New York, July 18, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Automotive Airbags and Seatbelts Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Airbags Type (Front, Knee, Side, and Curtain), Seatbelts Type (2-Point and 3-Point), and Vehicle Class (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles)” The global automotive airbags and seatbelts market growth is driven by growing initiatives for introducing regulatory standards related to vehicle safety and increasing advancements in airbag and seatbelt technologies.
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| Market Size Value in | US$ 53.74 billion in 2021 |
| Market Size Value by | US$ 111.91 billion by 2028 |
| Growth rate | CAGR of 11.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 178 |
| No. Tables | 89 |
| No. of Charts & Figures | 81 |
| Historical data available | Yes |
| Segments covered | Airbags Type, Seatbelts Type, Material, and Vehicle Class |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
The automotive airbags and seatbelts market report is segmented into North America, Asia Pacific, Europe, Middle East & Africa, and South America. Asia Pacific dominated the automotive airbags and seatbelts market in 2021 and is expected to continue its dominance throughout the forecast period. The growth of the automotive airbags and seatbelts market in North America is primarily attributed to a large number of airbags and seatbelts manufacturers in the region, coupled with the growing trend for adopting electric vehicles. The trend of pedestrian protection airbags is boosting the demand for automotive airbags and seatbelts. For instance, in October 2021, Japan's Toyoda Gosei Co. developed a pedestrian protection airbag to protect the pedestrian's head when a vehicle hit. Toyoda Gosei had developed various types of airbags that protect vehicle occupants. This would be Toyoda Gosei's first airbag on the market that protects pedestrians and other vulnerable road users. Among traffic accidents in Japan, the highest mortality rate is seen in those involving pedestrians. The main cause of death in these accidents is head injury. The pedestrian protection airbag covers the rigid parts of the vehicle, such as the front pillars, where the likelihood of fatal injury is the highest. The internal pressure is adjusted to the optimum level for each part of the vehicle covered, mitigating impacts to the head. These airbags will be used on the Subaru Legacy Outback models for Japan. The automotive airbags and seatbelts market analysis helps to understand the upcoming trends, new technologies, and macro and micro factors that influence the market growth in the coming years
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Automotive Airbags and Seatbelts Market: Competitive Landscape and Key Developments
Autoliv Inc., Continental AG, Denso Corporation, Hyundai Mobis, Infineon Technologies AG, Joyson Safety Systems, Robert Bosch GmbH, Toshiba Device Corporation, Toyoda Gosei Co. Ltd., and ZF Friedrichshafen AG are among the key players profiled in this automotive airbags and seatbelts market report. In addition, several other essential automotive airbags and seatbelts market players were studied and analyzed to get a holistic view of the market and its ecosystem. The automotive airbags and seatbelts market report provides detailed market insights, which helps the key players to strategize the growth in the coming years.
• In November 2021, Autoliv Inc. entered into collaboration with SSAB, a global steel company, to replace coking coal with fossil-free steel from SSAB for airbags and seatbelts
• In June 2022, Infineon Technologies AG designed the second generation of REAL3 automotive 3D image sensor in collaboration with 3D time-of-flight system specialist pmdtechnologies ag.
Automotive Airbags and Seatbelts Market: Vehicle Class Overview
The automotive airbags and seatbelts market, based on vehicle class, is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment is expected to grow at the fastest pace during the forecast period. The number of passenger cars is rising noticeably in the developing nations of Asia Pacific. This can be ascribed to improved lifestyles, increased consumer spending power, and infrastructure development. Thus, the growing adoption of airbags and seatbelts owing to a rise in consumer awareness contributes to the growth of the automotive airbags and seatbelts market size.
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North America's automotive airbags and seatbelts market is also expected to grow during the forecast period. North America has a developed automotive industry due to the continuous production of commercial vehicles. For instance, as per the Organisation Internationale des Constructeurs d'Automobiles (OICA) 2021 report, the US produced 7,604,154 commercial vehicles in 2021; 6,895,604 in 2020; and 8,367,239 in 2019. Similarly, Canada produced 826,767 commercial vehicles in 2021; 1,048,942 in 2020; and 1,455,215 in 2019, as per the same report. Also, Mexico produced 2,437,411 commercial vehicles in 2021; 2,209,121 in 2020; and 2,604,080 in 2019, as per the same report. As per OICA statistics, the US, Canada, and Mexico are leading in the commercial vehicle production segment worldwide. Thus, with the continuous production of commercial vehicles across the region, the need for automotive airbags and seatbelts will increase significantly, supporting the growth of North America's automotive airbags and seatbelts market.
The MEA is expected to witness moderate growth in the automotive airbags and seatbelts market during the forecast period. The countries in MEA are taking several initiatives to support the automotive manufacturing industry growth in the MEA. For instance, the South African government launched the South African Automotive Masterplan (SAAM) to broaden and deepen the local value chains. Moreover, the automotive manufacturers in South Africa are focusing on strengthening their position in the country. Further, in 2021, according to the article published by Yahoo Finance, the Saudi government strengthened safety regulations for new cars to be marketed, which led to the addition of front-seat airbags for passengers, smart braking systems, and anti-lock brakes in cars, which in turn propelled the demand for automotive airbags and seatbelts. This factor would drive the automotive airbags and seatbelts market in the MEA during the forecast period.
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