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Automotive Airbag and Seat Belt Market size is anticipated to foresee robust growth rate from 2023 to 2032, attributed to the growing awareness about the significance of seat belts. Airbags have demonstrated that they play an important role in preventing fatalities and serious injuries in the case of accidents.
Based on product, the automotive airbag and seat belt market from the side airbag & curtains segment is projected to hold a sizable proportion by 2032, owing to the increasing availability of a variety of side bags. For example, torso airbags protect the torso in the event of a collision. New rules and regulations imposed to improve passenger safety will encourage automakers to include side airbags and curtains in their newer vehicle models.
By end-use, the passenger cars segment is slated to depict exponential growth through 2032 because of increased advocacy for seatbelt use by multiple regulatory agencies. Seat belts can reduce the risk of moderate-to-critical injury by 50% for passengers sitting in the front seats and minimize the possibility of fatal injury by 45% in a passenger vehicle, as stated by the National Highway Traffic Safety Administration. The government's increasing efforts to raise public awareness of the safety features provided by seat belts and airbags is likely to support segment growth.
Given to the regional landscape, the Asia Pacific automotive airbag and seat belt market in Asia Pacific is poised to expand substantially during 2023-2032, owing to a rise in favorable government initiatives. In recent years, governments across APAC countries have prioritized automobile safety by mandating equipment such as driver seat airbags and Antilock Braking Systems (ABS) in basic models. For instance, in 2022, the Indian road transport minister announced that all passenger automobiles would be obliged to have a minimum of six airbags beginning Oct. 1, 2023.
In response to such government mandates, industry participants are taking initiatives to develop products and vehicles that comply to the requirements. For example, in August 2022, the multinational automobile manufacturer, Kia India, announced that it will provide six airbags as standard equipment in its mid-sized SUV Seltos, as a part of its ongoing effort to upgrade its products based on market research and an awareness of the constantly changing needs of consumers.
Leading players across the global automotive airbag and seat belt market comprise of Robert Bosch, Delphi Automotive, Toyoda Gosei, Autoliv, Hyundai Mobis Co., Continental AG, and others. To gain an edge over their competitors, several airbag and seat belt manufacturers are focused on strategic efforts like as mergers, acquisitions, collaborations, and product development. However, in February 2023, Swedish manufacturer Mo'cycle developed the world's first airbag jeans, which inflates in seconds to protect the motorist's lower body in the event of a crash.