Automotive safety systems play a crucial role in the automotive industry today. Stakeholders in the automotive value chain recognize the importance of driver and passenger safety and are constantly upgrading their offerings to provide fail-safe safety technologies. The increasing demand for safe, efficient, and convenient driving; rising disposable incomes in emerging economies; and growing stringency of safety regulations across the globe play a key role in driving the growth of the automotive airbags & seatbelts market.
The demand for Automotive Airbags & Seatbelts is growing at a significant pace, especially in emerging countries such as India and China. This growth in demand can be attributed to the improving road safety standards, supporting legislation, and increasing consumer awareness. The rapidly increasing vehicle population in China and India has increased the risk of road fatalities. Several countries in Europe and North America have introduced regulations that mandate the incorporation of airbags & seatbelts in passenger cars as well as commercial vehicles. For instance, in 1998, in the US, the use of airbags was made mandatory in all cars and light commercial vehicles. The law also specified that airbags should be fitted in both sides of the front seat (driver airbags as well as front passenger airbags). Also, in 2006, the European Union mandated the use of seatbelts. In 2012, they mandated the use of airbags (frontal airbags, head-protecting airbags, and side airbags).
The New Car Assessment Programme (NCAP), a car safety evaluation programme, provides ratings based on the safety performance of cars. Programmes like these have led to the adoption of safety initiatives by original equipment manufacturers, which in turn drives consumer confidence and the demand for airbags & seatbelts.
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Market Dynamics
Drivers
• Government regulations pertaining to vehicle safety
• Growing demand for safer and more efficient driving experiences
Restraints
• Increasing development of active safety systems
Opportunities
• Growing demand for electric vehicles
• Growing demand for pedestrian protection airbags
Challenges
• Maintaining the balance between cost & quality
• Recalls of multiple vehicle models for airbags and seatbelts
The global automotive airbags & seatbelts market is estimated to be USD 61.38 billion in 2018 and is projected to reach USD 135.43 billion by 2025, at a CAGR of 11.97% during the forecast period. The key players in the automotive airbags & seatbelts market are ZF Friedrichshafen (Germany), Autoliv (Sweden), DENSO Corporation (Japan), Aptive (UK), Joyson Electronic (China), Continental AG (Germany), Robert Bosch GmbH (Germany), Toshiba Corporation (Japan), Hyundai Mobis (South Korea), and Takata Corporation (Japan).
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