The Global Automotive Airbags and Seatbelts Market- Growth, COVID-19 impact and Forecast (2021-2025)
Global automotive airbags and seatbelt market is segmented based on airbag type as frontal airbags, knee airbags and side & curtain airbags; based on seat belt type 2 point seat belts and 3 point seat belts; based on vehicle type as passenger vehicles and commercial vehicles; based on geography as APAC, North America, Europe and ROW.
Introduction
Airbags are a kind of automobile safety control system designed to lessen injuries in the event of an accident. Airbags are strong fabric bags that are folded and concealed behind different parts inside the vehicle.
Passenger safety is an essential concern in the automobile industry. Passive safety systems such as airbags and seatbelts have proven to be highly efficient in lessening the risk of injuries in an accident. In developed nations, airbags have become obligatory, while seatbelts are supposed to be basic safety features in most vehicles.
Legal orders for passenger safety are playing an important role in making passive safety systems an integral part of passenger cars.
The automotive sector consumes a significant amount of textile materials for interior trims such as seating areas, headliners, carpets, side panels, dashboards, air bags, seat belts and filters, among other parts which may be visible or concealed within an automobile.
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Market Overview
The global automotive airbags and seatbelt market is expected to reach up to $40.48 billion during 2020-2025.
Growth momentum is expected to accelerate during the forecast period with a 7.5% CAGR.
The automotive seat belt technological market has the retractor, the pretensioner, the active seat belts, bag in belts, seat belt reminder system, and load limiter.
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.
Key Trends
Initiatives such as New Car Assessment Program (NCAP) will award the vehicle based on safety performance and ratings on existing safety devices.
Rising demand for premium cars will further escalate the revenue generation.
Key Market Players
Some of the key players in the market are Autoliv, Joyson Safety Systems, ZF Friedrichshafen, Toyota Gosei, Hyundai Mobis, and Denso
The market is characterized by the presence of numerous companies, including a few well-established ones with worldwide operations. The prominent companies contribute to more than 50% of the overall market share.
Growth Drivers and Challenges
Various advancements in vehicle passive safety systems and increased demand for safer, efficient, and convenient driving experiences are driving the market for automotive airbags & seat belts.
The introduction of stringent regulations by governments across the globe to improve road safety is another driver propelling the market growth.
Excessive costs associated with the installation of airbags & seat belts are expected to be a challenge for the market participants.
Manufacturers continue to focus effectively on the revolutionary design and materials to offer customers comfort and safety. Achieving the balance between cost and quality of products is another threat to the market.
The COVID-19 outbreak has impacted negatively on the global automotive airbags & seat belts market. However, the market is expected to regain its importance after the end of pandemic stress owing to the strict rules and regulations by the government regarding the safety of the people.
Rising interest among people about protection devices, such as airbags & seat belts in the cars that helps to avoid serious injuries during accidents.