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Europe Automotive Passive Safety System Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type and Vehicle Type

Europe Automotive Passive Safety System Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type and Vehicle Type

  • October 2022
  • 131 pages
  • ID: 6362014
  • Format: PDF
  • The Insight Partners

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The automotive passive safety system market in Europe is expected to grow from US$ 4,999.52 million in 2022 to US$ 6,309.27 million by 2028. It is estimated to grow at a CAGR of 4.0% from 2022 to 2028.

Surge in 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, Germany 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.

Market Overview

Germany, France, the UK, and Italy are among the major economies in Europe.The western part of Europe is characterized by elevated living standards, with high national GDPs.

The automotive industry contributes 7% to the GDP of Europe, directly and indirectly.The automotive sector supports the growth of these economies by assisting the supply chain, which creates a diversified array of business opportunities and services.

Europe comprises several major automotive manufacturing and assembly plants.Automotive manufacturers have production plants in 27 countries and 304 vehicle assembly plants across Europe.

According to European Automobile Manufacturers Association, 2.1 million commercial vehicles were produced in the EU in 2021, and 9.9 million passenger cars were made in the European Union in 2021. The growing production of commercial and passenger vehicles is likely to fuel the demand for automotive passive safety systems. As per OICA 2021 statistics report, the number of motor vehicle produced in Europe was 1,63,30,509; 1,69,42,248; and 2,15,75,118 in 2021, 2020, and 2019, respectively. Also, the total passenger cars produced across the region was 1,38,03,297 in 2021, 1,45,56,548 in 2020, and 1,87,24,208 in 2019. Germany, France, Spain, the UK, and the Czech Republic are the leading countries in Europe that produced the maximum number of motor vehicles and passenger cars. Further, the national regulatory bodies are taking numerous initiatives to support the development of the automotive industry in the region. For instance, CARS 2020 Action Plan, GEAR 2030, and Horizon 2020 are a few major European government initiatives. The Horizon 2020 Plan focuses on providing funds for research & development (R&D) activities in the automotive industry by launching programs such as the European Green Vehicles Initiative and programs on factories of the future and information and communications technology (ICT) for smart mobility, road transport, and logistics. Therefore, the presence of a robust automotive industry helps boost the demand for automotive airbags and seatbelts due to large-scale motor vehicle production and several European governmental schemes.

Europe Automotive Passive Safety System Market Revenue and Forecast to 2028 (US$ Million)

Europe Automotive Passive Safety System Market Segmentation

The Europe automotive passive safety system market is segmented into type, vehicle type and country.

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 registered the largest market share in 2022.

Based on vehicle type, the Europe 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 Germany, France, Italy, the UK, Russia, and the rest of Europe. Germany 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 Europe automotive passive safety system market.

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