Report : Europe Automotive Airbags and Seatbelts Market Forecast to 2028 - COVID-19 Impact and Regional 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)
At 11.8% CAGR, the Europe Automotive Airbags and Seatbelts Market is speculated to be worth US$ 28,203.11 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe automotive airbags and seatbelts market was valued at US$ 14,465.29 million in 2022 and is expected to reach US$ 28,203.11 million by 2028, registering an annual growth rate of 11.8% from 2022 to 2028. Growing initiatives for introducing regulatory standards related to vehicle safety and increasing advancements in airbag and seatbelt technologies are the critical factors attributed to the market expansion.
The automotive industry is a pillar of the Europe 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 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. The European Commission is working on framing the regulatory standards for motor vehicles considering the safety of vehicle occupants and vulnerable road users. Growing safety regulations for the safety of drivers and passengers and rising advancements in materials used for making airbags, along with increasing developments inside and curtain airbags to provide head and neck protection to passengers inside collision crashes, are fueling the growth of the market. The EC has targeted new mandatory safety equipment for all new cars. The European Commission had planned to adopt updated UNECE regulations on seatbelts that 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 are fueling the market growth.
On the contrary, high operating and maintenance costs hampers market Europe automotive airbags and seatbelts market.
- Based on airbags type, the market is segmented into front, knee, side and curtain. The front segment held 70.97% market share in 2022, amassing US$ 10,265.76 million. It is projected to garner US$ 19,653.84 million by 2028 to expand at 11.4% CAGR during 2022–2028.
- Based on seatbelts type, the market is segmented into 2-point and 3-point. The 3- point segment held 91.91% market share in 2022, amassing US$ 13,295.76 million. It is projected to garner US$ 26,898.86 million by 2028 to expand at 12.5% CAGR during 2022–2028.
- Based on vehicle class, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment held 78.01% market share in 2022, amassing US$ 11,284.53 million. It is projected to garner US$ 22,597.22 million by 2028 to expand at 12.3% CAGR during 2022–2028.
- Based on country, the Europe automotive airbags and seatbelts market has been categorized into Germany; France; Italy; UK; Russia and Rest of Europe. Our regional analysis states Germany that captured 27.96% market share in 2022. It was assessed at US$ 4,045.10 million in 2022 and is likely to hit US$ 8,176.08 million by 2028, exhibiting a CAGR of 12.4% during the forecast period.
Key players dominating the Europe automotive airbags and seatbelts market are Autoliv Inc.; Continental AG; Denso Corporation; INFINEON TECHNOLOGIES AG; Robert Bosch GmbH; ZF Friedrichshafen AG; Hyundai Mobis; Joyson Safety Systems and Toyoda Gosei Co., Ltd.
- In,2022; Autoliv has announced its collaboration with Nuro, autonomous vehicle company for providing higher safety features with exterior airbag to Nuro's latest third-generation vehicle.
- In, 2021; Toyoda has launched its new airbag designed for pedestrian's head protection. This pedestrian airbag is installed at front pillars providing the maximum security against collisions.
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