Asia Pacific Automotive Airbags and Seatbelts Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Airbags Type, Seatbelts Type, and Vehicle Class

The automotive airbags and seatbelts market in Asia Pacific is expected to grow from US$ 26,724.86 million in 2022 to US$ 56,182.40 million by 2028. It is estimated to grow at a CAGR of 13.2% from 2022 to 2028.

The growing awareness among consumers about vehicle safety features, along with the rising willingness to pay an extra cost for featured airbags and seatbelts, is a potential opportunity for market growth in coming years. The rise in demand for airbags from leading automotive makers and stringent mandatory regulations for deploying airbags are propelling the market growth. For instance, in January 2022, the Indian government released a draft proposal mandating six airbags in all passenger cars manufactured from October 2022. In January 2018, South Korea announced the requirement for new cars to be fitted with front and rear seat belt reminder systems. An initiative called Bharat New Vehicle Safety Assessment Program (BNVSAP) is a voluntary star rating system in India based on crash safety performance features. Equipment such as front airbags, anti-lock braking system (ABS), and seat belt reminders are necessary in cars to clear these tests. Thus, such growing initiatives to achieve the certification to enable greater safety are anticipated to drive the demand for automotive airbags and seatbelts. The New Car Assessment Program for Southeast Asian Countries (ASEAN NCAP) has brought multiple changes and adaptations regarding the region's socio-economic development, with more focus on road safety aspects. Thus, the growing awareness about safety features in automotive vehicles is posing a potential opportunity for market growth.

Market Overview

One of the driving factors for the automotive airbags and seatbelts market in APAC is the rising trend of electric vehicles (EVs). Due to the growing EV industry, the use of airbags and seatbelts is also rising, which is significantly increasing the demand for automotive airbags and seatbelts. The interest in EVs has increased over the past few years. As per the Association of Southeast Asian Nations (ASEAN) Automotive Federation Report, the total number of vehicle sales in ASEAN member states accounted for 2.45 million in 2020. This number is expected to increase with population growth and economic development. EV uptake is also likely to be fuelled by growing pollution concerns and the need to switch to cleaner and environment-friendly modes of transport. ASEAN has developed a favourable policy for the environment to encourage EV adoption. Further, according to a report by the International Renewable Energy Agency, by 2025, ~20% of all vehicles on the road in Southeast Asia will be of the electric variety, including 59 million two- and three-wheelers and 8.9 million four-wheel cars. Moreover, several ASEAN countries have started taking steps to increase EV adoption. For instance, in July 2020, the Brunei Darussalam National Council on Climate Change launched the Brunei Darussalam National Climate Change Policy (BNCCP), Brunei's first climate change policy. To pave Brunei Darussalam's low carbon and climate-resilient pathway for a sustainable nation, the BNCCP focuses on ten core areas, with EV adoption being one of them. Furthermore, the country aims to increase the share of EVs in total vehicle sales to 60% in the coming years. Therefore, the growing trend of EV adoption in APAC is supporting the automotive airbags and seatbelts market growth.

Asia Pacific Automotive Airbags and Seatbelts Market Segmentation

The Asia Pacific automotive airbags and seatbelts market is segmented into airbags type , seatbelts type, vehicle class, and country.

• 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 Australia , China ,India ,Japan ,South Korea and Rest of Asia Pacific. China dominated the market share in 2022. 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. are the leading companies operating in the automotive airbags and seatbelts market in the region.