Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global automotive airbags & seatbelts market expected to boost due to the government regulations about vehicle safety and increasing demand for safer and more efficient driving experience
The global automotive airbags & seatbelts market size was valued at USD 27.42 billion in 2019 and projected to reach USD 46.51 billion by 2027 at a CAGR of 6.55% over the forecast period, 2020-2027. It is primarily attributed to an increase in car accidents coupled with various countries' initiatives for the safety of vehicles, which results in the rise in awareness among consumers. The growth in the automotive sector, the increase in the number of accidents, and strict safety regulations by the various government will spur the growth of automotive airbags & seatbelts industry in the future periods. Additionally, the shifting inclination of consumers towards affordable passive safety systems is driving the market expansion in the forecast span. Further, the introduction of innovative systems such as V2V communications and ADAS requires sensors in belts, thereby is fueling the demand for automotive seatbelts.
Moreover, the surge in demand for a safer, efficient, and convenient driving experience is projected to bolster the robust growth of global automotive airbags & seatbelts industry in the analysis periods. Furthermore, the upsurge in demand for premium cars will trigger the growth of the global automotive airbags & seatbelts market in the forecast period.
Airbag Type Overview in the Global Automotive Airbags & Seatbelts Market
Based on airbag type, the global automotive airbags & seatbelts market classified into Frontal Airbags, Knee Airbags and Side & Curtain Airbags. The side & curtain airbags will be the fastest-growing segment in the forecast period. It is attributable to side & curtain airbags that provide safety and security features, and it offers safety to the three critical areas of an occupant's body, such as head, torso, and chest. Additionally, they work alongside the front airbags to minimize injuries sustained during an accident.
Seatbelt Type Overview in the Global Automotive Airbags & Seatbelts market
Based on seatbelt type, the global automotive airbags & seatbelts market bifurcates into 2-point Seatbelt and 3-point Seatbelt. The 3-point Seatbelt held for the highest revenue in 2019 due to it has higher strap capacity with the minimum clearance, and it provides flexibility for belt adjustment for children and pregnant women. Additionally, it helps protect the passenger's upper body and pelvis and minimize injuries.
Vehicle Type Overview in the Global Automotive Airbags & Seatbelts Market
Based on Vehicle Type, the global automotive airbags & seatbelts market segregated into passenger cars, light commercial vehicles, buses, and trucks. The passenger car segment accounted for a larger market share in 2019 and projected to lead the market by 2027. It is due to the rising demand for passenger vehicles, such as economy cars, compact cars, minivans, SUVs, and premium and luxury cars.
Component Overview in the Global Automotive Airbags & Seatbelts Market
Based on the component, the global automotive airbags & seatbelts market segmented into an airbag inflator, airbag control unit, and airbag. The airbag control unit segment generated the most substantial revenue in 2019, on account of ACU keeps the accelerations and forces acting on occupants and offers the best possible protection for vehicle occupants.
Distribution Channel Overview in the Global Automotive Airbags & Seatbelts Market
Based on the distribution channel, the global automotive airbags & seatbelts market bifurcates into OEM and Aftermarket. The OEM segment estimated to dominate the automotive airbags & seatbelts market by 2027. It is due to the production of the new vehicle are in-built with advanced safety features of airbags & seatbelts.
Regional Overview in the Global Automotive Airbags & Seatbelts Market
By geography, the global automotive airbags & seatbelts market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific accounted for maximum revenue share in 2019, owing to the adoption of stringent regulations regarding safety installations coupled with escalating passenger vehicle sales in the region.
Global Automotive Airbags & Seatbelts Market: Competitive Landscape
Companies such as Autoliv, Joyson Safety Systems, ZF Friedrichshafen, Toyota Gosei, Hyundai Mobis, Denso, Continental, Robert Bosch, Toshiba Device Corporation, Infineon Technologies, GWR safety systems, Safety components, Sumitomo electric, Rhodius GmbH, Klippan, Ashimori industry, Delphi Automotive, HMT and Tokai rika are the key players in the global automotive airbags & seatbelts market.