Rising consumer awareness towards vehicle safety features and inclination towards advanced automotive technologies to reduce the impact of accidents is one of the major drivers for the automotive airbag & seat belt market. Intense competition as a result of rapid technological advances has led to vigorous adoption of new technologies that augment car safety and performance. In addition, need for light-weight materials among component manufacturers and OEMs is expected to accelerate light plastics demand in automotive accessory manufacturing. The incorporation of plastic can facilitate fuel saving between five percent and seven percent for every 10 percent drop in vehicle weight, cut down on processing costs and reduced the number of parts required for specific application. Along with environmental sustainability, these plastics are widely used in airbags and seat belt applications.
Establishment of institutions such as New Car Assessment Program (NCAP) that award safety ratings to cars based on safety performance is expected to positively impact automotive airbag & seat belt market growth. Affordability, increased safety awareness, stringent safety regulations in various countries is expected to favor market growth. Manufacturers are combining active and passive safety systems in the vehicle safety devices in order to inflate immediately during an automotive collision. These passive technologies are expected to address trends in energy efficiency, weight reduction, cost, demographics and government legislation.
Automotive airbag market segmentation on the basis of product includes side airbags, knee airbags and front airbags. The automotive seat belts market include sash belts, lap belts, two point, three point, five point, belt in seat and six point belts. Increasing disposable income is expected to influence individuals to invest on safety features, thereby driving automotive airbag & seat belt market demand. Stringent government regulations for seat belt safety measures in markets such as India, China, Japan and the U.S. has persuaded market players to invest in automotive accessories. However, presently airbags are only mandatory in developed markets, which may hamper potential growth opportunities in developing regions.
Key industry participants include Key Safety Systems Inc., Hyundai Mobis Co., Ltd., Trw Automotive, Toyoda Gosei Co., Ltd., Takata Corporation, Denso Corporation, Delphi Automotive PLC, Continental AG, Robert Bosch GMBH and Autoliv Inc.
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