Automotive Airbags & Seatbelts Market Opportunities, Current Trends and Industry Analysis by 2025

The 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. Increasing demand for safe, more efficient driving experiences, and growing stringency of safety regulations across the globe are playing a key role for driving airbags & seatbelts market.  The base year considered for the study is 2017, and the forecast has been provided for the period between 2018 and 2025.

Market Dynamics

Growing demand for safer and more efficient driving experiences

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 a safer and more efficient and convenient driving experience.

The increase in road accidents is a major concern for automobile manufacturers and governments. According to NHTSA, the total number of fatalities due to road accidents in the US in 2016 was 37,461, which grew by 5.6% from 2015. These statistics plainly illustrate the often-underestimated dangers inherent in driving a car. While these numbers are staggeringly high, they are fortunately in decline. Much of this decline in the frequency of vehicular crashes can be attributed to the widespread adoption of automotive safety systems, such as seatbelts and airbags.

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Growing demand for safer and more efficient driving experiences

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 a safer and more efficient and convenient driving experience.

The increase in road accidents is a major concern for automobile manufacturers and governments. According to NHTSA, the total number of fatalities due to road accidents in the US in 2016 was 37,461, which grew by 5.6% from 2015. These statistics plainly illustrate the often-underestimated dangers inherent in driving a car. While these numbers are staggeringly high, they are fortunately in decline. Much of this decline in the frequency of vehicular crashes can be attributed to the widespread adoption of automotive safety systems, such as seatbelts and airbags.

Growing demand for pedestrian protection airbags

Owing to rapid technological innovations, the automotive industry is expected to witness the launch of autonomous vehicle technologies in the near future. Today, many automotive manufacturers are increasingly focusing on rolling out vehicles with semi-autonomous vehicle technology, which is an intermediate step to autonomous driving. Since there is a growing demand for safe and convenient driving experiences, manufacturers are not only focusing on enhancing the safety features for drivers and passengers but for pedestrians as well. Pedestrian protection airbags have thus been developed to take safety to the next level.

Pedestrian protection airbags mitigate head injuries for pedestrians in the case of an accident. These airbags are automatically deployed when a vehicle is about to collide with a pedestrian. The front sensors of the vehicle deliver information to the connected control unit, which analyzes the information to detect the shape of the object. If the control unit determines that the car is about to hit a pedestrian, it activates an airbag.

Improving socio-economic conditions, rising income levels, and increasing awareness about pedestrian safety are thus expected to drive the market for airbags in the coming years.

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Recalls of multiple vehicle models for airbags and seatbelts

In recent years, various vehicle models have been recalled due to faulty airbags and seatbelts. As of December 2016, 400,000 vehicles, equipped with Autoliv’s seatbelts and airbags, have been recalled. Both the airbags and seatbelts failed to deploy during vehicle crashes. Additionally, as of March 2018, 37 million vehicles with 50 million defective Takata airbag inflators have been recalled by 19 manufacturers. These recalls have been registered as the largest recall of safety features in the world.

Faulty airbags and seatbelts could lead to grave injuries and even fatalities in the event of accidents. Thus, recalls of major vehicle models due to faulty airbags and seatbelts are expected to challenge market growth to a certain extent in the coming years.

Critical Questions which the report answers:

  • What are the industry trends of the airbags and seatbelts market?
  • What would be the impact of government mandates to regularize emission norms?

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