Automotive Airbags Market Forecasts to 2028 - Global Analysis By Product, Vehicle Type, Seat Configuration, Coating Type, Material, Sales Channel, Component and By Geography

According to Stratistics MRC, the Global Automotive Airbags Market is accounted for $12.99 billion in 2022 and is expected to reach $22.03 billion by 2028 growing at a CAGR of 6.8% during the forecast period. One of the safety features in cars is the airbag. Automotive airbags are flexible fabric envelopes or cushions that are intended to inflate during on-the-road collisions. The primary function of an automotive airbag is to cushion the driver during a collision and shield the body from injury when the body hits a window, steering wheel, or other interior car object. The driver of a modern vehicle is protected by numerous airbags that are placed in various side and frontal locations. Airbags in automobiles are activated by a sensor that determines their deployment based on the kind and intensity of the collision. The airbag control unit in modern vehicles keeps track of several internal components such wheel speed, side door, and brake pressure.

According to the International Organization of Motor Vehicle Manufacturers, across the globe around 77,971,234 units of all type of automotive vehicles were sold in December 2020. According to a report of World Health Organization, approximately 1.35 million people die every year due to the vehicle collision, especially in low-and middle-income countries. Hence, the adoption of curtain airbags has increased significantly over the past decade.

Market Dynamics:

Driver:

Rise in consumer awareness toward vehicle safety features

Road accidents are a major issue everywhere, especially when travelling in congested traffic or inclement weather. The World Health Organization estimates that traffic accidents claim the lives of almost 1.25 million people annually. For instance, airbags are widely employed in vehicles to lessen the effect of accidents and increase overall vehicle safety to reduce the number of collisions. Additionally, consumers are spending more on the safety features of their vehicles due to growing consumer awareness and disposable cash. Therefore, it is anticipated that the adoption of improved safety systems (airbags) & increasing customer awareness of safety features will fuel the airbag market in the future.

Restraint:

Rising car prices due to superior technology

More expensive safety features and equipment are now standard on cars than ever before. The Central Motor Vehicles Rule required passenger cars to have safety features. Additionally, airbags on both sides of the front seats are required by the Intermodal Transport Surface Efficiency Act for all light trucks and cars. Government initiatives to enforce tight safety requirements and boost competitiveness among automakers, particularly in developing nations, have resulted in the introduction of cutting-edge technology features. Cost-effectiveness is not achieved because of this method, which raises the price of cars. As a result, the cars are eventually aimed at the luxury market category. As a result, this aspect hinders the expansion of the global airbag market.

Opportunity:

Rising innovations and the introduction of advanced features

Rising technological advancements and the inclusion of cutting-edge technologies in new car models are boosting the automotive industry and fueling the expansion of the automotive airbags market. The installation of strict government restrictions governing the deployment of airbags in new automobiles and automotive airbags in personal car applications are developments in the ADAS system. The market is also anticipated to increase strongly throughout the forecast period as a result of the advancement of autonomous vehicles. Additionally, elements including growing consumer awareness, willingness to invest in vehicle security and protection systems, and increasing per capita disposable incomes are anticipated to have a substantial impact on the market's growth over the forecast period.

Threat:

Passenger Safety Compromise due to Cheap Airbags

Customers of automobiles in developing nations are less concerned with airbag systems. As a result, several automakers offer inexpensive airbags just as a matter of compliance with safety standards. However, in order to save money, passenger safety is sacrificed, and the airbag system's durability falls short of what customers would reasonably expect. This makes buyers less likely to purchase cars with airbag systems. As a result, this industry must first endeavour to eliminate the cheap airbag manufacturers and then address the excessive cost of airbag systems for all types of automobiles.

