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. Increasing consumer preference for safety features in vehicles and advancement in passive safety systems are driving factor for the market growth. Moreover, stringent safety regulation for vehicles is expected to drive the market growth for automotive airbags and seatbelts.
The automotive airbags & seatbelts market has promising growth potential due to several factors, including the improving road safety standards, supporting legislation, increasing consumer awareness, and rising disposable income in emerging economies. The rapidly growing vehicle population in China and India has increased the risk of road fatalities. Several countries in Europe and North America have introduced regulations that mandate the incorporation of airbags & seatbelts in passenger cars as well as commercial vehicles.
Even countries in Asia Pacific, such as Japan, South Korea, China, and India, are implementing various safety mandates with respect to vehicle safety. For instance, the Indian Ministry of Road Transport and Highways mandated the installation of airbags, seatbelt reminders, reverse parking sensors, and a manual override for the central locking system for all four-wheelers that come off the production line after July 1, 2019.
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The passenger car segment is projected to be the largest growing vehicle type segment of the automotive airbags and seatbelts market. The growth can be attributed to the increased passenger car production in countries such as India and China. Moreover, the government has mandated airbags & seatbelts for passenger cars in several countries. This will positively impact the automotive airbags & seatbelts market for passenger cars. Moreover, increased installation of safety features from automakers to improve safety ratings is expected further to drive the market growth.
Side & curtain airbags are projected to be the fastest-growing segment of the automotive airbags & seatbelts market, by airbags type. Side & curtain airbags provide head & neck protection to passengers in side collision crashes. Side/curtain airbags form a cushion between the occupant and the window, which helps protect the occupant’s head from striking the side of the car. These airbags are estimated to reduce serious chest injuries in side-impact collisions by approximately 25%. These airbags are effective and give more protection to the occupants in case of a rollover crash. Due to this effectiveness in the case of crashes, the installation rate of side & curtain airbags has been increasing. These factors fuel the growth of the side & curtain airbags industry.
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Asia Pacific region is estimated to be the largest growing market for automotive airbags & seatbelts. The automotive airbags & seatbelts market is projected to grow at the highest rate in emerging economies such as China, Japan, and India. The increasing number of road accidents and growing consumer concerns over safety are driving the growth of the automotive airbags and seatbelts market in Asia Pacific. The growing demand for safer and efficient driving experience and support of government mandates have contributed to the growth of the automotive airbags & seatbelts market in this region. 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 is impacted severely by the pandemic. This is expected to affect the overall market growth.
Key Market Players:
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), Hyundai Mobis (South Korea), and Denso (Japan).
- How will the government mandates impact the overall passive safety system market in the long term?
- What impact will advancements of active safety systems have on the overall automotive airbags & seatbelts market?
- What impact will external airbags have on automotive airbags & seatbelts market?
- What are the upcoming trends in the automotive airbags & seatbelts market? What impact would they make in the coming years?
- What are the key strategies adopted by the leading players in this market?
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