According to a new research report titled ‘Airbag and Seat Belt Market Analysis - Global Industry, Size, Share, Growth, Trends, and Forecast, 2018-2026’ by Acumen Research and Consulting
LOS ANGELES, Jan. 22, 2019 (GLOBE NEWSWIRE) -- The global airbag and seat belt market size is projected to around USD 74.3billion by 2026, the market is projected to grow with 6.1% CAGR during the forecast timeframe. 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.
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Different government, state, and neighborhood directions relating to the establishment of passive safety systems is one of the central point driving the market. Developing consciousness among purchasers about the significance of actualizing passive safety systems in vehicles is likewise in charge of moving the market development.
Expanding purchaser disposable income levels, especially in developing countries of Asia Pacific, Latin America, and Eastern Europe, are relied upon to positively affect the market. Moreover, the car advertise in these locales is seeing significant advancement. Rising gainfulness of the car advertise thus advances the development of the airbag and safety belt showcase. Innovative progressions and persistent item improvement have likewise increased the interest for items, for example, airbag and safety belts, in this manner supporting business sector extension.
North America hold the largest share in the global automotive airbag and seat belt market in 2018 due to the stringent government regulations concerning road safety in Canada and U.S. For example, under the Intermodal Surface Transportation Efficiency Act of 1991, all the commercial as well as passenger vehicles in U.S. must have airbags on both sides of front seats that makes it a must for original equipment manufacturers to incorporate them in each model variant.
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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.
Asia Pacific is anticipated to observer profitable development forthcoming due to helpful government initiatives and improving automobile sector. Furthermore, economic growths in countries, for instance, China and India, are anticipated to aid drive the market development. Enormous populace base with growing disposable income in the region captures to high need for automotive airbag and seat belt market. 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 comprise strict 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.
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The presentation of enhanced fabric technologies, novel coating application, and inflatable and mechanized safety belts, are relied upon to drive the market further. As advances develop over the figure time frame, it would just act for the business players, since mechanical development would prompt lower costs, in this way advancing the selection of these items.
The key players catering to the global 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. International trades are looking forward to capitalizing 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.
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