COVID-19 Impact

Due of their limited ability to control new COVID-19 outbreaks, numerous regions continue to be weak. The business has suffered from the reintroduction of erratic and unexpected lockdowns in several nations. This has made it more difficult for automakers to generate income. Leading manufacturers in Asia, like Hyundai and Maruti Suzuki, are, nonetheless, observing a steady rebound in vehicle production and consignments. The market growth has fallen dramatically. Manufacturers of automotive components, like Autoliv and Toyoda Gosei, experienced a 10-12% decline in revenue as a result of the COVID-19 epidemic. The introduction of COVID-19 vaccines and the opening of markets in early 2021, however, provided some respite for the automotive sector.

The frontal segment is expected to be the largest during the forecast period

The frontal segment is estimated to have a lucrative growth, due to technological advances, the frontal segment will dominate the global market over the projection period. Additionally, some nations throughout the world now require drivers to have airbags. And, many laws mandate the installation of front passenger airbags in vehicles. The part therefore made up a considerable portion.

The passenger vehicle segment is expected to have the highest CAGR during the forecast period

The passenger vehicle segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the expansion of this market will be accelerated by increased disposable income and rising passenger automobile sales following COVID-19 in developed and developing economies. The passenger vehicle industry will present profitable growth prospects during the projection period due to the expansion of freight logistics, last mile deliveries, and expanding urban infrastructure.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to rising vehicle production and exports each year in a number of the region's nations, the region is anticipated to have a disproportionately large part of the global automotive airbags market. This expansion can be ascribed to rising investments in passenger safety, which are expected to drive up demand for cars and automotive safety equipment. During the projection period, it is anticipated that increasing EV usage and the acceptance of important governmental measures would foster the growth of the market in the area.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. The market in the North American area is anticipated to be driven by tightening government regulations on car safety and standards, rapid adoption of new technologies, and significant investment in product innovation. Furthermore, frontal airbags are required standard equipment for all passenger automobiles and light commercial vehicles in North America due to strong enforcement of legislation.

Key players in the market

Some of the key players profiled in the Automotive Airbags Market include Takata Corporation, Denso Corporation, ZF Friedrichshafen AG, Toyoda Gosei Co. Ltd., Hyundai Mobis Co. Ltd., Autoliv Inc., Daicel Corporation, Nihon Plast Co. Ltd., Porcher Industries SA, Kolon Industries, Toray Industries Inc., Wacker Chemie AG, Delphi, Toyobo Co. Ltd. and Hyosung Co.

Key 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 fossilfree steel components for car safety goods such as airbags and seatbelts.

In February 2022, Nuro, a leading autonomous vehicle business, and Autoliv, Inc., a leader in automotive safety systems, are partnering to assure high safety standards for Nuro's new third-generation, production-grade autonomous delivery vehicle.

In January 2022, Aptiv PLC, a global technology business focused on making mobility safer, greener, and more connected, announced today a definitive agreement to purchase Wind River for USD 4.3 billion in cash from TPG Capital, the private equity platform of global alternative asset management firm TPG.

In March 2020, Hyundai Mobis announced the certification of its new innovative roof airbag system by the National Highway Traffic Safety Association (NHTSA) for its use in passenger cars.

In November 2021, Autoliv Inc. announced a strategic partnership with Piaggio Group, one of the leading manufacturers of motorcycles and scooters. The collaboration is focused on the development of airbags for powered two-wheelers for enhanced safety.

Products Covered:

• Frontal Airbag
• Side Airbag
• Knee Airbag
• Driver Airbag
• Curtain Airbag
• Passenger Airbag
• Other Products

Vehicle Types Covered:

• Passenger Vehicle
• Commercial Vehicle
• Electric Vehicle
• Other Vehicle Types

Seat Configurations Covered:

• Single Row Configuration
• Lounge Configuration
• Double Row Configuration
• Other Seat Configurations

Coating Types Covered:

• Coated
• Non-Coated

Materials Covered:

• Polyester
• Nylon
• Other Materials

Sales Channels Covered:

• Original Equipment Manufacturers (OEMs)
• Aftermarkets

Components Covered:

• Diagnostic Monitoring Unit
• Airbag Inflator
• Crash Sensor
• Other Components

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances