The automotive airbags and seatbelts market was valued at US$ 53,744.00 million in 2021 and is expected to reach US$ 1,11,917.12 million by 2028; it is estimated to register a CAGR of 11.8% from 2022 to 2028.
The key players in the automotive airbags and seatbelts market are expected to have lucrative opportunities in the coming years, owing to the growing initiatives for introducing regulatory standards related to vehicle safety. After the COVID-19 pandemic, a sharp increase in car sales and a significant rise in traffic accidents have become increasingly frequent and severe. At the same time, with the rapid development of science and technology, automotive technology has also been rapidly improved, and automotive safety technology has gradually become involved in all aspects of the car. As per the report published by National Highway Traffic Safety Administration (NHTSA), the traffic fatalities in 2021 had shown an increase of about 10.5% compared to reported fatalities in 2020. The estimated fatalities are the highest since 2005 and the largest annual percentage increase in the US's Fatality Analysis Reporting System’s history. Thus, the government agencies strongly emphasized on improving safety policies and standards, along with significant investment in reducing road accidents. For instance, in May 2022, the NHTSA approved US$ 740 million in funding for the 402 State and Community Grant Program, Section 1906 Racial Profiling Data Collection Grants, and Section 405 National Priority Safety Program. The European Commission is working on framing the regulatory standards for motor vehicles considering the safety of vehicle occupants and vulnerable road users. The European Commission planned to adopt updated UNECE regulations on seatbelts that requires seatbelt reminder systems in all front and rear seats on new cars from September 2019. Thus, such initiatives for introducing regulatory standards related to vehicle safety fuel the automotive airbags and seatbelts market growth.
The growing adoption of electric vehicles is the future trend in the automotive airbags and seatbelts market. As per the Global Electric Vehicle Outlook, sales of electric cars, including fully electric and plug-in hybrid vehicles, increased in 2021 to a new record of 6.6 million units. As per the same report, in China, electric car sales increased significantly in 2021 to 3.3 million, accounting for about half of the total global sales. EV sales also grew strongly in Europe by 65% to 2.3 million units, and sales in the US doubled to 630,000 units in 2021. In addition, supportive government regulations for electric vehicle charging stations further propel electric vehicle sales, thereby driving the demand for automotive airbags and seatbelts market. For instance, in June 2022, the US government proposed new standards for its program to build a national network of 500,000 electric vehicle charging stations by 2030. Furthermore, the government had introduced a plan to allocate US$ 5 billion to states to fund EV chargers by 2028. Thus, such growth prospects in EV industry is anticipated to drive the automotive airbags and seatbelts market over the forecast period.
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Automotive Airbags and Seatbelts Market: Strategic Insights
Market Size Value in US$ 53,744.00 Million in 2021 Market Size Value by US$ 111,917.12 Million by 2028 Growth rate CAGR of 11.8% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Automotive Airbags and Seatbelts Market: Strategic Insights
| Market Size Value in | US$ 53,744.00 Million in 2021 |
| Market Size Value by | US$ 111,917.12 Million by 2028 |
| Growth rate | CAGR of 11.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Automotive Airbags and Seatbelts Market
The COVID-19 outbreak dramatically impacted the global economy during its peak in 2020 in its initial days, and the crisis hampered the business activities in manufacturing industries. Before the COVID-19 outbreak, there were significant investment initiatives in developing electric vehicles to strengthen the demand for automotive airbags and seatbelts. During the initial days of the COVID-19 pandemic, the crisis significantly restricted all business deals, collaborations, and partnerships that disrupted the automotive airbags and seatbelts market. The emergence of the pandemic hampered the sales of vehicles in February 2020; furthermore, the sales dropped by 47% in the US and 80% in Europe by April. As per a report by Statista, global car sales dropped to 63.8 million in 2020 and registered a slow recovery in 2021 with 66 million sales. From 2021, market players witnessed mandatory regulations for deploying a specific number of airbags which incurs costs. This forced the car manufacturers to provide cars with added features of airbags and seatbelts at the same cost during the pandemic recovery period. The COVID-19 pandemic swiftly and severely impacted the globally integrated automotive industry. The pandemic disrupted the Chinese parts exports, large-scale manufacturing interruptions across Europe, and the closure of assembly plants in the US. All these factors are causing the automotive industry to decline in global demand for automotive vehicles. The COVID-19pandemic forced businesses to restructure their business models and strengthen strategies to achieve economies of scale. Therefore, although the global airbags and seatbelts market plummeted initially in 2020 due to the adverse impact of the COVID-19 pandemic and the related regulations, it achieved a strong recovery after the COVID-19 pandemic.
Lucrative Regions for Automotive Airbags and Seatbelts Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Automotive Airbags and Seatbelts Market Insights
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Growing Initiatives for Introducing Regulatory Standards Related to Vehicle Safety
The automotive industry is a pillar of the global economy. It plays a crucial role in a country's economy and helps build macroeconomic growth and stability in developed and developing countries, spanning many adjacent sectors. After the COVID-19 pandemic, a sharp increase in car sales and a significant rise in traffic accidents have become increasingly frequent and severe. At the same time, with the rapid development of science and technology, automotive technology has also been rapidly improved, and automotive safety technology has gradually become involved in all aspects of the car. As per the report published by National Highway Traffic Safety Administration (NHTSA), the traffic fatalities in 2021 had shown an increase of about 10.5% compared to reported fatalities in 2020. The estimated fatalities are the highest number since 2005 and the largest annual percentage increase in the US's Fatality Analysis Reporting System’s history. Thus, the government agencies strongly emphasized improving safety policies and standards and significant investment in reducing road accidents. For instance, in May 2022, the NHTSA approved US$ 740 million in funding for the 402 State and Community Grant Program, Section 1906 Racial Profiling Data Collection Grants, and Section 405 National Priority Safety Program. Thus, such initiatives for introducing regulatory standards related to vehicle safety are fueling the automotive airbags and seatbelts market growth.
Airbags Type-Based Market Insights
Based on airbags type, the automotive airbags and seatbelts market is segmented into front, knee, side, and curtain. Frontal airbag systems are increasingly being used for driver safety, making their use compulsory by regulatory bodies worldwide. Additionally, consumers are spending more on the safety features of their vehicles due to growing awareness about vehicle safety and increasing disposable income. Top manufacturers now equip their vehicles with side airbags (SABs) to lessen significant chest injuries in side-impact incidents. A new front-center airbag from Autoliv Inc. was introduced in 2019; it is positioned in the area between the driver and front-seat passenger, and it lowers the risk of chest, shoulder, and head injuries while also saving lives in side-impact collisions.
Seatbelts Type -Based Market Insights
Based on
seatbelts type
, the automotive airbags and seatbelts market is segmented as 2-point and 3-point. The 3-point segment is expected to hold a larger portion of automotive airbags and seatbelts market share owing to its advantageous features. The Indian government will soon require automakers to install three-point seatbelts in every seat, including the middle one in the back. Lap belts have been determined to be less safe than three-point seatbelts. In the event of an accident, the new regulation is anticipated to increase passenger security generally. A draught notification that requires automakers to provide a minimum of six airbags in cars that can seat up to eight passengers was authorized by the Ministry of Road Transport and Highways.The players operating in the automotive airbags and seatbelts market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key automotive airbags and seatbelts market players are listed below:
- In February 2022, Autoliv, Inc., announced its collaboration with Nuro, an autonomous vehicle company to provide higher safety features with exterior airbag to Nuro's latest third-generation vehicle
- In April 2021, Continental AG developed new features for its airbag control units. The company aimed to make use of signals from control units and develop functions for faster airbags deployment, particularly in a side crash.
The global automotive airbags and seatbelts market is segmented based on airbags type, seatbelts type, and vehicle class. Based on airbags type, the automotive airbags and seatbelts market is segmented into front, knee, side, and curtain. In terms of seatbelts type, the automotive airbags and seatbelts market is segmented into 2-point and 3-point. Further, based on vehicle class, the automotive airbags and seatbelts market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles.
Autoliv, ZF Friedrichshafen AG, TOYODA GOSEI Co., Ltd., Joyson Safety Systems, and Continental AG are the key automotive airbags and seatbelts market players considered for the research study. In addition, several other significant automotive airbags and seatbelts market players have been studied and analyzed in this research report to get a holistic view of the global automotive airbags and seatbelts market and its ecosystem.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Airbags Type, Seatbelts Type, Material, and Vehicle Class
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The incremental growth of Automotive airbags and seatbelts market during the forecast period is US $ 58173.12 million.
APAC is holding major market share of Automotive airbags and seatbelts market.
Passenger cars is the leading vehicle class segment in the Automotive airbags and seatbelts market.
Autoliv, Inc., Continental AG, TOYODA Gosei Co., Takata India Pvt Litd., Daicel Corporation and Joyson Safety Systems are the key players holding the major market share in the automotive airbags and seatbelts market.
The growing adoption of electric vehicles is the future trends for the Automotive airbags and seatbelts market.
The growing initiatives for introducing regulatory standards related to vehicle safety and increasing advancements in airbag and seatbelt technologies are driving the Automotive airbags and seatbelts market
The Automotive airbags and seatbelts market is estimated to grow at 111917.12 million US dollars in 2028 at a CAGR of 11.8%.
The List of Companies - Automotive Airbags and Seatbelts Market
- Autoliv Inc.
- Continental AG
- Denso Corporation
- INFINEON TECHNOLOGIES AG
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- Hyundai Mobis
- Joyson Safety Systems
- Toyoda Gosei Co., Ltd.
- Ashimori Industry Co., Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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