The automotive industry is predicted to observe a curvature soon that would anticipate its long term trajectory. A total production of 95.63 billion cars was recorded across the globe, therefore, the automobile industry is going to be the trade leader in the upcoming years. Along with the rising amount of car production, comes the concern for safety and security. Around 1.35 million people die each year due to road traffic crashes. As per the Agenda for Sustainable Development 2030, this death ratio is being targeted to minimize to half by 2020, thereby creating scope for the automotive airbags and seatbelts market growth. Seatbelts reduce the risk of death among front-seat occupants and drivers by 45-50% and rear seat occupants by 25%. Also, several UN regulations on vehicle safety implement the usage of airbags to regulate impact on the car occupants while meeting an accident. Hence, the global automotive airbags and seatbelts market is expected to witness an upsurge in the upcoming years. The concept of seatbelts and airbags dates back from the early 90s. However, with time, several innovations have been witnessed to escalate the safety of the commuters. Recently, in September 2018, a breakthrough was observed that would drive the field of automobiles safety to new heights. An intelligent driving safety device was formulated that would not only bind people to wear seatbelts for their safety but without wearing the seatbelts, the car won't start. This system can be installed in any car. Also, if the seatbelt is taken off, the car would come to standstill without any halt. Therefore, this unique system will create a demand influx in the automotive airgaps and seatbelts market shortly, which would make security mandatory in all cars.
As of 2018, the global automotive airbags and seatbelts market collected a revenue avenue of approximately $59.64 billion, expected to witness an increment at a CAGR of 11.32% during the forecast period 2019-2025. The report details automotive airbags and seatbelts market size by type and by applications, automotive airbags, and seatbelts market share by top 5 companies and also the market share by startups.
Automotive Airbags and Seatbelts Market Analysis: Key Application
The world is currently experiencing the production of several automotive vehicles such as buses, passenger cars, trucks, autonomous and semi-autonomous cars, which extensively deploy airbags and seatbelts. However, the major utilization of airbags and seatbelts can be witnessed in commercial vehicles. Around 25.14 billion commercial vehicles were manufactured across the world, which implements the usage of seatbelts and airbags. This created an impact on the global automotive airgaps and seatbelts market revenue. While the world is awaiting innovations in the automotive industry, ZF Friedrichshafen, a German car parts manufacturer has developed external airbags for commercial vehicles in July 2019. It will reduce the impact and minimalize the damage to the commuters during a crash, and is expected to be available on mass-market by 2023. This innovation will attract several consumers. Hence, the automotive airbags and seatbelts market players will get benefited in the upcoming years. The implementation of seatbelts and airbags in commercial vehicles is going to escalate at a profitable CAGR of 12.87% during the forecast period 2019-2025.
North America Automotive Airbags and Seatbelts Market Overview:
The usage of seatbelts in America was around 89.6% in 2018. An estimated 14,955 lives were saved by the practice of seatbelts on passenger vehicles in 2017, while 37,133 people were killed in vehicle crashes due to not wearing seatbelts. The organization is determined to eliminate car crash deaths due to the negligence of not using seatbelts and prevalence of airbags in cars. In addition to this, the U.S. was the second-largest producer of vehicles amounting to around 11.31 billion. These cars implement seatbelts and airbags for safety purposes, thereby increasing the North America automotive airbags and seatbelts market demand. As of 2018, North America bagged the largest automotive airbags and seatbelts market share with around 31.45% amidst the global market. Here are the reasons that are creating an impact on the North America automotive airbags and seatbelts market growth –
· Airbag Recall by Various Leading Manufacturers to Create an Impact on the North America Automotive Airbags and Seatbelts Market –
National Highway Traffic Safety Administration (NHTSA) has called for the largest and most complex safety recall in U.S. history in March 2019. Around 19 different automakers including Takata, Toyota, Ford, and others have been recalled to replace frontal airbags on the driver’s side or passenger’s side or both. The faulty airbag inflation witnessed ignition with explosive force causing damage, therefore, this recall was inevitable. Also, some pre-tensioners in front seat belts could generate excessive sparks. This compelled manufacturers to recall innumerable vehicles for replacement. This determination by NHTSA to eradicate problems regarding airbags and seatbelts of automotive vehicles is going to escalate the automotive airbags and seatbelts market growth in the upcoming years.
Automotive Airbags and Seatbelts Market Trends & Growth Drivers:
The robust car production coupled with safety concerns due to the increased car crashes is creating a bright scope for the automotive airbags and seatbelts market across the world. Here are the trends and the growth drivers that are boosting the global automotive airbags and seatbelts market revenue –
· The Emergence of Autonomous and Semi-autonomous Vehicles to Bring an Upsurge in the Automotive Airbags and Seatbelts Market –
The autonomous and semi-autonomous vehicle market is projected to grow at a healthy CAGR of 31.28% during the forecast period 2019-2025. To avoid a mishap, these cars will indulge in the usage of seatbelts and airbags. Thus, the automotive airbags and seatbelts market size is going to witness increment in the upcoming years.
· Mercedes' Latest Experiment with Airbags to Drive the Automotive Airbags and Seatbelts Market –
Mercedes is investing in bringing out a new airbag that will become a part of an active safety system. These airbags will be deployed from underneath the car that will stop the vehicle before it meets a crash. Mercedes has been working on this technology for several years and is determined to put it on sale within a few years. Also, the company to encourage seat belt usage has invented USB-C ports in the buckles ready to charge passengers' phones or hook them into the audio system, but they won't work until the seat belts fastened. They have also come up with heated seat belts, which compel passengers to take off heavy coats that might hinder proper belt positioning. These innovations promise a bright scope for the automotive airbags and seatbelts market leaders in the new future.
· ZF Friedrichshafen's Lightest and Smallest Knee Airbag to Boost the Global Automotive Airbags and Seatbelts Market –
In 2019, ZF Friedrichshafen is set to bring out industry's first knee bag, which is up to 30% lighter than conventional models with metal housing, for a major European vehicle manufacturer. This innovative airbag is going to bring an upsurge of opportunities for several consumers, thereby escalating the automotive airbags and seatbelts market growth.
· Mandatory Norms in Indian Cars from 2019 to Create an Impact on the Automotive Airbags and Seatbelts Market –
Apart from the implementation of the speed warning system and reverse parking sensors, all cars will give an alarm if both the driver and the front passenger are not belted up. Also, from July onwards, the application of the driver side airbag had become mandatory. All these will pave opportunities for the automotive airbags and seatbelts market leaders to reap off benefits in the upcoming future.
Automotive Airbags and Seatbelts Market: Competitive Landscape
The principal business leaders who are currently holding maximum automotive airbags and seatbelts market shares in the world and are focusing on the expansion of their manufacturing capacity to gain an edge over other market players are ZF Friedrichshafen AG, Autoliv Inc., DENSO Corporation, Aptiv PLC, Ningbo Joyson Electronic, Continental AG, Robert Bosch GmbH, Toshiba Corporation, Hyundai Mobis, and Takata Corporation.
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