Report : Asia Pacific Automotive Passive Safety System Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Airbag, Seatbelt, Occupant Sensing System, Child Safety System, and Others) and Vehicle Type (Passenger Car and Commercial Vehicles)
At 5.4% CAGR, the Asia Pacific Automotive Passive Safety System Market is speculated to be worth US$ 14,521.95 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific automotive passive safety system market was valued at US$ 10,615.50 million in 2022 and is expected to reach US$ 14,521.95 million by 2028, registering an annual growth rate of 5.4% from 2022 to 2028. The growing adoption of electric vehicles rising automobile production and growing in are the critical factors attributed to the market expansion.
The introduction of electric vehicles has transformed the automotive industry. In addition to this, automotive airbag and seatbelts technology in the market has enhanced safety and reduced the complexity of driving. Growing demands for electric vehicles opens new door for the automotive passive safety system market players. With the goal of Vision Zero that includes road traffic without severe injuries and fatalities, OEMs are continuously investing in passive safety systems for the protection of vehicle occupants, pedestrians, cyclists, and motorcyclists. Airbags and seatbelts with modern features are now standard in electric automobiles for a better driving experience. When switching to an electric vehicle, customers expect a higher level of automated experience. Technological innovation and a rise in focus on the safety of passengers and drivers may further increase the demand for airbags and seatbelts in electric vehicles. The company MG Motor India Pvt. Ltd introduced its MG ZS Electric Vehicle with three point seat belt, to ensure safety for all passengers. The vehicle also includes 6 Airbags consisting of dual front airbags, side airbags and curtain airbags that work together with the seatbelts. A network of self-cleaning sensors deliver a 360º view of the environment around the EV. As one of the fastest-growing economies in sustainable and climate-neutral development, Indian government’s Union Road Transport and Highways department is emphasizing on development of hydrogen fuel cell electric vehicle in the Indian auto market. The department also appealed to vehicle manufacturers to compulsorily provide a minimum of six airbags across all variants and segments of a vehicle. Such advancements are anticipated to provide lucrative opportunities for the growth of the automotive passive safety systems market.
On the contrary, high operating and maintenance costs of passive safety systems hurdles the growth of Asia Pacific automotive passive safety system market.
Based on type, the Asia Pacific automotive passive safety system market can be categorized into airbags, seatbelts, occupant sensing system, child safety system, and others. The airbags segment held 67.4% market share in 2022, amassing US$ 7,151.10 million. It is projected to garner US$ 9,990.93 million by 2028 to expand at 5.7% CAGR during 2022–2028.
Based on vehicle type, the Asia Pacific automotive passive safety system market is bifurcated into passenger car and commercial vehicles. The passenger car segment held 76.7% market share in 2022, amassing US$ 8,145.15 million. It is projected to garner US$ 11,517.96 million by 2028 to expand at 5.9% CAGR during 2022–2028.
Based on country, the Asia Pacific automotive passive safety system market is categorized into Australia, China, India, Japan, South Korea, and the rest of Asia Pacific. Our regional analysis states that China captured 40.9% market share in 2022. It was assessed at US$ 4,339.79 million in 2022 and is likely to hit US$ 6,099.22 million by 2028, exhibiting a CAGR of 5.8% during the forecast period.
Key players dominating the Asia Pacific automotive passive safety system market are Autoliv Inc; Continental AG; FAURECIA; Hyundai Mobis; Joyson Safety Systems; Knauf Industries; Robert Bosch GmbH; Tokairika Co., Ltd.; Toyoda Gosei Co., Ltd; and ZF Friedrichshafen AG among others.
- In 2022, TOKAI RIKA CO., LTD. has planned to establish a new plant of TOKAI RIKA MINDA INDIA Pvt. Ltd. a subsidiary of India, in Rajasthan, India. With this the company is planning to expand its production bases in northern India and aim for sales of approximately 20 billion yen by 2030.
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