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.
Growing demand for electric vehicles
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.
Improving socio-economic conditions, rising income levels, and government initiatives regarding vehicle and passenger safety have helped support airbags and seatbelts market growth.
Frontal Airbags
Provide protection from frontal collisions, mainly for the driver and front passenger, preventing or mitigating damage from head contact with the steering wheel and dashboard. According to the National Highway Traffic Safety Administration (NHTSA), frontal airbags have saved 44,869 lives from 1987 to 2015 in the US. Most countries have mandates for frontal airbag installation, including the US, the UK, Germany, Spain, and Italy.
Knee Airbags
Installed in the lower portion of the dashboard directly in front of the driver and the passenger’s knee. In the event of a collision, they inflate to fill the space between the dashboard and the lower part of the legs of the driver and passenger, which reduces the risk of injury to the knee and thigh.
Side & Curtain Airbags
Designed to help protect an adult’s chest in a serious side-impact crash. These are mounted on the side of the seat or on the door, usually on the roof rail above the side windows. In the event of a side-impact crash, curtain airbags are used to protect an adult’s head.
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Key players:
The key players in the automotive airbags & seatbelts market are ZF Friedrichshafen (Germany), Autoliv (Sweden), DENSO Corporation (Japan), Aptive (UK), Joyson Electronic (China), Continental AG (Germany), Robert Bosch GmbH (Germany), Toshiba Corporation (Japan), Hyundai Mobis (South Korea), and Takata Corporation (Japan).
Critical Questions:
• Where will all these developments take the industry in the mid to long term?
• Will the industry cope with the challenge of the recall of the airbags and seatbelts?
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