The automotive airbags & seatbelts market is estimated to be USD 61.38 billion in 2018 and is projected to reach USD 135.43 billion by 2025. The market, in terms of value, is estimated to grow at a CAGR of 11.97% from 2018 to 2025. The government regulations pertaining to vehicle safety and the growing demand for a safer, efficient, and convenient driving experience are the key factors driving the market growth.
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 increasing 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. For instance, in 1998, the use of airbags was made mandatory in all cars and light commercial vehicles in the US. The law also specified that airbags should be fitted in both sides of the front seat (driver airbags as well as front passenger airbags). Also, in 2006, the European Union mandated the use of seatbelts. In 2012, they mandated the use of airbags (frontal airbags, head-protecting airbags, and side airbags).
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The side & curtain airbags market is 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. These airbags are effective and give more protection to the occupants in case of rollover crash. Due to this effectiveness in case of crashes, installation rate of side & curtain airbags has been increasing. These factors fuel the growth of the side & curtain airbags market.
The passenger cars segment is projected to be the fastest growing vehicle type of the automotive airbags & seatbelts market. The increasing production of passenger cars due to improvement in lifestyle and disposable income of the consumers will increase the demand for safety systems. Airbags & seatbelts for passenger cars have been mandated by the government in several countries. This will positively impact the automotive airbags & seatbelts market for passenger car.
Asia Pacific region is estimated to be the fastest 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 and India. Recent infrastructure developments and industrialization activities in these countries have opened new avenues, opportunities, and markets for OEMs. Besides, the increasing purchasing power of consumers has stimulated the demand for automobiles in the region. The increasing production of passenger cars, light commercial vehicles, and heavy commercial vehicles is consistently driving the growth of the automotive airbags & seatbelts market in the region. The growing demand for safer and efficient driving experience and for luxury vehicles have contributed to the growth of the automotive airbags & seatbelts market in this region.
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