Global Automotive Airbags & Seatbelts Market: Key Highlights
Global Automotive Airbags & Seatbelts Market: Key Market Dynamics
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Global Automotive Airbags & Seatbelts Market: Regional Overview
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 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 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. 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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