Global Automotive Airbag Market Industry Trends, Estimation & Forecast, 2018 - 2025

The automotive industry is witnessing a rapid evolution in safety features. The main objective behind the implementation of these features in vehicles is to provide safer and more efficient and convenient driving. experience. Increasing demand for safe, more efficient driving experiences and growing stringency of safety regulations across the globe are playing a key role in driving airbags & seat belts market. Continuous efforts taken by prominent companies to introduce innovative airbag and seatbelt technologies have contributed to market growth. Over the past few years, Original Equipment Manufacturers (OEMs) and suppliers have been working toward the development of advanced products.

Growing awareness regarding the importance of implementing passive safety systems, such as airbags and seatbelts, among consumers is also likely to augment market expansion. Governments, especially in emerging nations including India, and China, are increasingly making amendments and introducing new regulations to ensure enhanced road safety. factors such as the production of counterfeit goods may hinder market growth as these pose a great threat to the sales, revenue, and brand image of key companies. According to the U.S. Federal Trade Commission, the global automotive parts industry claims to have lost billions of dollars due to the growing availability of counterfeit products.

Automotive Airbags & Seatbelts Market is estimated to be USD 55.77 billion in 2017 and is projected to reach 135.43 billion by 2025, at a CAGR of 11.97% during the forecast period.

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Side airbag segment led the market in 2017 and was valued at USD 11.57 billion. This can be attributed to the added safety and security features offered by side airbags as they are designed to offer protection to the three critical areas of an occupant’s body i.e. head, torso, and chest. Moreover, they work along the front airbags to minimize injuries sustained during an accident. However, the knee airbag segment is anticipated to experience the fastest growth over the forecast period. This is mainly due to the fact that these products actively protect the legs of front passengers and act as a replacement to the bolster seat, usually behind the driver. In addition, they offer protection to the kneecaps, one of the most delicate parts of the body.

North America was the dominant regional market and valued at USD 13.52 billion in 2017, which can be attributed to the strict regulations regarding road safety in the U.S. and Canada. For instance, under the Intermodal Surface Transportation Efficiency Act of 1991, all the passenger, as well as commercial vehicles in the U.S., should have airbags on both sides of front seats, which makes it a must for OEMs to incorporate them in every model variant.

Furthermore, the automobile industry in these countries has recovered from the economic crisis, making them one of the major markets. However, the Asia Pacific is expected to register the highest CAGR during the forecast period. The region comprises emerging nations, such as India, China, and Thailand, which are increasingly implementing road safety regulations to lower the number of fatalities caused due to road accidents.

The prominent companies contribute to more than 50% of the overall market share. Some of these companies are Autoliv, Inc.; Continental AG; Toyoda Gosei Co., Ltd.; Key Safety Systems (KSS); Robert Bosch GMBH; ZF Friedrichshafen AG; and Hyundai Mobis Co., Ltd.

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This release was published on openPR.