Automotive Airbags & Seatbelts Market, by Type (Airbag and Seatbelt), Applications (Passenger Cars, Light Commercial Vehicle, Buses, Trucks, and Others), End-Users (Automotive), Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020-2027

The global automotive airbags & seatbelts market is estimated to grow in the forecasted period due to continuous attempts by influential businesses to implement groundbreaking seatbelts and airbag systems for better safety purposes.  

Automotive Airbags & Seatbelts Market, Analysis:

The global automotive airbags & seatbelts market has tremendous growth prospects, including the strict safety legislation on automotive protection around the globe and growing demand for secure, effective, & comfortable driving experience. Passenger safety has been a key concern for both the government and businesses. Moreover, increasing production in the automotive industry is contributing to the growth of the market. 

Government initiatives are expected to drive the global automotive airbags & seatbelts market

Increasing consciousness among customers regarding the value of implementing passive protection devices, such as airbags and seatbelts, is anticipated to drive the market growth. Governments, especially in developing nations like India and China, are making reforms and implementing new legislation to strengthen road safety. For instance, the New Car Assessment Program (NCAP) awards vehicles based on their safety performances and customer ratings.

Excessive cost of installation is anticipated to restrain the growth of the global automotive airbags & seatbelts market

Excessive costs associated with the installation of airbags & seatbelts is expected to be a challenge for the market participants. Manufacturers continue to focus effectively on the revolutionary design and materials to offer customers with comfort and safety. Achieving the balance between cost and quality of products is another threat to the market. 

Increasing production in the automotive industry is anticipated to create enormous opportunities for the global automotive airbags & seatbelts market

Production of vehicles in the automotive industry is growing exponentially. Leading airbag & seatbelt system producers are impacting automobile manufacturers to adopt their advanced technology. Moreover, the growing demand for improved protection among automobile customers is placing pressure on the automotive producers for implementing superior safety instruments. This factor is foreseen to act as an opportunity for the global automotive airbags & seatbelts market in the forecasted period. 

Automotive Airbags & Seatbelts Market, by Type:

Side airbags & 3-point seatbelts will be most lucrative till 2027

By types, the global automotive airbags & seatbelts market is divided into airbag and seatbelt type. Airbag type can be further segmented into frontal airbags, knee airbags, side airbags, and others. Due to its efficient safety in case of a side-impact collision, side airbags are the fastest rising category. On the other hand, seatbelt type can be segmented into a 2-point seatbelt, 3-point seatbelt, and others. The 3-point seatbelt is expected to be the fastest-growing category because it is successful in minimizing casualties for both driver and car passengers.

Automotive Airbags & Seatbelts Market, by Applications:

Passenger cars are estimated to dominate the market till 2027

By applications, the global automotive airbags & seatbelts market is classified into passenger cars, light commercial vehicles, buses, trucks, and others. Amongst these segments, passenger cars are expected to dominate the market until 2027 due to the increasing number of passenger cars in the Asia-Pacific region. Improved standard of living, rise in disposable income, and constant development in this region will fuel the market growth of passenger cars.   

Automotive Airbags & Seatbelts Market, by End-Users:

Commercial vehicles are estimated to be the highest growing till 2027

By end-users, the global automotive airbags & seatbelts market operates in the automotive industry. The automotive industry is further bifurcated into the heavy commercial vehicle (HCV), light commercial vehicle (LCV), electric vehicle type, hybrid electric vehicle (HEV), fuel cell electric vehicle (FCEV), battery electric vehicle (BEV) and others. Amongst these, commercial vehicles are expected to be the highest growing segment because governments across the globe are implementing strict regulations for passenger’s safety.

Automotive Airbags & Seatbelts Market, by Region:

Asia-Pacific region will have lucrative opportunities for the market investors

The global automotive airbags & seatbelts market is analyzed across North America, Europe, Asia-Pacific, and LAMEA regions. North America dominates the market share, especially countries like the U.S. and Canada, for their strict regulations on road safety. Asia-Pacific is anticipated to be the fastest-growing region due to the high demand for vehicle production. Major countries in this region, such as China, India, and Thailand, are increasing road safety regulations. Road safety regulations in different regions will act as a growth driver for the global automotive airbags & seatbelts market in the forecasted period.

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Key Participants in the Global Automotive Airbags & Seatbelts Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Some of the key players in the global automotive airbags & seatbelts market are Autoliv Inc., Ningbo Joyson Electronic Corp., ZF Friedrichshafen AG, Toyoda Gosei Co. Ltd.,The Hyundai Motor Group, Continental AG, Denso Co., Hyundai Mobis, Robert Bosch GmbH, Ashimori Industry Co. Ltd., and others.

Market players prefer to expand inorganic growth strategies to the local markets. Global automobile airbags & seatbelts market players are putting greater focus on merger & acquisition and innovative product growth. These are the regular approaches adopted by existing organizations. To prioritize on market players' strategic intelligence, the Porter's five-forces model is explained in the report.

Source: Research Dive Analysis