Airbag Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Automotive & Transportation
Report Code - OMR-AT-170
Format: PDF, PPT, and Excel
Airbag Market to Grow with a CAGR of 6.9% During 2023-2030; Market to Expand Due to Rising Focus on Automotive Safety and a Favorable Regulatory Landscape
The airbags of an automobile's safety restraint system immediately fill with air to cushion the occupants in the event of a collision. Inflatable bags equipped with sensors and an inflation mechanism can be concealed behind a vehicle's steering wheel, dashboard, seat, door, or roof. The primary function of the airbag is to cushion the impact of a collision and prevent the driver or passenger from striking the steering wheel or a window.
Several locations are still susceptible because they cannot combat additional COVID-19 outbreaks. The unexpected reappearance of lockdowns in multiple nations has hurt business. The automaker's income has been severely hindered as a result.
Key Takeaways of Airbag Market
By Type
The one-piece-woven airbag segment will accommodate the largest market share. Owing to the growing concern for the safety of drivers and passengers and the need to limit the number of fatalities resulting from automobile accidents, the one-piece-woven market segment has assumed greater significance.
By Airbag Position
Front airbags will dominate the largest market share during the forecast period. Numerous nations around the world have made the use of driver airbags mandatory. Furthermore, numerous regulations mandate that front passenger airbags be installed in vehicles.
By Vehicle Type
The revenue share of passenger automobiles was the highest due to the increasing usage of airbags in passenger vehicles to reduce collisions and save lives. Governments are encouraging the usage of airbags to safeguard drivers and passengers. Passenger airbags are inoperable following an accident. Airbag replacement is required in most wealthy nations and some emerging ones, despite being costly.
By Sales Channel
OEMs will account for the largest market share during the forecast period. OEM holds the majority of the market share. The yearly automotive production hit 77,000,000 units. Also, there has been an increase in major injuries and fatalities resulting from traffic accidents. Consequently, an increasing number of consumers are becoming aware of the advantages of airbags in automobiles.
By Region
Asia Pacific is expected to lead global sales for the global airbag cart market during the forecast period. Owing to increased yearly vehicle production and exports in numerous regions, the region is anticipated to dominate the global automotive airbags market share. The demand for autos and automotive safety components is anticipated to rise as passenger safety expenditures rise.
Changing Customer Focus to Safety to Attract a Growth-Oriented Market
Passenger safety awareness is increasing due to strict regulations imposed by international governing bodies such as the European Commission and the NHTSA (National Highway Traffic Safety Administration) and safety awareness campaigns by various private organizations, non-governmental organizations, and governments. As a result, purchasers are spending more on improved safety equipment for automobiles.
The industry has introduced new products and technologies, such as pedestrian airbags, smart airbags, and occupant sensor systems, to meet the growing need for safer and more effective airbags. Due to the increasing sophistication of systems and competitive dynamics, as well as the development of rollover and side impact systems, large-scale automakers prioritize promoting airbags, including occupant sensing systems and anticipatory crash technologies.
Rising Automotive Sales Combined with Favorable Regulatory Landscape to Expand Market Horizon
The Intermodal Surface Transportation Efficiency Act of 1998 mandates that all automobiles and light commercial vehicles manufactured in the United States include front-seat airbags. Since then, the demand for airbags in American automobiles has increased. Nitin Gadkari, minister of road transport and highways, disclosed that the draft GSR Notification mandating a minimum of six airbags in automobiles with up to eight occupants was also accepted.
The demand for automobile airbags has increased partly because growing discretionary money has prompted consumers to spend more on vehicle safety measures. Increasing customer awareness of advancements in car safety technologies might be a driver in future market growth. Automobile airbag innovation may be stimulated by two-wheeler airbag technology.
Global Airbag Market Prominent Players
• Joyson Safety System (U.S.)
• Autoliv Inc. (U.S.)
• Robert Bosch GmbH (U.S.)
• Hyundai Mobis Co. Ltd (South Korea)
• Valeo SA (France)
• ZF Friedrichshafen AG (Germany)
• TOYOBO CO., LTD (Japan)
• Nihon Plast Co. Ltd. (Japan)
• Mitsubishi Electric Corporation (Japan)
• Torey Industries Inc. (Japan)
• TOYODA GOSEI Co., Ltd (Japan)
• Denso Corporation (Japan)
Report Scope for Airbag Market
Type
• One-Piece-Woven
• Cut-and-Sewn Seam-Sealed
Material
• Nylon
• Polyester
• Other
Airbag Position
• Curtain/Side
• Front
• Knee
• Others
Airbag Market Regional Segmentation
Vehicle Type
• Passenger Cars
• Commercial Vehicles
o Light Commerical Vehicles
o Medium & Heavy Commercial Vehicles
• Electric Vehicles
o Battery Operated Vehicle (BEV)
o Hybrid Electric Vehicle (HEV)
o Plug-in Hybrid Vehicles (PHEV)
• Others
Coating
• Coated
• Non-Coated
Sales Channel
• OEM
• Aftermarket
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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