The global automotive airbags & seatbelts market size is estimated to be USD 28.2 billion in 2020 and is projected to reach 40.4 billion by 2025, at a CAGR of 7.5% during the forecast period. The government regulations pertaining to vehicle safety and the demand for a safer, efficient, and convenient driving experience are the key factors driving market growth.
The automotive airbags & seatbelts market is dominated by a few globally established players such as Autoliv (Sweden), Joyson Safety Systems (US), ZF Friedrichshafen (Germany), Continental (Germany), Toyota Gosei (Japan), and Hyundai Mobis (South Korea). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
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Autoliv (Sweden) was formed through the merger of the Swedish company Autoliv AB and the US-based Morton Automotive Safety Products, Inc. The company has two operating segments, namely, Passive Safety and Electronics. In January 2020, Autoliv completed the first unique crash test with a concept airbag for e-scooters. Initial results indicate the e-scooter airbag reduces injuries to an e-scooter riders head and chest. Moreover, the company has also developed a new front-center airbag that is designed to save lives in side-impact crash situations.
Another important player in the automotive airbags & seatbelts market is ZF Friedrichshafen (Germany). It acquired TRW Automotive Holdings Corp (US), which has been incorporated as a new division called Active & Passive Safety Technology. The company has a strong focus on new product development. For instance, In July 2019, ZF developed an external airbag to enhance vehicle safety. This external airbag is engineered to soften the blow of the oncoming vehicle, thereby minimizing damage. This smart airbag system gets deployed once it senses an oncoming impact. Other major players in the airbags & seatbelts market are mainly focusing on expanding their regional presence to achieve continuous and sustainable development.
Automotive Airbags & Seatbelts Market By Airbag Type (Front, Knee and Side & Curtain), Seatbelts (2-point and 3-point), Vehicle (PC, LCV, Buses and Trucks), Electric Vehicle, Component (Airbag Inflator, ACU and Airbag) and Region - Global Forecast to 2025
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