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Automotive Airbags and Seatbelts Market Growth Steady at 11.8% CAGR to Reach $1,11,917.12 Million by 2028: COVID-19 Impact and Global Analysis by The Insight Partners

Automotive Airbags and Seatbelts Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Airbags Type (Front, Knee, Side, and Curtain), Seatbelts Type (2-Point and 3-Point), and Vehicle Class (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles)

The automotive airbags and seatbelts market was valued at US$ 53,744.00 million in 2021 and is expected to reach US$ 1,11,917.12 million by 2028; it is estimated to register a CAGR of 11.8% from 2022 to 2028.

The key players in the automotive airbags and seatbelts market are expected to have lucrative opportunities in the coming years, owing to the growing initiatives for introducing regulatory standards related to vehicle safety. After the COVID-19 pandemic, a sharp increase in car sales and a significant rise in traffic accidents have become increasingly frequent and severe. At the same time, with the rapid development of science and technology, automotive technology has also been rapidly improved, and automotive safety technology has gradually become involved in all aspects of the car. As per the report published by National Highway Traffic Safety Administration (NHTSA), the traffic fatalities in 2021 had shown an increase of about 10.5% compared to reported fatalities in 2020. The estimated fatalities are the highest since 2005 and the largest annual percentage increase in the US’s Fatality Analysis Reporting System’s history. Thus, the government agencies strongly emphasized on improving safety policies and standards, along with significant investment in reducing road accidents. For instance, in May 2022, the NHTSA approved US$ 740 million in funding for the 402 State and Community Grant Program, Section 1906 Racial Profiling Data Collection Grants, and Section 405 National Priority Safety Program. The European Commission is working on framing the regulatory standards for motor vehicles considering the safety of vehicle occupants and vulnerable road users. The European Commission planned to adopt updatedUNECE regulations on seatbeltsthat requires seatbelt reminder systems in all front and rear seats on new cars from September 2019. Thus, such initiatives for introducing regulatory standards related to vehicle safety fuel the automotive airbags and seatbelts market growth.

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Companies Profiled in this report includes: Autoliv, ZF Friedrichshafen AG, TOYODA GOSEI Co., Ltd., Joyson Safety Systems, and Continental AG

Impact of COVID-19 Pandemic on Automotive Airbags and Seatbelts Market

The COVID-19 outbreak dramatically impacted the global economy during its peak in 2020 in its initial days, and the crisis hampered the business activities in manufacturing industries. Before the COVID-19 outbreak, there were significant investment initiatives in developing electric vehicles to strengthen the demand for automotive airbags and seatbelts. During the initial days of the COVID-19 pandemic, the crisis significantly restricted all business deals, collaborations, and partnerships that disrupted the automotive airbags and seatbelts market. The emergence of the pandemic hampered the sales of vehicles in February 2020; furthermore, the sales dropped by 47% in the US and 80% in Europe by April.As per a report by Statista, global car salesdropped to 63.8 million in 2020 and registered a slow recovery in 2021 with 66 million sales. From 2021, market players witnessed mandatory regulations for deploying a specific number of airbags which incurs costs. This forced the car manufacturers to provide cars with added features of airbags and seatbelts at the same cost during the pandemic recovery period. The COVID-19 pandemic swiftly and severely impacted the globally integrated automotive industry. The pandemic disrupted the Chinese parts exports, large-scale manufacturing interruptions across Europe, and the closure of assembly plants in the US. All these factors are causing the automotive industry to decline in global demand for automotive vehicles. The COVID-19pandemic forced businesses to restructure their business models and strengthen strategies to achieve economies of scale. Therefore, although the global airbags and seatbelts market plummeted initially in 2020 due to the adverse impact of the COVID-19 pandemic and the related regulations, it achieved a strong recovery after the COVID-19 pandemic.

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Automotive Airbags and Seatbelts Market Insights

Growing Initiatives for Introducing Regulatory Standards Related to Vehicle Safety

The automotive industry is a pillar of the global economy. It plays a crucial role in a country’s economy and helps build macroeconomic growth and stability in developed and developing countries, spanning many adjacent sectors. After the COVID-19 pandemic, a sharp increase in car sales and a significant rise in traffic accidents have become increasingly frequent and severe. At the same time, with the rapid development of science and technology, automotive technology has also been rapidly improved, and automotive safety technology has gradually become involved in all aspects of the car. As per the report published by National Highway Traffic Safety Administration (NHTSA), the traffic fatalities in 2021 had shown an increase of about 10.5% compared to reported fatalities in 2020. The estimated fatalities are the highest number since 2005 and the largest annual percentage increase in the US’s Fatality Analysis Reporting System’s history. Thus, the government agencies strongly emphasized improving safety policies and standards and significant investment in reducing road accidents. For instance, in May 2022, the NHTSA approved US$ 740 million in funding for the 402 State and Community Grant Program, Section 1906 Racial Profiling Data Collection Grants, and Section 405 National Priority Safety Program. Thus, such initiatives for introducing regulatory standards related to vehicle safety are fueling the automotive airbags and seatbelts market growth.

Reason to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Automotive Airbags and Seatbelts

Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.

The key findings and recommendations highlight crucial progressive industry trends in the Automotive Airbags and Seatbelts market, thereby allowing players to develop effective long term strategies in order to garner their market revenue.

Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.

Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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