Automotive Airbag and Seat Belt Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2167
Automotive Airbag and Seat Belt Market size is expected to grow at significant rate over the forecast timeline. The seat belts are designed to safeguard the drivers from sudden jerk or vehicle stoppage. Rising demand for premium cars has further escalated the revenue generation. Moreover, both seat belts and air bags are primary safety devices in the vehicles. Rising consumer awareness towards safety and security.
Passenger safety has become the utmost priority for the government as well as the companies. Governments of numerous countries have mandated the usage of seat belts in vehicles and Moreover, airbags are also compulsory, especially in developed countries. The customers are also looking total vehicle protection. Initiatives such as New Car Assessment Program (NCAP) will award the vehicle based on safety performance and ratings on existing safety devices.
Excessive costs associated with its installation will pose a threat to the industry participants over the forecast timeframe. Manufacturers are continuously focusing on cost reduction of the products. They are effectively working on the innovative design and material that provide safety and comfort to the consumer as well low price.
Government legislations towards consumer safety & security, has become a compulsion for the manufacturers to install safety devices in the vehicles. Intense competition in the industry has led to powerful technological advancements. With these technological advancements, consumers are becoming aware about their safety and security. Various governments across the globe are emphasizing on the safety measures inducing immense potential to automotive airbag and seat belt market size till 2024.
Industry is segmented based on design into three-point, four-point, five-point, six-point belts and belt in seat. Three-point belt is expected to be the dominant sector in the industry over the next eight years.
Industry is segmented based on vehicles into commercial and passenger vehicles. Passenger cars are anticipated to lead the automotive airbag and seat belt market owing to substantial production of these vehicles across the globe.
Automotive seat belt technological market has the retractor, the pretensioner, the active seat belts, bag in belts, seat belt reminder system and load limiter. Pretensioner is expected to dominate the industry over the coming years.
Asia Pacific led by India, china and Thailand. Asia Pacific is the growing market for Automotive Airbag and Seat Belt market. Adoption of stringent regulations regarding safety installations coupled with escalating passenger vehicle sales will accelerate the product demand in the region over the forecast timeframe. Europe has experienced economic downfall and is currently in its recovery stage. Industry is expected to showcase a stable growth in the region. Europe is the major market for Automotive Airbag and Seat Belt market and it is the hub for many safety system suppliers.
Autoliv, Delphi Automotive, Takata Corporation, Hyundai Mobis Co., Toyoda Gosei, Robert Bosch, and Continental AG are among the prominent players in the industry. Industry participants are aiming to introduce innovative products to enhance their market shares. Supply chain plays a vital role in industry as the quality check takes place in the company itself. Automotive airbags possess a complex supply chain. Takata has executed the biggest recalls ever. The improper packaging of the airbag inflators led to unexpected explosion. The inadequate quality control records led to the incident. It is very important to maintain the communication even if the parts breakdown.
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