Report : South & Central America 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 5.1% CAGR, the South & Central America Automotive Airbags and Seatbelts Market is speculated to be worth US$ 3,469.43 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America automotive airbags and seatbelts market was valued at US$ 2,580.36 million in 2022 and is expected to reach US$ 3,469.43 million by 2028, registering an annual growth rate of 5.1% 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.
With the rapid expansion of the South & Central America automotive landscape, manufacturers are primarily focused on enhancing engineering fuel and cost efficiency, improving the driving experience, and working toward the overall safety of passengers and drivers. Airbags and seatbelts remain a key passive safety system in the automotive sector. The growing advancement in airbag and seatbelt technologies is increasing their adoption across passenger vehicles, thereby propelling the market growth. The airbag is best used in combination with wearing a safety belt. It can prevent injuries and fatalities in front-end collisions. Airbag manufacturers have developed an array of airbags, side curtains, and knee bolsters to protect front-seat occupants and are further planning to design a new generation of airbags for rear-seat passengers. For instance, TRW Automotive Holdings Corp. has unveiled two airbags, one mounted on the roof and one in the back of the front seat, which could protect rear-seat passengers during a frontal collision. In addition, the Citroën C4 Cactus is a subcompact crossover SUV, which is equipped with a new roof-mounted passenger airbag technology. The growing advancement in technology for airbags in the automotive industry is fueling the market growth. For instance, the computer-operated dual deploys, or dual-stage airbags can deploy at two speeds. Airbags deploy at the lower first stage in less severe accidents, usually about 70% of full force. In more severe accidents, both stages are deployed. Further, side airbags are effective in preventing the driver and passengers from head injuries due to the rigid areas of the vehicle in side-impact collisions. Thus, such developments in technology for airbags and seatbelts are anticipated to drive the market.
On the contrary, high operating and maintenance costs hampers market South & Central America automotive airbags and seatbelts market.
- Based on airbags type, the market is segmented into front, knee, side and curtain. The front segment held 70.95% market share in 2022, amassing US$ 1,830.84 million. It is projected to garner US$ 2,417.26 million by 2028 to expand at 4.7% CAGR during 2022–2028.
- Based on seatbelts type, the market is segmented into 2-point and 3-point. The 3- point segment held 91.35% market share in 2022, amassing US$ 2,357.27 million. It is projected to garner US$ 3,229.45 million by 2028 to expand at 5.4% 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 83.70% market share in 2022, amassing US$ 2,159.82 million. It is projected to garner US$ 2,982.53 million by 2028 to expand at 5.5% CAGR during 2022–2028.
- Based on country, the South & Central America automotive airbags and seatbelts market has been categorized into Brazil, Argentina and Rest of South & Central America. Our regional analysis states that Brazil captured 71.28% market share in 2022. It was assessed at US$ 1,839.36 million in 2022 and is likely to hit US$ 2,532.68 million by 2028, exhibiting a CAGR of 5.5% during the forecast period.
Key players dominating the South & Central America 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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