DUBLIN--(BUSINESS WIRE)--The "North America Automotive Airbags and Seatbelts Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Airbags Type, Seatbelts Type, and Vehicle Class" report has been added to ResearchAndMarkets.com's offering.
The automotive airbags and seatbelts market in North America is expected to grow from US$ 10,756.42 million in 2022 to US$ 20,033.16 million by 2028. It is estimated to grow at a CAGR of 10.9% from 2022 to 2028.
The automotive industry is a pillar of the North America 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.
As per the report published by National Highway Traffic Safety Administration (NHTSA), the traffic fatalities in 2021 had shown an increase of about 10.5% compared to reported fatalities in 2020. The estimated fatalities are the highest number since 2005 and the largest annual percentage increase in the Fatality Analysis Reporting System's history in the US. Thus, the government agencies strongly emphasized on improving safety policies and standards, along with significant investment in reducing road accidents. For instance, in May 2022, the NHTSA approved US$ 740 million in funding for the 402 State and Community Grant Program, Section 1906 Racial Profiling Data Collection Grants, and Section 405 National Priority Safety Program. The US States are encouraged to use the funding to implement programs to address gaps and opportunities for expanding partnerships and focus on risky driving and safety concerns among vulnerable road users and the large presence of the population. Thus, such initiatives for introducing regulatory standards related to vehicle safety are fuelling the market growth.
Market Overview
North America has a developed automotive industry due to the continuous production of commercial vehicles. For instance, as per the Organization International des Constructers d'Automobiles (OICA) 2021 report, the US produced 7,604,154 commercial vehicles in 2021; 6,895,604 in 2020; and 8,367,239 in 2019.
Similarly, Canada produced 826,767 commercial vehicles in 2021; 1,048,942 in 2020; and 1,455,215 in 2019, as per the same report. Also, Mexico produced 2,437,411 commercial vehicles in 2021; 2,209,121 in 2020; and 2,604,080 in 2019, as per the same report. As per OICA statistics, the US, Canada, and Mexico are leading in the commercial vehicle production segment worldwide. Thus, with the continuous production of commercial vehicles across the region, the need for automotive airbags and seatbelts will increase significantly, supporting the growth of the automotive airbags and seatbelts market in North America.
North America Automotive Airbags and Seatbelts Market Segmentation
- Based on airbag type ,the market is segmented into front, knee, side and curtain. The front segment registered the largest market share in 2022.
- Based on seatbelts type , the market is segmented into 2-point and 3-point. The 3- point segment held the largest market share in 2022.
- Based on vehicle class , the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment held the largest market share in 2022.
- Based on country, the market is segmented into US , Canada , Mexico. US dominated the market share in 2022.
Market Dynamics
Market Drivers
- Growing Initiatives for Introducing Regulatory Standards Related to Vehicle Safety
- Increasing Advancements in Airbag and Seatbelt Technologies
Market Restraints
- High Operating and Maintenance Costs
Market Opportunities
- Growing Awareness About Vehicle Safety Features
Future Trends
- Growing Adoption of Electric Vehicles
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. North America Automotive Airbags and Seatbelts Market Landscape
5. North America Automotive Airbags and Seatbelts Market - Key Industry Dynamics
6. Automotive Airbags and Seatbelts Market - North America Market Analysis
7. North America Automotive Airbags and Seatbelts Market Analysis - By Airbags Type
8. North America Automotive Airbags and Seatbelts Market Analysis - By Seatbelts Type
9. North America Automotive Airbags and Seatbelts Market Analysis - By Vehicle Class
10. North America Automotive Airbags and Seatbelts Market - Country Analysis
11. Industry Landscape
12. Company Profiles
13. Appendix
Companies Mentioned
- Autoliv Inc.
- Continental AG
- Denso Corporation
- INFINEON TECHNOLOGIES AG
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- Hyundai Mobis
- Joyson Safety Systems
- Toyoda Gosei Co., Ltd.
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