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)
The automotive passive safety system market in Asia Pacific is expected to grow from US$ 10,615.50 million in 2022 to US$ 14,521.95 million by 2028. It is estimated to grow at a CAGR of 5.4% from 2022 to 2028.
Rising Automobile Production
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, China, India, Japan, and South Korea 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.
China, India, South Korea, Japan, and Australia are among the key economies in APAC. These economies are performing well, owing to the numerous technological and infrastructural developments. The region has a robust automotive sector, which is supported by the expansion in the automotive manufacturing industry in countries such as China, India, and South Korea. Countries, such as India, China, South Korea, and Japan are among the leading vehicle manufacturing countries worldwide. For instance, According to the Society of Indian Automobile Manufacturers (SIAM), India produced 22,933,230 vehicles, of which 3,650,698 were passenger vehicles and 805,527 were commercial vehicles in 2021. In 2021, China emerged as the largest vehicle-producing country in the world. According to the China Association of Automobile Manufacturers (CAAM), the overall production and sales of passenger vehicles in china amounted to 21.408 million units and 21.482 million units, respectively. The Japanese automobile sector is still thriving, with Japanese manufacturers making and selling many vehicles worldwide. Due to increased automotive production in Japan, Japan's automotive component manufacturing industry is predicted to be among the most opportunistic third to only the US and Germany. The automotive component industry in Japan has expanded in tandem with the increase in the number of automobile manufacturers in the country, owing to the increasing number of passenger and commercial vehicles on the road. The presence of a strong automotive sector and the increasing number of car manufacturers are the major factors driving the growth of the automotive passive safety system market in the region.
Asia Pacific Automotive Passive Safety System Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Automotive Passive Safety System Market Segmentation
The Asia Pacific automotive passive safety system market is segmented into type, vehicle type and country.
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 registered the largest market share in 2022.
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 a larger market share in 2022.
Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and the rest of Asia Pacific. China dominated the market share in 2022.
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 are the leading companies operating in the Asia Pacific automotive passive safety system market.
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