Automotive Airbags and Seatbelts Market to Grow at a CAGR of 11.8% to Hit US$ 1,11,917.12 Million by 2028 – Impact of CO

Posted by Prabha Mahajan on September 28th, 2022

According to the new research report on "Automotive Airbags and Seatbelts Market Forecast to 2028 – COVID-19 Impact and Global Analysis," published by The Insight Partners, the Automotive Airbags and Seatbelts Market is expected to reach US$ 111,917.12 million by 2028, registering a CAGR of 11.8 % from 2022 to 2028.

The airbags are inflatable cushions built into a vehicle that protect occupants from hitting the vehicle interior or objects outside the vehicle. The seatbelt is a vehicle safety device designed to secure the vehicle's driver or passenger against harmful movement during a collision or a sudden stop. The growing demand for customized curtain airbags, rising usage of airbags safety systems in all types of vehicles, and increasing awareness for the safety of the driver and passengers are the prominent factors driving the market for automotive airbags and seatbelts. Rising demand for customized airbags within the SUVs and Sedan cars across countries such as the US, Germany, and Japan will provide lucrative opportunities for the market players. As per the International Organization of Motor Vehicle Manufacturers, an increase of 2.74 million units of all types of automotive vehicles was witnessed from 2020 to 2021. Moreover, industry leaders and automotive manufacturers are forming alliances and adopting strategic initiatives to incorporate advanced technologies in airbag systems and seatbelts in the new product launches to expand their portfolio, necessitating consumer demand. Thus, such factors are supporting the automotive airbags and seatbelts market over the forecast period.

India and China are major economies of Asia Pacific, which are prominently dominating the Automotive Airbags and Seatbelts Market growth. Due to the growing EV industry, automotive airbags and seatbelts market are also rising, significantly increasing the demand for automotive airbags and seatbelts across the automotive airbags and seatbelts market. The interest in EVs increased over the past few years. As per the Association of Southeast Asian Nations (ASEAN) Automotive Federation Report, the total number of vehicle sales in ASEAN member states accounted for 2.45 million in 2020. This number is expected to increase with population growth and economic development. EV uptake is also likely fueled by growing pollution concerns and the need to switch to cleaner and environment-friendly modes of transport. ASEAN  developed a favorable policy for the environment to encourage EV adoption. Moreover, several ASEAN countries have started taking steps to increase EV adoption.

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Due to mandates made by the Road Transport and Highway Ministry, India, for six airbags in a passenger car having a capacity of up to 8 passenger’s capacity, companies are taking this as an opportunity to scale their business and acquire a prominent place in the automotive airbags and seatbelts market. For instance, Toyota launched its latest mid-sized SUV for India, the Urban cruiser Hyryder, jointly with Maruti Suzuki. Toyota has given vital importance to the safety features by adding six airbags, a tire pressure monitoring system, 3-point seatbelts for all passengers, and others. This new version SUV will be available in India from August 2022 probably. Such measure taken by the company shoots opportunities for the growth of the automotive airbags and seatbelts market in India.

Autoliv; ZF Friedrichshafen AG; TOYODA GOSEI Co., Ltd.; Joyson Safety Systems; and Continental AG are the five key market players operating in the global automotive airbags and seatbelts market. The automotive airbags and seatbelts market is highly fragmented and competitive due to occurrence of huge number of small scale and medium scale manufacturers in both developed and developing economies. The top 5 market players are majorly focusing on various organic and inorganic growth strategies to survive in the automotive airbags and seatbelts market. Such as, innovation of new technologies to offer enhanced product portfolios to the customers, merger and acquisitions, and expansion strategies.

Most of the market initiatives were observed in the Europe region, which have a high potential of automotive airbags and seatbelts providers. Few of the important market initiatives and product developments from the industry are mentioned below:

In 2022 Autoliv had announced its collaboration with Nuro, autonomous vehicle company for providing higher safety features with exterior airbag to Nuro's latest third-generation vehicle.

In 2021 Autoliv had entered into collaboration with SSAB, global steel company in order to replace coking coal with fossil free steel from SSAB for airbags and seatbelts.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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Prabha Mahajan

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Prabha Mahajan
Joined: September 26th, 2022
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