Report Code: A11736 | Nov 2023 | Pages: NA | ||
Tables: NA | Charts: NA |
|
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Automotive Passive Safety System Market
Request Now !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
Market Trends
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
Questions answered in the passive safety systems market research report:
Automotive Passive Safety System Market Report Highlights
Aspects | Details |
---|---|
By Product Type |
|
By Vehicle Type |
|
By Sales channel |
|
By Region |
|
Key Market Players | Robert Bosch, Hyosung, Continental, Wonder Auto Technology, Key Safety Systems., Autoliv, Tomkins, TRW Automotive, Hella, Hyundai Mobis |
Start reading.
This Report and over 66,804+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers