In the upcoming years, it is anticipated that the global automobile market would expand at a large rate due to the rise in income levels and purchasing power. One of the major factors propelling the market for automotive airbags and seatbelts is the expansion of the automotive sector. Secondly, the market for automobile airbags and seatbelts is being driven by the strict government rules surrounding traffic safety. For instance, the frontal and side impact protection requirements are among the many for car safety that the United Nations Economic Commission for Europe (UNECE) has developed. Airbags and seatbelts are required by these laws to be used in automobiles.
The automotive industry has experienced an increase in the number of traffic accidents over the past few years, necessitating the development of the Automotive Airbags and Seatbelts Market. As a result, there is now a higher demand for automotive safety features, which is fueling the market expansion for seatbelts and airbags. The market is also predicted to expand as a result of growing customer recognition of the importance of security measures in automobiles.
Cars are equipped with safety features like seatbelts as well as automotive airbags to protect passengers from injury in the event of a collision. As opposed to seatbelts, which are intended to keep passengers in their seats, airbags are inflatable cushions that are attached to a car's steering wheel, dashboard, or door panels. A second factor that is anticipated to fuel the expansion of the automotive airbags and seatbelts market is the fact that many nations have laws requiring the use of airbags and seatbelts.
The automotive airbags and seatbelts market was valued at $53.8 billion in 2021 and is expected to reach $111.9 billion by 2028, growing at an 11.8% CAGR from 2022 to 2028.
The market is expanding as a result of factors like rising consumer demand for cars and trucks, as well as widespread community awareness of automotive security measures.
The pricey nature of these safety elements is one of the main issues that the vehicle airbag and seatbelt market must contend with. Seatbelts can cost up to USD 500 per unit, whereas automotive airbags can cost up to USD 1,000 per unit. It is projected that market growth will be limited over the projection period since many buyers are unable to afford these safety protocols. Moreover, many governments are requiring the installation of these safety measures in cars, which is anticipated to open up new business prospects.
The automotive Airbags and Seatbelts Market's leading companies include Toyoda Gosei Co. Ltd. (Japan), Key Safety Systems, Inc. (US), Robert Bosch GmbH (Germany), Honeywell International Inc. (US), Autoliv (Sweden), ZF TRW (US), Takata Corporation (Japan), Panasonic Corporation (Japan), and Delphi Technologies PLC (UK). Daicel Corporation (Japan), Continental AG (Germany), and DENSO CORPORATION (Japan) are more participants. As a result, the market for automobile seatbelts and airbags is thoroughly examined in this study.
The Automotive Airbag Type to Emerge as the Most Lucrative Segment
Automobile airbags as well as automotive seatbelts make up the two type-based market segments. Within them, it is predicted that the automotive airbags category will grow at a quicker CAGR over the projection period. This growth can be attributed to the increased usage of airbags in cars for reliability. Furthermore, government rules governing auto safety features are also essential to the expansion of this market.
The Most Popular Application Segment is Passenger Cars
Commercial and passenger vehicles make up the two main segments of the market. The market for automotive airbags and seatbelts is anticipated to be dominated by the passenger car application among these. The rising demand for passenger cars around the world can be credited to this expansion. Additionally, the growth of this application segment is being fueled by strict regulations about passenger safety.
The European region followed by North America to render Ample Financing Opportunities
The greatest market for automobile airbags and seatbelts is anticipated to be in Europe, followed by North America. The main drivers fueling the growth of this industry in Europe are the strict government requirements surrounding passenger safety. Likewise, the demand for airbags and seatbelts in this region is being fueled by the rising awareness of passenger safety.
COVID-19 Impact and Market Status
The market for automobile airbags and seatbelts has been significantly impacted by the COVID-19 outbreak. Vehicle manufacturing and sales have declined as a result of the lockdown imposed by various governments throughout the world to stop the virus' spread. The demand for seatbelts and car airbags has consequently suffered a result. The market is anticipated to rebound in the upcoming years as automotive production and sales are anticipated to increase.
Recent Developments in the Automotive Airbags and Seatbelts Market
• A supplier of safety systems for the automobile industry, Novus Safety Solutions, sold some of its assets to Autoliv Inc. in September 2021. Autoliv will be able to diversify its product offering in the Asia Pacific market thanks to this acquisition.
• A major supplier of safety and control systems for the commercial vehicle industry, WABCO Holdings Inc., was purchased by ZF Friedrichshafen AG in March 2021. With this acquisition, ZF will be able to increase the number of products it offers in the North American market.
• Takata Corporation received permission from the US National Highway Traffic Safety Administration (NHTSA) in January 2021 to proceed with its plan to recall specific models of airbag inflators. By December 2021, with the aid of this approval, Takata will be able to recall more than 46 million vehicles in the US.
Automotive Airbags and Seatbelts Market Scope
|Revenue forecast in 2028
|CAGR of 11.8 % during 2018-2028
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Toyoda Gosei Co. Ltd. (Japan), Key Safety Systems, Inc. (US), Robert Bosch GmbH (Germany), Honeywell International Inc. (US), Autoliv (Sweden), ZF TRW (US), Takata Corporation (Japan), Panasonic Corporation (Japan), and Delphi Technologies PLC (UK). Daicel Corporation (Japan), Continental AG (Germany), and DENSO CORPORATION (Japan)
Key Segment of Global Automotive Airbags and Seatbelts Market
By Type Overview (USD Billion)
• Automotive Airbags
• Automotive Seatbelts
By Application Overview (USD Billion)
• Passenger Car
• Commercial Vehicle
By Region Overview (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa