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(I-AutoNewsWire.com, August 03, 2021 ) The report "Automotive Airbags & Seatbelts Market By Airbag Type (Front, Knee and Side & Curtain), Seatbelts (2-point and 3-point), Vehicle (PC, LCV, Buses and Trucks), Electric Vehicle, Component (Airbag Inflator, ACU and Airbag) and Region - Global Forecast to 2025" is estimated to be USD 28.2 billion in 2020 and is projected to reach 40.4 billion by 2025, at a CAGR of 7.5%. The market is driven principally by the increasing demand for a safer, efficient, and convenient driving experience and stringent safety regulations across the globe
The 3-point seatbelts segment to hold the largest share of the automotive airbags & seatbelts market, by seatbelt type
The government mandates for the installation of 3-point seatbelts will contribute to the growth of the segment. 3-point seatbelts protect against front-end collision. The growth of this segment can be attributed to their effectiveness over 2-point seatbelts in terms of safety.
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Hybrid Electric Vehicle (HEV) to acquire the largest market share
HEV is estimated to hold the largest share of the automotive airbags & seatbelts market, by electric vehicle. Stringent emission norms, environment safety, vehicle electrification, and government regulations are expected to boost the demand for HEV airbags & seatbelts. Governments around the globe are encouraging the sale of electric vehicles by offering incentives to customers and subsidies to electric vehicle OEMs. This, in turn, will help drive the automotive airbags & seatbelts industry for electric vehicles.
Asia Pacific: The largest market in the global automotive airbags & seatbelts market
The Asia Pacific region is estimated to hold the largest share of the automotive airbags & seatbelts industry in 2020. The demand for automotive airbags & seatbelts in this region is triggered by increasing vehicle production in developing nations such as China and India and the increasing number of luxury vehicles in countries such as China and Japan. This region is also the leading producer of automobiles in the world. Moreover, regulatory mandates regarding airbags are expected to further drive the market growth in this region.
The report analyzes all major tier I suppliers in the automotive airbags & seatbelts market. Autoliv (Sweden), ZF Friedrichshafen (Germany), and Joyson Safety Systems (US) are some of the leading suppliers in the market.
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Mr. Aashish Mehra