“Growing government regulations pertaining to vehicle safety and increasing demand for a safer, efficient, and convenient driving experience are set to drive the automotive airbags & seatbelts market.”
The global automotive airbags & seatbelts market size is estimated to be USD 28.2 billion in 2020 and is projected to reach 40.4 billion by 2025, at a CAGR of 7.5% during the forecast period. The market has a promising growth potential due to several factors, including the stringent safety regulations on vehicle safety across the globe, increasing demand for a safe, efficient, & convenient driving experience, and rising disposable income in emerging economies.
Active safety systems minimize the chances of accidents before they even occur. Anti-lock braking systems (ABS), lane departure warning systems (LDWS), automatic emergency braking (AEB), blind-spot detection (BSD), and forward-collision warning (FCW) are some of the standard active safety systems. On the other hand, passive safety systems are used to protect passengers in the event of an accident. Since active safety systems help prevent vehicle crashes, the increasing development of these systems across the globe is expected to impact the market negatively for passive safety systems, such as airbags and seatbelts, in the coming years.
The recent COVID-19 pandemic is expected to impact the global automotive industry. The entire supply chain is disrupted due to a limited supply of parts. For instance, Hubei province in China accounts for 8 -10% of the Chinese auto production and is severely impacted by pandemic. China suppliers around the globe placed production lines on halt or shut them down completely. Also, legal and trade restrictions, such as sealed borders, increase the shortage of required parts. Such disruption in the supply chain is expected to affect the assembly of OEMs in Europe and North America.
“Side & curtain airbags: The fastest-growing segment of the automotive airbags & seatbelts market, by airbags type “
Side & curtain airbags are the fastest-growing segment of the automotive airbags & seatbelts industry, by airbags type. Side airbags are designed to help protect an adult’s chest in a serious side-impact crash. These are mounted on the side of the seat or the door, or usually on the roof rail above the side windows. In the event of a side-impact crash, curtain airbags are used to protect an adult’s head. According to the Insurance Institute for Highway Safety, head-protecting side airbags reduce driver fatality risk by 45%. This effectiveness will help to grow the side & curtain airbags market in the near future.
“3-point seatbelts: The largest growing seatbelt type of the automotive airbags & seatbelts market.”
The 3-point seatbelt is estimated to be the fastest-growing segment of the automotive airbags & seatbelts industry, by seatbelt type. 3-point seatbelts are effective at reducing fatalities for the driver as well as passengers in vehicles. The governments of various counties have mandated the use of 3-point seatbelts in the vehicle. Their effectiveness over 2-point seatbelts helps to drive the 3-point seatbelts market.
“Asia Pacific: The fastest-growing region in the automotive airbags & seatbelts market.”
The Asia Pacific region is estimated to dominate the automotive airbags & seatbelts industry and is projected to grow at the highest CAGR during the forecast period. The market growth in this region can be attributed to the improving socio-economic conditions in emerging economies such as China and India. The increasing number of road accidents and increased consumer concern over safety is also driving the market in the region.
BREAKDOWN OF PRIMARIES
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type– Tier 1- 33%, Tier 2- 47% Tier 3 - 20%
- By Designation? C level - 40%, Managers & Other Level - 60%
- By Region? North America - 25%, Europe - 35%, Asia Pacific - 40%
The automotive airbags & seatbelts market is dominated by a few globally established players such as Autoliv (Sweden), Joyson Safety Systems (US), ZF Friedrichshafen (Germany), Toyota Gosei (Japan), and Hyundai Mobis (South Korea).
The report segments the automotive airbags & seatbelts market and forecasts its size, by volume and value, based on region (Asia Pacific, Europe, North America, and RoW), airbags type (frontal, knee, and side & curtain), seatbelts type (2-point and 3-point), vehicle (PC, LCV, Buses, and Trucks), electric vehicle (BEV, HEV, FCEV, and PHEV), by component (Airbag Inflator, ACU and Airbag).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the automotive airbags & seatbelts market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report:
- The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the automotive airbags & seatbelts market and provides them information on key market drivers, restraints, challenges, and opportunities.