The Asia-Pacific (APAC) Airbag Market is poised for substantial growth in the coming years, driven by the increasing focus on vehicle safety and rising automobile production across the region. With stringent safety regulations being implemented by governments and heightened consumer awareness about the importance of safety features in vehicles, the demand for airbags in the APAC region is expected to surge significantly. According to FMI, the APAC airbag market is valued at approximately USD 8,510.0 million in 2022 and is expected to grow at a CAGR of 6.2% over the forecast period from 2022 to 2032.
Rising vehicle ownership, fueled by economic growth and rapid urbanization in countries like China, India, and Japan, is contributing to the expansion of the airbag market. Automakers are increasingly incorporating advanced safety systems, including airbags, as standard features in both high-end and economy vehicles. Additionally, government initiatives promoting road safety and crash safety regulations are propelling the adoption of airbags across the region.
Technological advancements in airbag systems, such as the development of side airbags, curtain airbags, and pedestrian airbags, are further driving market growth. Leading manufacturers are focusing on innovation and collaboration with automotive OEMs to enhance the effectiveness and reliability of airbag systems.
In-Depth Market Analysis: A Complete Report
Key Takeaways:
- The APAC Airbag Market is expected to witness robust growth due to increasing vehicle production and the implementation of stringent vehicle safety regulations.
- Rising consumer awareness regarding the importance of vehicle safety features is significantly boosting demand for airbags.
- Technological advancements in airbag systems, including the development of more sophisticated side and curtain airbags, are key growth drivers.
- China and India are expected to dominate the market, given their large automotive industries and growing emphasis on safety.
- The rise in electric vehicles and connected car technologies is expected to contribute to the future growth of the airbag market in APAC.
Market Competition
Key players operating in the APAC Airbag market include Autoliv, ZF Friedrichshafen, Toyoda Gosei, Robert Bosch GmbH, Hyundai Mobis Co. Ltd., and Takata Corporation.
Leading automotive airbags market players are focusing on expanding their customer base through various strategies such as expansion of their product portfolio through new product launches and innovations. Key players are also adopting advanced technologies to improve their product quality.
Automotive airbag manufacturers are also relying on tie-ups with major original equipment manufacturers and targeted mergers & collaborations to generate lucrative revenues.
- In January 2021, Daicel Corporation announced the launch of its new production site in the Republic of India to cater the growing demand for automobile airbags in the country.
- In April 2021, Chevrolet Aftersales team announced they replaced over 12,000 vehicles that were impacted by faulty Takata airbags in the years 2019.
Key Segmentation:
- By Airbag Type:
- Front Airbags
- Side Airbags
- Curtain Airbags
- Knee Airbags
- Pedestrian Airbags
- By Vehicle Type:
- Passenger Vehicles
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
- By Material:
- Nylon
- Polyester
- By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
- By Country:
- China
- India
- Japan
- South Korea
- Australia
- ASEAN Countries
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