The global automotive airbag market is projected to grow at a robust CAGR of 4.4% during the forecast period. As of 2023, the market is valued at USD 12.2 billion and is expected to reach USD 35 billion by 2033.
Several factors are driving the adoption of automotive airbags, particularly the launch of new premium and mid-level passenger vehicles that come equipped with airbags as standard. The increasing demand for safety features across all types of vehicles is anticipated to boost market growth in the coming years.
Rising disposable incomes among the growing middle-class population and increased urbanization are also expected to drive automobile sales, further enhancing the global automotive airbag market throughout the forecast period.
Curtain airbags, designed to protect passengers’ and drivers’ heads and necks during side impacts, are becoming increasingly common in vans, SUVs, and various vehicle types to improve safety. Stricter safety regulations are contributing to the expansion of the market, with a notable increase in demand for airbags in heavy-duty trucks and compact cars.
Moreover, the healthcare sector presents significant opportunities for the automotive airbag market, as these devices offer protection for patients’ necks and heads in the event of a collision. Ambulance manufacturers are now incorporating sensors that deploy airbags to provide additional safety post-accident, creating innovative prospects in the market.
Legislation such as the Intermodal Surface Transportation Efficiency Act of 1998 mandates that all automobiles and light commercial vehicles sold in the U.S. must be equipped with front passenger airbags, driving demand in the region. Additionally, recent announcements from India’s Road Transport and Highways Minister mandating a minimum of six airbags in vehicles accommodating up to eight occupants are further expected to enhance product demand and expand the market.
However, there are challenges in the market, particularly in developing countries, where the significance of airbag systems may not be well recognized by automobile owners. Many manufacturers produce low-cost airbags merely to comply with safety regulations, often at the expense of passenger safety and durability. This situation presents two major obstacles: the need to phase out inferior airbag producers and address the high costs associated with airbag systems for all vehicle types, which may impede market growth.
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Key Takeaways:
- During the forecast period, India is expected to account for the largest share of the global automotive airbag market. The market in this region is expected to rise since automobile and auto-component manufacturers believe India to be one of their favoured economies for setting up manufacturing plants. Moreover, various companies have collaborated with a local carmaker to export the cars in conformity with government regulations.
- The hair dryer market in the North America is predicted to develop rapidly, particularly in the U.S., during the projected period. This is attributed to rising government rules for vehicle safety and standards, quick adoption of new technology, and major investment in product innovation. Furthermore, frontal airbags have been required standard equipment for all passenger automobiles and light commercial vehicles in North America since 1998 due to strict regulation implementation.
- Owing to increasing driver safety issues and burgeoning passenger vehicle manufacturing, the “passenger” vehicle type is expected to hold the greatest revenue, through the forecast period.
- As it provides superior physical features such as increased impact resistance, decreased density, and a high specific heat capacity, the “nylon” yarn type, accounts for a significant share and is the most preferred type.
Competitive Landscape:
The global automotive airbag market share is experiencing a transformational period as a result of technological breakthroughs and various innovations. The creativity that goes into the production of hair dryers is predicted to continue attracting clients, creating enormous chances for major suppliers to leverage on such expanding trends and launch fresh product lines.
KEY PLAYERS:
Autoliv Inc., Takata Corporation, Daicel Corporation, Denso Corporation, Hyundai Mobis Co. Ltd., Toyoda Gosei Co. Ltd., ZF Friedrichshafen AG, Kolon Industries, Toray Industries Inc., Porcher Industries SA, Nihon Plast Co. Ltd., Delphi, Wacker Chemie AG, Hyosung Co., Toyobo Co. Ltd.
Recent Developments:
- In November 2021, Autoliv, Inc., a supplier of automotive safety systems, and SSAB, a global steel manufacturer, have begun working together to research and create fossil-free steel components for car safety goods such as airbags and seatbelts.
- In 2020, Hyundai Mobis Co. Ltd., acquired the semiconductor division of Hyundai Autron. This acquisition is expected to provide the capability to develop semiconductors for the automotive industry and supply them system controls on a systematic basis.
Automotive Airbag Market by Category
By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Product Type:
- Driver Airbag
- Passenger Airbag
- Side Airbag
- Curtain Airbag
- Knee Airbag
- Other Airbags
By Coating Type:
- Neoprene
- Silicone
- Non-Coated
By Yarn Type:
- Nylon
- Polyester
By Sales Channel:
- Original Equipment Manufacturers (OEMs)
- Aftermarkets
By Region:
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific excluding Japan
- Japan
- Middle East and Africa (MEA)
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