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.
According to the US Environmental Protection Agency, the transportation sector was responsible for nearly 27% of the total greenhouse gas emissions in 2015, making it one of the leading causes of global warming. Owing to this, various governments are promoting the use of electric vehicles as they significantly reduce automotive emissions.
The US government offers rebates from USD 1,000 to USD 6,000 and an additional federal tax credit of up to USD 7,500 on the purchase of electric vehicles. As a result of this, the production and sales of electric vehicles are expected to increase significantly in the coming years.
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OEMs are also expanding their manufacturing facilities worldwide to increase the production of electric vehicles. In August 2017, Tesla planned to raise USD 1.5 billion to fund the development of its cheapest electric car. This is expected to have a positive impact on the automotive airbags & seatbelts market.
Safety regulations have led to several advancements in the automotive airbags & seatbelts market. This, however, has resulted in high compliance costs as regulatory bodies such as NHTSA and Euro NCAP are promoting the use of passive safety systems to decrease road fatalities.
Furthermore, the increasing demand for safety, comfort, and convenience is reflected in the overall prices of vehicles. For instance, in the 1980s, electronic devices in a car consisted of only a radio and the engine controller. Owing to the increasing demand for safety and comfort, the number of automotive electronic devices has increased significantly in the past 20 years. While the key criteria for buying a car previously were power, speed, and design, buyers now demand energy efficiency, safety, and comfort. It is difficult for manufacturers to provide these features at a low cost. OEMs are struggling to offer new features with minimum alterations in cost to maintain the balance between cost and performance.
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