Automotive Airbags and Seat Belts to Offer Safety Systems in Vehicles

14th Aug 2019: Automotive airbags and seat belts are the key safety devices that are designed to protect the drivers from unexpected vehicle stoppage, jerk, or accidents. Rising awareness among buyers about the importance of passive safety systems in vehicles is expected to influence the market growth in the years to come. 

Passenger Vehicle Segment to Contribute Substantial Demand to the Market

The major end-use variants in the automotive airbag and seat belt market include airbag end-use (commercial vehicle and passenger vehicle) and seat belt end use (commercial vehicle and passenger vehicle). 

Based on end use, the passenger vehicle segment holds the largest share in the market. High demand for passenger vehicles such as compact cars, economy cars, SUVs, minivans, and luxury and premium cars is boosting the segment growth. High spending and rising awareness pertaining to the importance of vehicle safety systems will further drive the demand. 

The commercial vehicle sector is also likely to grow substantially due to implementation of strict regulations by the authorities across the globe. Moreover, the automotive sector has observed a recovery in the manufacturing of commercial vehicles across various parts of the world. Rise in the number of regulations regarding deployment and implementation of seatbelts in commercial as well as passenger vehicles is also likely to bode well for the segment. 

Market insights: 

The key companies contribute to more than 50% of the total market. The market is illustrated by the existence of several companies, comprising a few well-established ones with global operations overtaking and acquiring other established entities. For instance, the recent declaration of Takata Corporation filing for bankruptcy and its acquirement by Key Safety Systems (KSS) and TRW Automotive Holdings Corp. getting acquired by ZF Friedrichshafen AG. 

Most of the leading company’s emphasize on strategies, such as product development and mergers and acquisitions to keep the industry position. Leading players operating in the automotive airbag and seat belt market include Continental AG; Autoliv, Inc.; Toyoda Gosei Co., Ltd.; Robert Bosch GMBH; Key Safety Systems (KSS); Hyundai Mobis Co., Ltd; and ZF Friedrichshafen AG.