The global automotive airbag market is projected to have a high-paced CAGR of 4.4% during the forecast period. The current valuation of the automotive airbag market is US$ 12.2 Billion in 2023. The value of the automotive airbag market is anticipated to reach a high of US$ 35 Billion by the year 2033.
The demand for automotive airbags is expected to continue to grow in the future as governments around the world are implementing regulations to improve vehicle safety, and consumers are increasingly concerned about safety when choosing a vehicle.
The growth in the global automotive airbag market is also expected to be driven by the increasing adoption of advanced driver assistance systems (ADAS) and autonomous driving technologies, which require advanced safety features to protect occupants in the event of a collision.
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Furthermore, the development of more advanced airbag systems, such as those that use sensors and algorithms to tailor the deployment of airbags to the specific type of collision and the size and position of the occupants, is expected to further drive the demand for automotive airbags.
In summary, the demand for automotive airbags is expected to continue to grow in the future, driven by government regulations, consumer demand for safer vehicles, the increasing adoption of ADAS and autonomous driving technologies, and the development of more advanced airbag systems.
However, airbag systems are not too important for automobile owners in developing countries. As a result, many automobile manufacturers supply low-cost airbags just to comply with safety rules. However, in order to save money, passenger safety is sacrificed, and the durability of that airbag system falls short of consumer expectations. This inhibits people from purchasing automobiles with airbag systems. As a result, this business has two major challenges: cutting out cheap airbag producers and working on the high cost of airbag systems for all types of automobiles, which may hamper the 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.
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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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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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