The automotive passive safety system market size is projected to reach US$ 32,781.08 million by 2031 from US$ 22,547.5 million in 2023. The market is expected to register a CAGR of 4.7% during 2023–2031. Increasing adoption of the self-driving autonomous vehicles across the globe are likely to remain key trends in the market. The self-driving cars are gaining traction across the developed countries such as the US, Canada, Germany, and UK. Rising penetration of the connected vehicles and adoption of the self-driving cars across the globe is key driving factor in the market.
Automotive passive safety systems deal with unusual occurrences, especially which involve 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 systems market growth include the continuous expansion in the automotive market 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 growth opportunities for the automotive passive safety systems market.
The advantages of digital transformation to the general population are leading to the increasing adoption of the transformation in the region. As the literacy rate is the region is growing, more and more people are being aware of these advantages. The number of new vehicles sold in the country surpassed that of the previous year (2018). As a result, rising new vehicle sales in the country are likely to have a beneficial impact on market growth in the coming years. The key automotive passive safety system manufacturers or automobile brands in automotive industry include production, distribution & sales, and aftermarket services. Production of passive safety systems such as airbags, seatbelts, occupancy sensor system, child safety system, etc. is mainly done my top automobile companies. Some of the auto companies specialized in producing active & passive safety system are Hyundai Mobis, Continental AG, Autoliv, Inc. The rising growth in the production of electric vehicles and growing interest among developing and developed economies is resulting in growing demand for passive safety system. The operation of top players such as Continental AG, Autoliv, Hyundai Mobis, Ford, and Tesla are spread all over the globe. Distribution & sales include logistics companies, dealers, and distributors. It also helps them to reduce its manufacturing and shipping expenses. Regulators and organizations are collaborating to strengthen its supply chain while maintaining commerce flow.
Urbanization trends, increasing average disposable income of urban dwellers that has enabled people to improve their lifestyles has further accelerated the demand for passenger cars. As a result, automakers across the globe are ramping up production to meet customer demand. Vehicle production, specifically passenger cars and commercial vehicles, has increased steadily in both developed and developing countries in recent years. More vehicle production means more requirement of passive safety system units mainly seatbelts and airbags to enhance occupant security. This is acting as a major growth driver for the global automotive passive safety systems market. Falling loan interest rates are also fuelling growth in the auto industry, which is supporting the passive safety system sales. Global automotive production reached 93.54 million units in 2023 increased from 85.2 million units in 2022. Such, growth in the automotive production across the globe drives the automotive passive safety system market growth market during the forecast period.
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 demand for automotive passive safety systems. The rising raw material costs, exchange rate fluctuations, and price competition are hindering the automotive passive safety system market. The policies in Europe are beneficial for the development of the business, which is one of the reasons behind the growth of the various industries. The European Commission has made many measures to promote the development of the automotive industry in Europe, such as the CARS 2023 Action Plan and GEAR 2030. These European government measures are intended to assist the region's automotive industry's long-term growth, which will help to boost the European market's overall growth.
Key segments that contributed to the derivation of the automotive passive safety system market analysis are type, and vehicle type.
The geographic scope of the automotive passive safety system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is expected to have largest share in 2023, this is owing to increased automotive production in countries such as China, India and Japan. According to the International Energy Agency, the automotive production in Asia Pacific region reached 51.8 million units in 2023 increased by 6% compared to 202. Further, North America is growing at moderate pace during the forecast period. In North America, initiatives by the government, federal policies, and programs for various industries are expected to drive the automotive passive safety system market. The US, Canada, and Mexico signed the trade deal NAFTA. The trade deal helping automakers with the increased number of manufacturing facilities and enhanced supply chain of auto parts.
The regional trends and factors influencing the Automotive Passive Safety System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automotive Passive Safety System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 22,547.5 Million |
| Market Size by 2031 | US$ 32,781.08 Million |
| Global CAGR (2023 - 2031) | 4.7% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Automotive Passive Safety System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Automotive Passive Safety System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Automotive Passive Safety System market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Automotive Passive Safety System market are listed below:
The “Automotive Passive Safety System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
Asia Pacific is expected to dominate the automotive passive safety system market in 2023.
Growing automotive production across the globe drives the market growth.
Growing government regulations regarding safety of the vehicles drives the market growth.
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., and among many others.
The automotive passive safety system market size is projected to reach US$ 32,781.08 million by 2031 from US$ 22,547.5 million in 2023.
The market is expected to register a CAGR of 4.7% during 2023–2031.