The market research report on the Automotive Passive Safety System Market aims to help users discover detailed information regarding trends in the market. The report also throws light on the overview of the thorough analysis of the correlated key players active in the market, covering their competitive landscape, supply chain analysis, and latest developments like investments, expansion, technological growth, etc.
Market Insights:
Theautomotive passive safety system marketis projected to grow at a sustainableCAGR of 3.7%over the next five years to reachUS$ 27.9 billionin 2022.
The automotive passive safety system market is driven by several factors, including:
- Rising consumers preferences for high-safety features in vehicles.
- The introduction of more stringent safety standards by the governments of many countries.
- Increasing penetration of curtain and knee airbags, especially in developing economies.
- Organic growth of automotive production.
Advancement in technology.
Here are the key players mentioned in the report
- Denso Corporation
- Bosch Limited
- Tokai Rika Co. Ltd.
- Key Safety Systems
- Hyundai Mobis Co. Ltd.
- Toyoda Gosei.
Segment Analysis:
As per the report, the market is segmented by:
The automotive passive safety system market is segmented based on vehicle type: Passenger Car, Light Commercial Vehicles, and Medium Heavy-Duty Commercial vehicles.Passenger car are expected to remain the largest vehicle typein the market over the next five years. The vehicle type is also projected to witness the fastest growth during the same period, owing to increasing penetration of passive safety systems, such as airbags and seat belts, and increasing production of vehicles in the Asia-Pacific region, mainly in Japan, China, and India.
The airbag is forecasted to remain the largest application typein the market over the next five years, driven by increasing penetration of curtain and knee airbags in developing economies, such as China, the introduction of more stringent safety norms, and organic growth in automotive production. All application types, airbags, seat belts, electronic control units, steering wheels, and other passive safety systems are projected to grow at a healthy rate during the same period.
OEMs market is likely to remain the largest end-use type during the forecast period and is expected to experience a higher growth rateover the next five years, driven by an increasing number of automotive passenger cars and commercial vehicles across regions.
In terms of region, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).Asia-Pacific has been the largest market for passive safety systemsin the automotive industry, with China, Japan, South Korea, and India being the major markets. China and India are the growth engines of the Asia-Pacific market, due to an incessant increase in the demand for vehicles and the introduction of stringent safety standards. The RoW is expected to register the highest growth during the forecast period, driven by upcoming assembly plants in the Middle East and Latin America, and increasing passive safety system penetration per car.
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