Automotive Passive Safety System Market Scope 2021-2031
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 System Market Analysis
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.
Automotive Passive Safety System Market Overview
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.
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Automotive Passive Safety System Market: Strategic Insights
Market Size Value in US$ 19,595.24 Million in 2021 Market Size Value by US$ 25,932.05 Million by 2028 Growth rate CAGR of 4.5% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Automotive Passive Safety System Market: Strategic Insights
| Market Size Value in | US$ 19,595.24 Million in 2021 |
| Market Size Value by | US$ 25,932.05 Million by 2028 |
| Growth rate | CAGR of 4.5% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Automotive Passive Safety System Market Drivers and Opportunities
Rising Automobile Production Across the Globe
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.
Growing Government Regulations Regarding Safety of the Vehicles Drives the 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 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.
Automotive Passive Safety System Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive passive safety system market analysis are type, and vehicle type.
- Based on type, the market is divided into airbag, seatbelt, occupant sensing system, child safety system, and others. Among these, airbag has largest share in 2023, this is owing to increased demand for safety in the passenger cars.
- Based on vehicle type, the market is divided into passenger cars and commercial vehicles. Among these, passenger cars have a largest share in 2023, owing to increased sale of the passenger cars. According to the International Energy Agency, the passenger cars sale reached to 65.27 million in 2023, increased from 58.2 million units in 2022.
Automotive Passive Safety System Market Share Analysis by Geography
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.
Automotive Passive Safety System Market Report Scope
Automotive Passive Safety System Market News and Recent Developments
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:
- ZF has decided to carve-out its Passive Safety Systems Division and set it up independently by the end of 2023. This decision is intended to open up new strategic options for action for the occupant protection systems business and is the result of a continuous review of the ZF portfolio. In the course of the current transformation process in the automotive industry, ZF has evaluated and analyzed the growing transformation business on the one hand and the growth potential of traditional business areas such as passive safety systems on the other. In a carve-out, the company sees the best conditions to generate stronger growth and a sustainable expansion of the market position of the world’s number 2 in the passive safety technology business by involving external investors. (Source ZF Friedrichshafen AG Newsletter, October 2022)
- Veoneer automotive company has entered into an agreement to invest fund managed by American Industrial Partners for acquiring Veoneer's Restraint Control Systems business from SSW Partners LP. The transaction completes Veoneer's and SSW's strategy to expand the companies’ lines of businesses such as Arriver Software, Active Safety, and Restraint Control Systems for automotive. (Source: Veoneer Newsletter, February 2024)
Automotive Passive Safety System Market Report Coverage and Deliverables
The “Automotive Passive Safety System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Automotive passive safety system market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Automotive passive safety system market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Automotive passive safety system market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automotive passive safety system market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Vehicle Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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