Automotive Airbags and Seatbelts Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Airbags Type (Front, Knee, Side, and Curtain), Seatbelts Type (2-Point and 3-Point), and Vehicle Class (Passenger Cars, Light Commercial Vehicles, and Heavy

Automotive Airbags and Seatbelts Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Airbags Type (Front, Knee, Side, and Curtain), Seatbelts Type (2-Point and 3-Point), and Vehicle Class (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles)

The Automotive Airbags and Seatbelts Market is expected to grow from US$ 53744.00 million in 2021 to US$ 111,917.12 million by 2028. It is estimated to grow at a CAGR of 11.8% from 2022 to 2028.

The growing advancement in technology for airbags in the automotive industry is fueling the automotive airbags and seatbelts market growth. For instance, the computer-operated dual deploy or dual-stage airbags can deploy at two speeds. Airbags deploy at the lower first stage in less severe accidents, usually about 70% of full force. In more severe accidents, both stages are deployed. Further, side airbags effectively prevent the driver and passengers from head injuries due to the rigid areas of the vehicle in side-impact collisions.

Owing to the growth potential of frontal airbags, Acura has launched its three-chambered airbags, which deploy during a collision to protect the occupant's head. It is designed to minimize head injuries in a collision. This new airbag is available in the latest 2021 Acura TLX. Such initiative by the company can drive the automotive airbags and seatbelts market.

Airbag manufacturers focus on developing nylon-based fabrics coated with organic silicon instead of neoprene. These coated fabrics have a longer service life, stable performance, high wear resistance, and are lightweight. New developments and innovations are coming up to enhance efficiency and widen the production capabilities of airbags which is fueling the growth of automotive airbags and seatbelts market. For example, in 2020, Asahi Kasei, a Japanese technology group, launched a cloth sewing program for airbags at Asahi Kasei Advance Vietnam, its Vietnamese subsidiary. The leading manufacturers are continuously working toward the development of better-quality airbags to reduce road accident fatalities. A strong focus has also been placed on expanding production capacities, establishing new entities, and introducing an enhanced product portfolio. For instance, in July 2019, ZF Friedrichshafen, a German car parts manufacturer, developed external smart airbags for vehicles that reduce the crash's impact and decrease damage to the occupants. Similarly, in June 2021, Toyoda Gosei Co., Ltd. developed a driver-side airbag with a new structure that safely protects the driver. This airbag is used in the new Honda Civic in North America. Such innovative approaches by various manufacturers are driving the growth of automotive airbags and seatbelts market.

The technological advancements in seatbelts are strengthening the automotive airbags and seatbelts market growth. For instance, in September 2019, Hyundai Mobis announced that it had developed a “Safety Integrated Control Module” that ensures increased efficiency and safety in operating automotive safety devices. This new development combined two separate electronic control units (ECUs) for airbags and electronic seatbelts into a single unit. Thus, such developments in technology for airbags and seatbelts are anticipated to drive the automotive airbags and seatbelts market.

The growing awareness among consumers about vehicle safety features and the rising willingness to pay an extra cost for featured airbags and seatbelts is a potential opportunity for automotive airbags and seatbelts market growth in coming years. The rise in demand for airbags from leading automotive makers and stringent mandatory regulations for deploying airbags propel the growth of automotive airbags and seatbelts. For instance, in January 2022, the Indian government released a draft proposal mandating six airbags in all passenger cars manufactured from October 2022. In January 2018, South Korea announced the requirement for new cars fitted with front and rear seat belt reminder systems. Thus, such growing initiatives to achieve the certification to enable greater safety are anticipated to drive the demand for automotive airbags and seatbelts market.

Impact of COVID-19 Pandemic on Automotive Airbags and Seatbelts Market

With ease in restrictions and the reopening of business units from 2021, the auto industry has shown tremendous resilience. The COVID-19 pandemic influenced consumers’ perception of their vehicle needs. The demand for the adoption of EVs and the sale of automotive vehicles are increasing faster, achieving the new normal. The interest in EVs increased by 56% in North America, 46% in Asia, and 29% in Europe, as per the Statista report. 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 which posed lucrative opportunities for the automotive airbags and seatbelts market.

The pandemic forced businesses to restructure their business models and strengthen strategies to achieve economies of scale. Therefore, although the global automotive 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 from the pandemic. The automotive irbgas and seatbelts market is expected to register a strong recovery owing to the rise in demand for airbags and seatbelts globally.

Based on airbags type, the automotive airbags and seatbelts market is segmented into front, knee, side, and curtain. In terms of seatbelts type, the market is segmented into 2-point and 3-point. Based on vehicle class, the market is segmented into passenger, light commercial vehicles, and heavy commercial vehicles. Based on geography, the global automotive airbags and seatbelts market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America.

The major stakeholders in the global automotive airbags and seatbelts market ecosystem include raw material suppliers, automotive airbags and seatbelts manufacturers, OEM’s and end-user. The raw material supplier is the crucial stakeholder in the ecosystem of the automotive airbags and seatbelts market. The most prominent raw materials used to make the airbags and seatbelts are nylon filament yarns or high tensile polyester filament yarn, nylon66 polymer, and woven fabric are common raw materials used to make automotive airbags and seatbelts. The major raw material suppliers in the automotive airbags and seatbelts market, include Bally Ribbon Mills, Jelliff Corp., Consolidated Cordage Corporation, Jason Mills, LLC, BALAVIGNA WEAVING MILLS PVT. LTD., The Carnegie Textile Co., and among other players. For instance, in December 2021, Asahi Kasei and Asahi Kasei Advance decided to establish Asahi Kasei Airbag Fabric Vietnam Co., Ltd. (AFV) in Thai Binh Province, Vietnam, together with Teijin Frontier Co., Ltd. (Teijin Frontier), to produce fabric for airbags. Thus, such growing initiatives for establishing a company for supplying the raw material is strengthening the production of automotive airbags and seatbelts, propelling the automotive airbags and seatbelts market growth.

The overall automotive airbags and seatbelts market size has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information about the market. The process also serves the purpose of obtaining an overview and forecast concerning all the market segments. Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights into the topic. Participants in this process are industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the automotive airbags and seatbelts market.

The key companies operating in the Automotive Airbags and Seatbelts Market include includes Autoliv Inc., Continental AG, TOYODA GOSEI Co., Takata India Private Limited, Daicel Corporation, ZF TRW Group, and Joyson Safety Systems.

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