The Future of Automotive Airbag And Seat Belt….. COVID-19 & Its Impact….



The global automotive airbag and seat belt market size is expected to reach USD 73.45 billion by 2025, according to a new study by Grand View Research, Inc. The market is estimated to expand at a CAGR of 5.9% during the forecast period. Various federal, state, and local regulations pertaining to the installation of basic passive safety systems is one of the major factors driving the market. Growing awareness among consumers about the importance of implementing safety systems in vehicles is also responsible for propelling the market growth.
The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.
Increasing consumer disposable income levels, particularly in emerging nations of Asia Pacific, Latin America, and Eastern Europe, are expected to have a positive impact on the market. Furthermore, the automotive market in these regions is witnessing considerable progress. Rising profitability of the automotive market consequently promotes the growth of the airbag and seatbelt market. Technological advancements and continuous product development have also augmented the demand for products, such as airbag and seat belts, thereby supporting market expansion.
The introduction of enhanced fabric technologies, new coating application, and inflatable and motorized seatbelts, are expected to drive the market further. As technologies mature over the forecast period, it would only act in favor of the industry players, since technological maturation would lead to lower prices, subsequently promoting the adoption of these products.
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https://www.grandviewresearch.com/industry-analysis/automotive-airbag-seat-belt-market/request/rs1
Further key findings from the study suggest:
·         Knee airbags segment is expected to register the highest CAGR of 7.7% over the estimated period due to added protection offered by these airbags
·         The three point seat belt segment is projected to expand at a CAGR of 4.6% during the forecast period and is projected to remain the preferred choice in a majority of commercial and passenger vehicles
·         The Asia Pacific (APAC) region is anticipated to register the highest CAGR over the forecast years due high product demand
·         Presence of emerging nations including China and India who are expected to exhibit a significant growth, in terms of GDP and disposable income, will also boost APAC market
·         Some of the key companies in the global automotive airbag and seat belt market include Autoliv, Inc.; Key Safety Systems (KSS); Robert Bosch GMBH; Continental AG; Toyoda Gosei Co., Ltd.; Hyundai Mobis Co., Ltd.; and ZF Friedrichshafen AG.
The global automotive airbag and seat belt market size was valued at USD 46.42 billion in 2017 and is anticipated to expand at a CAGR of 5.9% over the forecast period. Continuous efforts taken by prominent companies to introduce innovative airbag and seatbelt technologies have contributed to the market growth. Over the past few years, Original Equipment Manufacturers (OEMs) and suppliers have been working toward the development of advanced products.
Some of them have successfully launched their products with slight differentiation from their competitors. For instance, Key Safety Systems (KSS) has been supplying improved rear seat belts, Inflatable Seat Belts, to Ford Motors, which are capable of protecting the shoulder and torso area on inflation. In addition, they are capable of being deployed within as less as 40 milliseconds of a crash. The introduction of stringent regulations by governments across the globe to improve road safety is another driver propelling the market growth.
Growing awareness regarding the importance of implementing passive safety systems, such as airbags and seatbelts, among consumers is also likely to augment market expansion. Governments, especially in emerging nations including India, and China, are increasingly making amendments and introducing new regulations to ensure enhanced road safety.
In 2017, the Union Road Transport Ministry of India announced that cars manufactured from 1st July 2019 onwards must install essential safety features to curb the issues pertaining to over speeding and its consequences. These safety features include front airbags, seat belt reminders, and speed alert, and parking systems.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-automotive-airbag-seat-belt-market
Grand View Research has segmented the global automotive airbag and seat belt market on the basis of type, end use:
Automotive Airbag and Seat Belt Type Outlook (Revenue, USD Million, 2014 - 2025)
·         Airbag Type
o    Curtain Airbag
o    Front Airbag
o    Knee Airbag
o    Side Airbag
·         Seat Belt Type
o    Two Point
o    Three Point
o    Others
Automotive Airbag and Seat Belt End Use Outlook (Revenue, USD Million, 2014 - 2025)
·         AirbagEnd Use
o    Passenger Vehicle
o    Commercial Vehicle
·         Seat Belt End Use
o    Passenger Vehicle
o    Commercial Vehicle
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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