Report : Europe 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 4.0% CAGR, the Europe Automotive Passive Safety System Market is speculated to be worth US$ 6,309.27 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe automotive passive safety system market was valued at US$ 4,999.52 million in 2022 and is expected to reach US$ 6,309.27 million by 2028, registering an annual growth rate of 4.0% from 2022 to 2028. The rising initiatives to introduce regulatory standards concerning vehicle safety and surge in automobile production and growing in are the critical factors attributed to the market expansion.
Automobile technology has improved rapidly over the years, and automobile safety technology has gradually been integrated into all aspects of automobiles. Government across the region is imposing regulations pertaining to vehicle and driver’s safety and to prevent accidents. European Union EU institutions have reached a preliminary political agreement on the revised General Safety Regulation. New safety technology has been made mandatory in European vehicles to protect passengers, pedestrians, and cyclists. Passive safety systems are thus anticipated to help reduce the number of road casualties, 90% of which are due to human error. The European New Car Assessment Programme (NCAP) has created the five-star safety rating system to help consumers compare vehicles easily and identify the safety features to meet their needs. The introduction of safety mandates in the European Union is driving the demand for automotive passive safety systems which is anticipated to pave the way for increasingly connected and automated mobility and enhance the innovation and competitiveness of the automotive industry. These factors are therefore driving the automotive passive safety system market.
On the contrary, high operating and maintenance costs of passive safety systems hurdles the growth of Europe automotive passive safety system market.
Based on type, the Europe automotive passive safety system market can be categorized into airbags, seatbelts, occupant sensing system, child safety system, and others. The airbags segment held 67.5% market share in 2022, amassing US$ 3,376.50 million. It is projected to garner US$ 4,374.65 million by 2028 to expand at 4.4% CAGR during 2022–2028.
Based on vehicle type, the Europe 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$ 3,835.82 million. It is projected to garner US$ 5,002.89 million by 2028 to expand at 4.5% CAGR during 2022–2028.
Based on country, the Europe automotive passive safety system market is categorized into Germany, France, Italy, the UK, Russia, and the rest of Europe. Our regional analysis states that Germany captured 28.1% market share in 2022. It was assessed at US$ 1,403.68 million in 2022 and is likely to hit US$ 1,829.06 million by 2028, exhibiting a CAGR of 4.5% during the forecast period.
Key players dominating the Europe 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.
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