CAGR: 8%Current Market Size: USD 30.2 BillionFastest Growing Region: MEA
Largest Market: APACProjection Time: 2021-2028Base Year: 2020
The global Automotive Airbags & Seatbelts market is expected to grow from USD 30.2 Billion in 2020 to USD 54.8 Billion by 2028, at a CAGR of 8.0%during the Projection period 2021-2028. This growth of the automotive airbags & seatbelts market is significantly driven by an upsurge in demand for an efficient, safer, and convenient driving experience along with the developments in vehicle passive safety systems.
In the modern automotive, airbags are a complementary protection unit that is designed to work best in combination with seat belts. A seatbelt holds an occupant in the car in place during the sudden jerk or vehicle stoppage and ensures maximum efficiency of the airbag. During an event of an accident, the airbag fills up rapidly and delivers a cushion for the occupants in the vehicle by ensuring that they are protected during a crash. Airbag offers a number of benefits such as increased cushioning around the neck, spine, and head of the occupant and decreased risk that a victim will project through the window or be ejected from the car.
While on the other hand, a seatbelt provides safety to the occupant in the vehicle and other motorists, keeps them in place during impacts, is designed to work with airbags, and reduces the risks of serious injuries and death.
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Market Dynamics
Drivers:
Passive safety systems help to protect occupants in vehicles from injury once a crash has already occurred. Such systems include airbags and safety-belt among others. The introduction of stringent safety standards by the governments of a number of countries boosts demand for such systems, fueling the growth of the market. For instance, Governments, mainly across the emerging countries such as China and India are regularly making amendments and introducing novel regulations to ensure enhanced road safety.
In the past few years, vehicles are being equipped with cutting-edge gadgets such as hands-free connectivity, entertainment system, and global position system (GPS) to enhance driving experiences. In addition to this, the need for an efficient and safer driving experience has boosted demand for a seatbelt which acts as a restraint that enables an airbag to provide perfect cushion and not harm the driver at full force.
Restraints:
Active safety systems include electronic stability control, traction control, and braking systems. Also, these systems include advanced driver assistance systems which use sensors such as lane departure warning and forward collision warning, along with adaptive cruise control. This factor is anticipated to primarily hamper the growth of the global automotive airbags & seatbelts market.
Opportunities:
Over the past few years, EV sales have grown considerably across the China and Europe regions among others. This is mainly attributed to the fact that such types of vehicles have the potential to decrease emissions and address climate change. Therefore, demand for such vehicles is anticipated to increase significantly in upcoming years. This will provide lucrative growth opportunities for the automotive airbags & seatbelts market.
Challenges:
Trafficking and production of counterfeit goods lead to significant safety and health threat to consumers. In addition to this, it impacts the economic growth of businesses and consumers through lost revenue, replacement costs, and downtime. However, automotive parts counterfeiting has become a global concern for the past few years. Hence, counterfeiting of automotive airbags & seatbelts may pose challenges for the market players.
Segmentation Analysis
The global automotive airbags & seatbelts market has been segmented based on airbags type, seatbelts type, vehicle, component, electric vehicle, and regions.
By Airbags Type
By Seatbelts Type
By Vechile
By Component
By Electric Vehicle
By Regional Analysis:
The regions analyzed for the automotive airbags & seatbelts market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. The Asia-Pacific region dominated the Automotive Airbags & Seatbelts market and held the 38.4% share of the market revenue in 2020.
Key Industry Player Analysis
Adoption of new technology by key market players is likely to boost the growth of the market
The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global Automotive Airbags & Seatbelts industry.
For instance, in November 2019, Autoliv Inc., the global provider of vehicle safety systems, announced the development of a new front-center airbag that is designed for saving lives in side-impact crash situations.
In September 2019, Hyundai Mobis has developed Safety Integrated Control Module. This module ensures increased safety and efficiency in operating automotive safety devices.
