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.
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Passive Safety System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, and Vehicle Type" - https://www.reportlinker.com/p06321019/?utm_source=GNW
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.
Automotive passive safety system market deal 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. For instance, under Union Budget 2019–2020, the government of India announced its plans to set up R&D centers at an expenditure of US$ 388.5 million to enable the automotive sector to meet global standards.
Such government initiatives in different countries are likely to generate enormous opportunities for developing advanced automotive passive safety systems in the region over the forecast period, thereby boosting the automotive passive safety system market in the coming years.However, global automotive production strongly depends on China, and the COVID-19 pandemic outbreak resulted in a supply shortage, affecting the assembly of OEMs in all regions.
About two-thirds of the automotive production in China was directly affected by the shutdown, which also impacted its suppliers. Therefore, the COVID-19 outbreak has limited the operations of the automotive and automotive component manufacturing industry in APAC, which would impact the automotive passive safety system market share in the coming years.
Further, in APAC, the rise in the trend of pedestrian protection airbags is boosting the Automotive Passive Safety System market size. For instance, in October 2021, Japan’s Toyoda Gosei Co. developed a pedestrian protection airbag to protect a pedestrian’s head when a vehicle hits them. Toyoda Gosei developed various types of airbags that protect vehicle occupants. This would be Toyoda Gosei’s first airbag on the market that protects pedestrians and other vulnerable road users. Such developments are propelling the automotive passive safety system market growth.
Key companies in the automotive passive safety system market are 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. The report also comprises secondary research on other companies holding a significant market share.
The overall size of the automotive passive safety system market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information about the automotive passive safety system market.
The process also serves the purpose of obtaining an overview and forecast for the automotive passive safety system market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the automotive passive safety system market.
This process includes industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, external consultants, valuation experts, research analysts, and key opinion leaders specializing in the automotive passive safety system market.
Read the full report: https://www.reportlinker.com/p06321019/?utm_source=GNW
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