Automotive Airbag and Seat Belt Market size is set to depict a healthy CAGR between 2022 and 2028. This rise is being driven by the increasing awareness regarding the significance of seat belts in protecting the spine during accidents. According to studies, the absence of seat belt creates the definite possibility of a person becoming a projectile, making its installation highly important. In addition, airbags have also been recorded to be of substantial help in the prevention of death or serious injuries in the event of road accidents.
Based on product, the side airbag and curtains segment is slated to account for a considerable share in the automotive airbag and seat belt market through the forecast period. This is because side bags play a major role in protecting the passengers from a side impact. The segmental expansion is being impelled by the availability of different types of side bags. For instance, torso airbags offer protection to the torso from a collision. While most cars have these fitted only in the front seats, these are provided by luxury brands in the back seats as well.
By end-use, the passenger cars segment is expected to record appreciable growth through 2028 owing to the increasing advocation of seat-belt usage by various regulatory bodies. According to the NHTSA (National Highway Traffic Safety Administration), seat belts decrease the risk of moderate-to-critical injury to front seat occupants of a passenger car by 50% and the risk of fatal injury by 45%. Furthermore, rising government initiatives for the creation of awareness regarding the safety offered by airbags and seat belts will fuel industry expansion.
Considering the regional landscape, the Asia Pacific automotive airbags and seat belt market size is expected to register commendable growth by 2028 propelled by an increase in favorable government initiatives. For instance, in December 2020, the Indian government proposed to make it mandatory for automobile manufacturers to provide airbags for front passengers on new vehicle models produced from April 1, 2021.
Over the recent years, the government in the country has been emphasizing on improving the safety of vehicles and making mandatory features such as driver seat airbag and Antilock Braking Systems (ABS) in base models.
Leading players across the automotive airbag and seat belt market comprise Delphi Automotive, Robert Bosch, Autoliv, Continental AG, Toyoda Gosei, Hyundai Mobis Co., and others. In order to secure a competitive edge in the market, numerous airbag and seat belt manufacturers are focusing on the implementation of strategic initiatives such as mergers, acquisitions, collaborations, partnerships, and product developments.
For instance, in August 2021, Toyoda Gosei developed a new driver-side airbag, equipped with an innovative structure that is capable of protecting the occupant in a more safe manner. The products are fitted into the new Honda Civic, which has been recently rolled out on the U.S. market.
The SARS-CoV-2 pandemic has led to a global chip shortage hampering production across the automotive industry. This has temporarily affected the demand for airbag and seat belt systems owing to a delay in production caused by the shut-down of manufacturing units. However, increasing efforts of manufacturers and countries towards addressing the chip shortage are expected to revive product demand.