AUTOMOTIVE AIRBAGS & SEATBELTS MARKET TO REACH USD 116.6 BILLION BY 2024 | CAGR 12.2% – FORENCIS RESEARCH

Automotive Airbags & Seatbelts Market Size, Share, Trends, Growth, Analysis, Research

Global Automotive Airbags & Seatbelts Market: Key Highlights

  • According to the new market research report Automotive Airbags & Seatbelts Market by Type (Airbags Type, Seatbelts Type), by Vehicle Type (Compressed Natural Gas (CNG) Vehicles, Fuel Vehicles, Electric Vehicles, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2024)”, the global Automotive Airbags & Seatbelts market is estimated to reach USD 116.6 Billion by 2024 at a CAGR of around 12.2% during the review period.
  • Automotive airbags and seatbelts are designed to prevent the people by retaining them at their seat by reducing or preventing from injuries due to sudden jerk or vehicle crash
  • The National Highway Traffic Safety Administration has anticipated that airbags with a combination of seatbelts lower the risk of major injuries
  • In some countries implementation of airbags in vehicles is not compulsory which may affect the demand for product market growth

Automotive Airbags & Seatbelts Market

Global Automotive Airbags & Seatbelts Market: Key Market Dynamics

  • Rising awareness towards safety and security coupled with the stringent safety regulations regarding safety of vehicles has anticipated to up surge the growth of automotive airbags & seatbelts market
  • Increasing demand for electronic vehicles along with the development in latest automated manufacturing equipment are major opportunities for automotive airbags & seatbelts market growth
  • Increasing development of active safety system is one of the major restraining factor for product market growth

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Global Automotive Airbags & Seatbelts Market: Regional Overview

  • Asia-Pacific

Asia-Pacific is expected hold the largest share in automotive airbag and seatbelts market during the forecasted period. This is attributed by the increasing vehicle production in developing nations such as China and India. According to United Nations ESCAP, in 2018 pedestrians, cyclist and motorized accounted for 55% of all road accident death in the region.  Owing to minimize the road accidents and ensure the safety, governments of emerging nations such as China, India, and Thailand are implementing road safety regulations which in turn has anticipated to boost the automotive airbags & seatbelts market growth.     

  • Europe

Europe is expected to witness steady growth in automotive airbags & seatbelts during the forecasted period owing to the stringent government regulations regarding occupant and pedestrian safety for vehicles. For instance, countries like Germany, the United Kingdom, and France are promoting Euro NCAP, a car assessment program activity to ensure the safety. Thus, implementation of such programs has expected to drive the product market growth.

Global Automotive Airbags & Seatbelts Market: Key Players Overview

  • ZF Friedrichshafen AG:

ZF Friedrichshafen AG operates through vehicle motion control, integrated safety, automated driving, and electric mobility business segments. On May 29, 2020 the company acquired WABCO Holdings Inc. with an aim to increase its presence across the globe. In 2019, the total revenue generated was USD 41.20 billion. Moreover, in 2019 they spent USD 3.05 billion on research & development activities. In March 2018, the company launched fabric housing knee airbag which will be lighter in weight and help to improve the protection in a crash.  

  • Autoliv Inc.:

Autoliv Inc. is one of the leading manufacturer and supplier of automotive safety products, and is associated with more than 65,000 associated in 27 countries across the globe. In 2019, the revenue generated by the company was USD 8.5 billion. The company holds more than 6,000 patents. In November 2019, Autoliv Inc. developed a new front center airbag that is designed to protect from side impact crash situation.

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Published : 2020-01-06