Automotive Airbags And Seatbelts Market Research Report and Outlook by 2028

The Automotive Airbags and Seatbelts Market is projected to increase from US$ 53,744 million in 2021 to US$ 111,917.12 million by 2028, with an anticipated compound annual growth rate (CAGR) of 11.8% from 2022 to 2028.

The growth of the automotive airbags and seatbelts market is significantly influenced by advancements in technology within the automotive sector, particularly regarding airbag development. A notable innovation is the dual deploy or dual-stage airbags, which utilize computer technology to deploy at varying speeds. In less severe collisions, these airbags deploy at a lower force, approximately 70% of full capacity, while both stages activate in more serious accidents. Furthermore, side airbags play a crucial role in protecting both drivers and passengers from head injuries during side-impact crashes by cushioning against the vehicle's rigid structures.

The automotive airbags and seatbelts market is also being propelled by Acura's introduction of innovative three-chambered airbags, designed to deploy during collisions to safeguard the occupant's head and reduce the risk of head injuries. This new airbag technology was featured in Acura's 2021 TLX model, highlighting the potential for growth in frontal airbag systems.

The market's expansion is further supported by airbag manufacturers' increasing emphasis on developing nylon-based fabrics that are coated with organic silicon, as opposed to traditional neoprene. These advanced materials are lightweight, offer extended durability, and exhibit stable performance with high resistance to wear. Additionally, ongoing innovations are enhancing the efficiency and production capabilities of airbags. For instance, in 2020, Asahi Kasei, a Japanese technology firm, initiated a cloth sewing program for airbags at its subsidiary in Vietnam, Asahi Kasei Advance. Leading manufacturers are dedicated to creating higher-quality airbags to minimize fatalities in road accidents, while also focusing on expanding production capacities, establishing new facilities, and enhancing their product offerings. For example, in July 2019, ZF Friedrichshafen, a German automotive parts manufacturer, introduced external smart airbags designed to mitigate crash impacts and reduce occupant injuries. Similarly, in June 2021, Toyoda Gosei Co., Ltd. unveiled a newly structured driver-side airbag that provides enhanced protection for drivers, which is now utilized in the latest Honda Civic models in North America. Such innovative strategies from various manufacturers are expected to further stimulate growth in the automotive airbags and seatbelts market.

Technological advancements in seatbelt systems are also contributing to the market's growth. In September 2019, Hyundai Mobis announced the development of a "Safety Integrated Control Module" that enhances the efficiency and safety of automotive safety devices. This innovation merges two distinct electronic control units (ECUs) for airbags and electronic seatbelts into a single unit, thereby improving overall safety. Consequently, these technological improvements in airbags and seatbelts are anticipated to significantly boost the automotive airbags and seatbelts market.

Growing consumer awareness regarding vehicle safety features and a willingness to invest in advanced airbags and seatbelts present significant opportunities for market growth. The demand for airbags from major automotive manufacturers, coupled with stringent regulations mandating airbag deployment, is propelling the market forward. For instance, in January 2022, the Indian government proposed a regulation requiring six airbags in all passenger vehicles manufactured from October 2022. Similarly, in January 2018, South Korea mandated that new vehicles be equipped with front and rear seat belt reminder systems. Such regulatory initiatives aimed at enhancing safety standards are expected to further increase the demand for automotive airbags and seatbelts.

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

The automotive sector has shown remarkable resilience following the easing of restrictions and the reopening of businesses in 2021. The COVID-19 pandemic has altered consumer perceptions regarding vehicle requirements, leading to a heightened demand for electric vehicles (EVs) and automotive safety features, establishing a new norm. According to a Statista report, interest in EVs surged by 56% in North America, 46% in Asia, and 29% in Europe. Additionally, since 2021, regulations have mandated a specific number of airbags to be deployed, resulting in increased costs for market participants. This has compelled car manufacturers to incorporate additional airbag and seatbelt features without raising prices during the pandemic recovery phase, creating favorable conditions for the automotive airbags and seatbelts market.

Initially, the global automotive airbags and seatbelts market faced a significant downturn in 2020 due to the adverse effects of the COVID-19 pandemic and related regulations. However, businesses adapted their models and strengthened their strategies to achieve economies of scale, leading to a robust recovery in the market. The global demand for airbags and seatbelts is on the rise, which is expected to further drive the growth of the automotive airbags and seatbelts market.

The automotive airbags and seatbelts market is categorized by airbag types, including front, knee, side, and curtain airbags. In terms of seatbelt types, the market is divided into 2-point and 3-point seatbelts. Additionally, the market is segmented by vehicle class into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Geographically, the global automotive airbags and seatbelts market is divided into five major regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America.

Key players in the global automotive airbags and seatbelts market ecosystem include raw material suppliers, manufacturers of airbags and seatbelts, original equipment manufacturers (OEMs), and end-users. Raw material suppliers play a vital role in this ecosystem, with primary materials for manufacturing airbags and seatbelts including nylon filament yarns, high tensile polyester filament yarn, nylon66 polymer, and woven fabric. Notable raw material suppliers in the automotive airbags and seatbelts market include Bally Ribbon Mills, Jelliff Corp., Consolidated Cordage Corporation, Jason Mills, LLC, BALAVIGNA WEAVING MILLS PVT. LTD., and The Carnegie Textile Co. In December 2021, Asahi Kasei and Asahi Kasei Advance announced the establishment of Asahi Kasei Airbag Fabric Vietnam Co., Ltd. (AFV) in Thai Binh Province, Vietnam, in collaboration with Teijin Frontier Co., Ltd. to produce airbag fabric. Such initiatives to establish raw material supply companies are enhancing the production capabilities of automotive airbags and seatbelts, thereby driving market growth.

The market size of the automotive airbags and seatbelts industry has been determined through extensive primary and secondary research. The research process commenced with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data about the market. This approach provided an overview and forecast of all market segments. Additionally, primary interviews were conducted with industry experts, including VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as research analysts, valuation experts, and key opinion leaders specializing in the automotive airbags and seatbelts market. These interviews aimed to validate data and gather deeper analytical insights into the market.

Prominent companies operating in the automotive airbags and seatbelts market include Autoliv Inc., Continental AG, TOYODA GOSEI Co., Takata India Private Limited, Daicel Corporation, ZF TRW Group, and Joyson Safety Systems.