Latest Devlopment
Report Metrics
Report Attribute |
Details |
Market size available for years |
2021-2028 |
Base year considered |
2020 |
CAGR (%) |
8.0% |
Market Size |
30.2 Billion in 2020 |
Forecast period |
2021-2028 |
Forecast unit |
Value (USD) |
Segments covered |
Airbags Type, Seatbelts Type, Vehicle, Component, Electric Vehicle, and Regions |
Report Scope |
Revenue forecast, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
ZF Friedrichshafen, Autoliv, Joyson Safety Systems, Robert Bosch, Continental, Aptiv, Denso, Hyundai Mobis, Toshiba Device Corporation, and Toyoda Gosei among others |
By Airbags Type |
|
By Seatbelts Type |
|
By Vehicle |
|
By Component |
|
By Electric Vehicle |
|
Regional scope |
|
Scope of the Report
Global Automotive Airbags & Seatbelts Market by Airbags Type:
Global Automotive Airbags & Seatbelts Market by Seatbelts Type:
Global Automotive Airbags & Seatbelts Market by Vehicle:
Global Automotive Airbags & Seatbelts Market by Component:
Global Automotive Airbags & Seatbelts Market by Electric Vehicle:
Global Automotive Airbags & Seatbelts Market by Region:
Global Automotive Airbags & Seatbelts market is expected to reach USD 54.8 Billion by 2028, at a CAGR of 8.0% from 2021 to 2028.
The global Automotive Airbags & Seatbelts market has been segmented based on airbags type, seatbelts type, vehicle, component, electric vehicle, and regions.
The regions analyzed for the Automotive Airbags & Seatbelts market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa.
Leading market players active in the global automotive airbags & seatbelts market are ZF Friedrichshafen, Autoliv, Joyson Safety Systems, Robert Bosch, Continental, Aptiv, Denso, Hyundai Mobis, Toshiba Device Corporation, and Toyoda Gosei among others.
Increasing awareness about the implementation of passive safety systems is one of the major factors driving the growth of the Automotive Airbags & Seatbelts market.
Upsurge in demand for efficient, safer, and convenient driving experience along with the developments in vehicle passive safety systems.
Lockdowns imposed by the governments in various countries temporarily suspended manufacturing activities. Due to the slowdown in industrial activities and consumer markets, the Automotive Airbags & Seatbelts industry has been impacted as the production of vehicles has been hampered during the pandemic.
Based on the sales revenue, product offering, and regional presence, the companies are selected.
Political- In addition to this, positive regulations and government support in terms of subsidies are projected to attract a number of automotive manufacturers such as Toyota, Honda, and Hyundai to set up their plants in the region. This is further projected to boost the growth of the market in Asia-Pacific. Governments, mainly across the emerging countries such as China and India are regularly making amendments and introducing novel regulations to ensure enhanced road safety.
Economic- Trafficking and production of counterfeit goods lead to significant safety and health threat to consumers. In addition to this, it impacts the economic growth of businesses and consumers through lost revenue, replacement costs, and downtime. However, automotive parts counterfeiting has become a global concern for the past few years. Hence, counterfeiting of automotive airbags & seatbelts may pose challenges for the market players.
Social- The Asia-Pacific holds tremendous potential for vehicle production. In addition to this, the rise in concerns over safety along with the increased incorporation of safety systems, predominantly airbags, in compact cars fuels the growth of the Asia-Pacific automotive airbags & seatbelts market. The Middle East and Africa region are likely to register significant growth during the Projection period. This is mainly due to the significant rise in trend among the automotive manufacturers across the globe to set up their manufacturing plants in the region.
Technological- Over the past few years, EV sales have grown considerably across the China and Europe regions among others. This is mainly attributed to the fact that such types of vehicles have the potential to decrease emissions and address climate change. Therefore, demand for such vehicles is anticipated to increase significantly in upcoming years. This will provide lucrative growth opportunities for the automotive airbags & seatbelts market.
Environmental- Passive safety systems help to protect occupants in vehicles from injury once a crash has already occurred. Such systems include airbags and safety-belt among others. The introduction of stringent safety standards by the governments of a number of countries boosts demand for such systems, fueling the growth of the market. Upsurge in demand for efficient, safer, and convenient driving experience along with the developments in vehicle passive safety systems.
Legal- November 2021- Autoliv, Inc., the provider of automotive safety systems, and SSAB, the global steel company collaborated to develop and research fossil-free components of steel for automotive safety products, such as seatbelts and airbags. July 2019- ZF Friedrichshafen which is one of the top market players developed an airbag for external purposes which will help to enhance vehicle safety. This airbag will soften the blow from the oncoming vehicle, thereby minimizing the damage.
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List of Figures