Report : North America 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 2.9% CAGR, the North America Automotive Passive Safety System Market is speculated to be worth US$ 4,097.26 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the North America automotive passive safety system market was valued at US$ 3,454.06 million in 2022 and is expected to reach US$ 4,097.26 million by 2028, registering an annual growth rate of 2.9% from 2022 to 2028. The rising automobile production and growing initiatives to introduce regulatory standards concerning vehicle safety are the critical factors attributed to the market expansion.

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 region 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 automotive passive safety systems market. Falling loan interest rates are also fueling growth in the auto industry, which is supporting the passive safety system sales. In 2021, the US produced many automotive vehicles, including passenger and commercial vehicles. The rise in automobile production, along with rising concerns for occupant safety and security has created a need for automotive passive safety structures. Thus, increase in automobile production is driving the market sales for airbags, seatbelts, occupant safety systems, and other passive safety systems that improve the safety and driving experience.

On the contrary, high operating and maintenance costs of passive safety systems hurdles the growth of North America automotive passive safety system market.

Based on type, the North America 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$ 2,331.16 million. It is projected to garner US$ 2,835.27 million by 2028 to expand at 3.3% CAGR during 2022–2028.

Based on vehicle type, the North America 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$ 2,647.66 million. It is projected to garner US$ 3,231.70 million by 2028 to expand at 3.4% CAGR during 2022–2028.

Based on country, the North America automotive passive safety system market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 65.8% market share in 2022. It was assessed at US$ 2,273.25 million in 2022 and is likely to hit US$ 2,781.63 million by 2028, exhibiting a CAGR of 3.4% during the forecast period.

Key players dominating the North America 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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