which acts as an opportunity for passive safety system industry.
Significant growth in the automobile market due to increase in disposable income holds opportunity of growth for the automotive passive safety system industry.
Growing vehicle sales drive the demand
Despite COVID-19 pandemic the growth of automotive industry is prospected to grow immensely. As per World Economic Forum (WEF), the number of cars globally on roads is anticipated to double in next two decades, wherein the number of passenger cars is expected to reach two billion by 2040. Growing number of cars on road will grow automotive passive safety system market as whole. The global automotive mat market is highly competitive on account of the presence of a large number of manufacturers in the industry. The competition in the industry is mainly driven by safety tests. Rising preferences for high safety features in the vehicles, introduction of more secured safety standards by the governments of many countries, increasing penetration of curtain and knee airbags, specifically in the developing economies, advancement in technology are some of the key factors driving the demand for passive safety systems in the global automotive industry.
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Key Benefits of the Report
This study presents the analytical depiction of the passive safety systems industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with challenges of the passive safety systems market.
The current market is quantitatively analyzed to highlight the passive safety systems market growth scenario.
The report provides a detailed passive safety systems market analysis based on competitive intensity and how the competition will take shape in coming years.
By Product Type
Airbag
Seat belt
Electronic control unit
Steering wheels
Others
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Key Companies:-
Robert Bosch,
Tomkins,
Hella,
Hyundai Mobis,
Wonder Auto Technology,
Hyosung,
Autoliv,
TRW Automotive,
Continental,
Key Safety Systems.
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