The global automotive airbags & seatbelts market accounted for USD 69.3 billion in 2019. Automotive airbags & seatbelts market is projected to register growth at a CAGR of 8.7% during forecast period.
COVID-19 has impacted automotive industry significantly. The supply of raw materials and finished products were affected immensely due to travel restriction and lockdown imposed by governments around the world. All the production and assembly activities were halted. The vehicles sales have been hit and experienced a major decline due corona virus outbreak. This has impacted market for automotive software around the world. The automotive software market is promoted by government as it ensures road safety and reduces pollution by emission and this market will witness growth in 2021.
For more details, visit: Global Automotive Airbags & Seat Belts Market By Airbag Type (Float Frontal, Knee, others), By Vehicle Type (Passenger Cars ,Commercial Vehicle), By Component (Airbag Inflator, Airbag, Others), By Region–Forecast & Opportunities to 2026
The government’s concern for road safety is increasing due to large number of fatalities due to accidents across the world. The government has setup certain set of rules and regulation for safety features due to rising accidents cases across the world. Airbags help in preventing causalities due to crash and ensures safety to driver and passengers. This drives growth in automotive airbags & seatbelts market during forecast period.
On the basis of airbag type, the automotive airbags & seatbelts market is segmented into frontal airbags, knee airbags and side & curtain airbags. The side & curtain airbags is estimated to register fastest growth in automotive airbags & seatbelts market. Side & curtain airbags helps in providing neck & head protection to passengers in side crash and collision. They give protection in case of rollover crash. This is likely to drive growth in side & curtain airbags.
On the basis of vehicle type, the automotive airbags & seatbelts market is segmented into passenger cars, light commercial vehicle and heavy commercial vehicle. The passenger cars segment is estimated to hold largest market share during forecast period. Sales of passenger cars are increasing significantly across the world. The demand for safety features is increasing rapidly in passenger vehicles around the world as it helps in preventing causalities due to accidents. The governments across many regions have mandated installation of airbags and seatbelts in passenger cars around the world.
On the basis of component, the automotive airbags & seatbelts market is segmented into airbag inflator, airbag and airbag control unit. The airbags segment is projected to hold the largest market share during forecast period. The airbag cushion help in absorbing the impact. Nylon is considered to have superior energy absorption capability. The awareness about safety is increasing rapidly among consumers and the adoption of vehicle with airbags is increasing rapidly around the world. Airbags helps in prevention of fatalities due to crash and ensure maximum safety of passenger and driver. The material advancement in airbags has made them more efficient and effective. These factors are likely to drive growth in airbags segment during forecast period.
Asia-Pacific region is projected to register growth at highest CAGR during forecast period. The vehicle production is increasing immensely in this region and many companies are establishing their manufacturing units in this sector. The availability of labor and supporting government regulations are also adding in growth. The disposable income and lifestyle is growing in this region and people are adopting vehicles with advanced safety features. This is likely to drive growth in automotive airbags & seatbelts market in this region.
The key market players in automotive airbags & seatbelts segment are Denso, Autoliv, Continental, Aptiv, Robert Bosch, ZF Friedrichshafen, Joyson Safety Systems, Hyundai Mobis, Toshiba device Corporation, Infineon Technologies, Toyoda Gosei Co., GWR Safety Systems, Rhodius GmbH, Tokai Rika and TBH Group.
- What are the expected industry trends over the next three to five years?
- Which of the automotive airbags & seatbelts airbag type is likely to lead by 2025?
- Which of the component segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?