With reference to the latest market forecast report published by Acumen Research and Consulting, on the title, 'Automotive Airbag and Seat Belt Market (By Type: Airbag Type [Curtain, Front, Knee, Side], Seat Belt Type [Two Point, Three Point, Others]; By End-user: Airbag End Use [Passenger Vehicle, Commercial Vehicle], Seat Belt End Use [Passenger Vehicle, Commercial Vehicle]) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026'. The global automotive airbag and seat belt market size is anticipated to around USD 74.3 billion by 2026, this market is anticipated to grow with 6.1% CAGR during the forecast time period.
Continuous efforts taken by key organizations to present innovative airbag and safety belt innovations have added to the market development. In the course of recent years, Original Equipment Manufacturers (OEMs) and providers have been moving in the direction of the improvement of cutting edge items. Some of them have effectively propelled their items with slight separation from their rivals. For example, Key Safety Systems (KSS) has been providing enhanced back safety belts, Inflatable Seat Belts, to Ford Motors, which are equipped for securing the shoulder and middle zone on swelling. Likewise, they are equipped for being conveyed inside as less as 40 milliseconds of an accident. The presentation of stringent controls by governments over the globe to enhance street well being is another driver moving the market development.
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Emerging awareness with respect to the significance of implementing passive safety systems, for example, airbags and safety belts, among buyers is likewise liable to increase showcase extension. Governments, particularly in developing countries including India, and China, are progressively making revisions and acquainting new controls with guarantee enhanced road safety.
In 2017, the Union Road Transport Ministry of India reported that vehicles produced from first July 2019 on wards should introduce fundamental safety features to check the issues relating to over speeding and its outcomes. These security highlights incorporate front airbags, safety belt updates, and speed caution, and stopping frameworks.
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The global automotive airbag and seat belt market is segmented into type, end-user and region.On the basis of type, the global automotive airbag and seat belt market is segmented into airbag type and seat belt type. These Airbag type is further bifurcated into curtain, front, knee and side. The seat belt segment is further bifurcated into two point, three point, and others. On the basis of end-user,the global automotive airbag and seat belt market is segmented into airbag end use and seat belt end use. These airbag end use and seat belt end use sub segment is further bifurcated into passenger vehicle and commercial vehicle. On the basis of region the global automotive airbag and seat belt market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
North America captures the major market share in 2018 and is worth around USD 14.3 Bn in 2018 and is projected to continue its dominance during the forthcoming. Main parameter contributing to development of this region comprisestrict government regulation for controlling road accidents, quality automobile, high focus on smart road safety gadgets, and growing advancement towards automotive sector in Canada and U. S. Europe captured the market share 20.5% of the global market share during the forecast period. To reduce road accident government in the region is putting strict laws to promote usage of seat belts.
Asia Pacific is anticipated to observer profitable development forth coming due to helpful government initiatives and improving automobile sector. Furthermore, economic growths in countries, for instance, China and India, are anticipated to aiddrive the market development. Enormous populace base with growing disposable income in the region captures to high need for automotive airbag and seat belt market.
International trades are looking forward to capitalising in the developing countries of Asia Pacific. Consequently, many integration partnerships and planned associations are taking place with trades in this region. All these factors is anticipated to spur the automotive airbag and seat belt market development.
Market companies are concentrating on implementing new strategies for instance regional expansion, partnerships, mergers and acquisitions, new product launches, and distribution agreements to surge their revenue share. And also, growing R&D investments paired with technical advancements to commercialize highly efficient products are expected to offer huge growth opportunities for industry participants. Some of the main businesses present in the automotive airbag and seat belt market are
Robert Bosch GMBH,Autoliv, Inc.,ZF Friedrichshafen AG,Hyundai Mobis Co., Ltd.,Key Safety Systems (KSS),Toyoda Gosei Co., Ltd., and Continental AG.Significant strategic initiatives undertaken by global businesses include partnerships, new product launch, acquisitions.
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