Automotive Passive Safety System Market Outlook 2030 -
Automotive passive safety systems deal with abnormal events and happenings with passengers inside vehicles. Passive safety systems reduce effect of abnormal events such as accidents. These systems involve airbags, seat belts, crumple zones, and passenger safety cells. In past decades, passive safety systems have made a huge contribution to road and passenger safety by reducing consequences of accidents and mis happenings. As a result, most European vehicles now perform great in crash tests and passive safety technology is reaching a level of maturity.
COVID-19 Impact analysis
The lockdown period after the outbreak of the COVID-19 pandemic has brought tremendous downfall in the automotive passive safety system market. Manufacturing and production units were shut during lockdown in most countries, which resulted in decline in production and demand for automotive passive safety systems. COVID-19 has impacted the market dynamics, competition, and global supply chains of automotive passive safety system. Revenues has declined in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategies and sustain and beat competition. Open-ups help automotive passive safety system market to regain growth and brighter future prospects.
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.
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.
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.
Questions answered in the passive safety systems market research report:
- Which are the leading market players active in the passive safety systems market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the passive safety systems market?
- What are the projections for the future that would help in taking further strategic steps?
Automotive Passive Safety System Market Report Highlights
By Product Type
By Vehicle Type
By Sales channel
Key Market Players
Hella, Tomkins, Wonder Auto Technology, Continental, Hyundai Mobis, TRW Automotive, Hyosung, Key Safety Systems., Robert Bosch, Autoliv