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)
The automotive airbags and seatbelts market in South & Central America is expected to grow from US$ 2,580.36 million in 2022 to US$ 3,469.43 million by 2028. It is estimated to grow at a CAGR of 5.1% from 2022 to 2028.
Growing Initiatives for Introducing Regulatory Standards Related to Vehicle Safety
The automotive industry is a pillar of the South & Central 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. Thus, such initiatives for introducing regulatory standards related to vehicle safety are fuelling the market growth.
South America has the presence of major automakers, including General Motors, Volkswagen, Hyundai, Ford, Toyota, Peugeot, and Renault. Further, the national regulatory bodies of various countries in the region have realized the importance of the automotive industry and are taking initiatives to develop the automotive industry. For instance, an initiative by the Brazilian authority regarding Route 2030 (a scheme of tax credits worth billions of dollars to auto and auto-parts manufacturers in Brazil) was announced in 2017, which was eagerly anticipated as the industry struggles to grow sustainably following the country's exit from recession in 2017. Route 2030 offered US$ 535 million in tax incentives from 2019 to eligible manufacturers and US$ 382 million annually, which will continue till 2030. The program applies specifically to profitable auto companies actively investing in research & development, especially those creating technologies that boost energy efficiency within Brazil. Similarly, in 2017, Argentine President Mauricio Macri announced a US$ 1 million plan for the development of the automotive industry, under which the country aimed to produce 750,000 cars annually by 2019 and ~1 million units by 2023. Therefore, the government initiatives to support the growth of the automotive industry will strengthen the automotive manufacturing industry, which is likely to support the growth of the automotive airbags and seatbelts market in the region.
South & Central America Automotive Airbags and Seatbelts Market Revenue and Forecast to 2028 (US$ Million)
South & Central America Automotive Airbags and Seatbelts Market Segmentation
The South & Central America 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 Brazil , Argentina and Rest of South & Central America. Brazil 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.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the South & Central America Automotive Airbags and Seatbelts Market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in South & Central America Automotive Airbags and Seatbelts Market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth South & Central America market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook