PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401801
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401801
Automotive Airbag And Seat Belt Market size was valued at USD 34,900 Million in 2022, expanding at a CAGR of 8.2% from 2023 to 2030.
Within the automotive sector, ensuring passenger safety holds paramount importance. Passive safety systems like airbags and seat belts play a pivotal role in significantly reducing injury risks during accidents. Airbags, now mandatory in developed nations, and seat belts, a standard safety inclusion in most vehicles, exemplify these safety measures. Airbags, a form of auto safety control, are designed to mitigate injuries in the event of a collision. These resilient fabric bags are folded and discreetly positioned beneath various car components. The automotive industry places a high emphasis on passenger safety, where airbags and seat belts serve as proven passive safety measures effective at minimizing injury probabilities in accidents. As mandated in industrialized nations, airbags are obligatory, while seat belts are universally regarded as essential safety components in the majority of vehicles. The integration of passive safety systems is gradually becoming a regulatory norm in passenger cars to adhere to legal requirements and enhance passenger safety.
Automotive Airbag And Seat Belt Market- Market Dynamics
The rise in consumer awareness regarding the importance of installing passive safety features such as airbags and seatbelts to propel market demand
The rise in consumer awareness regarding the importance of installing passive safety features such as airbags and seatbelts is expected to bolster market growth. Governments, especially in developing nations like China and India, frequently revise existing laws and introduce new ones to enhance road safety standards. However, the proliferation of counterfeit products might impede market expansion as they pose a significant threat to the sales, revenues, and reputation of prominent corporations. Nevertheless, the increasing consumer knowledge about the benefits of incorporating passive safety measures like seatbelts and airbags is anticipated to drive market expansion. Governments in emerging economies like China and India continuously revise legislation to enhance road safety. Conversely, counterfeit production might hinder market growth by posing a substantial risk to the sales, revenues, and brand image of major companies.
Automotive Airbag And Seat Belt Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.2% over the forecast period (2023-2030)
Based on Airbag Type segmentation, side was predicted to show maximum market share in the year 2022
Based on Seatbelt Type segmentation, 2 Point was the leading type in 2022
Based on distribution segmentation, OEM was the leading type in 2022
Based on Vehicle segmentation, PV was the leading type in 2022
Based on Component segmentation, airbag was the leading type in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Automotive Airbag And Seat Belt Market is segmented on the basis of Airbag Type, Seatbelt Type, Distribution, Vehicle, Component, and Region.
The market is divided into four categories based on Airbag Type: Front, knee, side and curtain. the side segment within the automotive airbag and seat belt market is expected to secure a significant share. This anticipation is primarily attributed to the expanding availability of various side bags. For instance, torso airbags are designed to safeguard the torso during collisions. The implementation of new regulations aimed at enhancing passenger safety is likely to prompt automobile manufacturers to incorporate side airbags into their newer vehicle models.
The market is divided into four categories based on Vehicle Type: PC, LCV, Buses and Truck. The passenger cars segment is forecasted to exhibit substantial growth up to 2032, primarily driven by increased advocacy for seatbelt usage advocated by multiple regulatory bodies. Seat belts have been reported to diminish the risk of moderate-to-severe injuries by 50% for occupants in front seats and reduce the likelihood of fatal injury by 45% in passenger vehicles, according to statistics from the National Highway Traffic Safety Administration. The government's heightened efforts to heighten public awareness regarding the safety advantages offered by seat belts and airbags are expected to bolster the growth of this segment.
Automotive Airbag And Seat Belt Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Efforts by leading businesses to introduce state-of-the-art advancements in airbags and seatbelts have fueled the expansion of the market. Original Equipment Manufacturers (OEMs) and suppliers have been diligently working on pioneering product development in recent years, achieving moderate success in distinguishing their offerings from competitors. Notably, these innovations can be activated within as little as 40 milliseconds following a crash. Furthermore, the imposition of stringent regulations by governments worldwide to promote road safety acts as another catalyst for market growth.
In May 2023, Autoliv China collaborated with NIO Inc. to incorporate innovative sustainable technologies into electric vehicles, redefining the transportation experience. This collaboration focuses on introducing bio-based materials in airbag cushions and seatbelt webbing, signaling a move towards eco-friendly materials for enhancing safety in vehicles.
The scope of this report covers the market by its major segments, which include as follows: