The Automotive Airbags & Seatbelts Market is estimated to be USD 55.77 billion in 2017 and is projected to reach 135.43 billion by 2025, at a CAGR of 11.97% during the forecast period. Increasing demand for safe, more efficient driving experiences, and growing stringency of safety regulations across the globe are playing a key role for driving airbags & seatbelts market. The base year considered for the study is 2017, and the forecast has been provided for the period between 2018 and 2025. The report analyses and forecasts the market size, in terms of volume (000’/million units) and value (USD million/ billion), of the automotive airbags & seatbelts market.
The automotive industry is witnessing a rapid evolution in safety features. The main objective behind the implementation of these features in vehicles is to provide a safer and more efficient and convenient driving experience.
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The increase in road accidents is a major concern for automobile manufacturers and governments. According to NHTSA, the total number of fatalities due to road accidents in the US in 2016 was 37,461, which grew by 5.6% from 2015. These statistics plainly illustrate the often-underestimated dangers inherent in driving a car. While these numbers are staggeringly high, they are fortunately in decline. Much of this decline in the frequency of vehicular crashes can be attributed to the widespread adoption of automotive safety systems, such as seatbelts and airbags.
Passenger car is estimated as the fastest growing market for airbags & seatbelts
Passenger car segment is estimated to be the fastest growing segment of the automotive airbags & seatbelts market, by vehicle. The number of passenger cars is growing at a significant rate in the emerging economies of the Asia Pacific region. This can be attributed to the rise in GDP and the population of these countries, resulting in improved lifestyle, increased purchasing power of consumers, and development of infrastructure. Airbags and seatbelts are provided as a standard feature in passenger cars in most of the countries for preventing fatalities due to accidents.
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“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 market, 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 on the door, 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 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 near future.
The Asia Pacific region is estimated to dominate the automotive airbags & seatbelts market, in terms of value, in 2018. The rising consumer income levels, increased vehicle production in developing countries such as India and China, and increase in the number of luxury vehicles in countries such as Japan fuel the growth of the automotive airbags & seatbelts market in the Asia Pacific region.
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The Key Players in the Automotive Airbags & Seatbelts Market are ZF Friedrichshafen (Germany), Autoliv (Sweden), Denso Corporation (Japan), Aptive (UK), Joyson Electronic (China), Continental AG (Germany), Robert Bosch GmBH (Germany), Toshiba Corporation (Japan), Hyundai Mobis (South Korea), and Takata Corporation (Japan). These Players are Increasingly Undertaking Mergers and Acquisitions, and Product Launches to Develop and Introduce New Technologies and Products in the Market.
Key Questions Answered
- What are the industry trends of the airbags and seatbelts market?
- What would be the impact of government mandates to regularize emission norms?
- Who are the key players in the industry and what strategic initiatives are they taking to maintain their market position?
- How are the players addressing the challenge of maintaining a sustainable and profitable model for airbags & seatbelts market?
- Which region will be the largest market for airbags & seatbelts?
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