The global automotive airbag market is set for substantial growth, with a compound annual growth rate (CAGR) of 4.4% projected over the forecast period. Valued at USD 12.2 billion in 2023, the market is anticipated to reach approximately USD 35 billion by 2033.
Key Drivers and Trends
Several factors are fueling the increased adoption of automotive airbags. A significant driver is the inclusion of airbags as standard in new premium and mid-range passenger vehicles. Additionally, the growing demand for advanced safety features across various vehicle types is expected to further boost market growth.
The market’s expansion is also supported by rising disposable incomes within the expanding middle class and increased urbanization, both of which are likely to drive higher automobile sales and, consequently, greater demand for airbags.
Curtain airbags, designed to protect the head and neck of occupants in side-impact collisions, are becoming increasingly common in vans, SUVs, and other vehicle types. This trend is driven by stringent safety regulations and is anticipated to enhance safety across various vehicle categories, including heavy-duty trucks and compact cars.
The automotive airbag market also sees growth opportunities in the healthcare sector. Airbags designed to safeguard patients during accidents are being integrated into ambulance designs, which now include sensors that deploy additional protection in the event of a collision. These innovations are expected to open new avenues for market growth.
In the United States, the Intermodal Surface Transportation Efficiency Act of 1998 mandates front rider and passenger airbags in all automobiles and light commercial vehicles, driving demand. Additionally, a recent regulation by Road Transport and Highways Minister Nitin Gadkari requires a minimum of six airbags in vehicles carrying up to eight occupants, further boosting market demand.
Challenges
Despite these growth opportunities, challenges persist. In developing countries, airbags are sometimes viewed as less critical, leading to the availability of low-cost airbags that may compromise safety and durability. Addressing these issues—such as eliminating substandard airbag manufacturers and managing the high costs associated with advanced airbag systems—is crucial for sustaining market growth.
In-Depth Market Analysis: A Complete Report
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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