Automotive Airbag Market – Global Industry Analysis and Forecast (2023-2029)

Automotive Airbag Market size was valued at US$ 12.79 Bn. in 2022 and the total revenue is expected to grow at 10.11 % through 2022 to 2029, Automotive Airbag Market is reaching nearly US$ 25.10 Bn. by 2029.
Automotive Airbag Market Overview
Airbags are the most important safety device used in automobiles. Increasing consumer demand for safety and stringent government policies start increasing the demand for airbags in vehicles. Many countries starts formulating laws to implement airbags in vehicles is mandatory. United States has the highest market share in the automotive airbags market at a CAGR of 25.7% during the forecast period. Automotive airbags consist of components such as airbag module, sensor, hood lift limiter, and others.

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Automotive Airbag Market dynamics:
Increasing awareness of vehicle safety and production of passenger vehicles drive the automotive airbags market during the forecast period. The automotive industry rapidly growing as the demand for passenger and commercial vehicle demand increases, including curtain airbags and drivers safety of the driver as well as passenger.

With the development of sensors in vehicles to collect the information that ensures various control units. The automotive airbag market is expected to experience a substantial change in the forecast period. Honda, a Japanese automaker, has teamed up with Autoliv, a Swedish airbag producer, to reduce the likelihood of injuries in a variety of collisions. The key to gaining a competitive edge over other producers in the automotive airbag market is to invest in R&D. To avoid probable airbag injuries, they are intensifying their efforts to bring the airbag closer to the passenger. Stakeholders are paying attention to profit potential in the Indian automobile airbag industry. As a result, Asia Pacific is also expected to have the largest proportion of the market.

India's Ministry of Road Transport and Highways recently announced plans to improve passenger safety in automobiles. Companies in India's automobile airbag market are the opportunity, as the new mandate is based on the Supreme Court Committee on Road Safety's recommendations. In the vehicle airbag market, rear-seat airbags are a game-changing development. The new Mercedes S-Class is becoming well-known for its one-of-a-kind back seat airbags, which protect passengers in the event of a frontal collision. Carmakers and airbag manufacturers are expected to work together to provide safe sedans with improved overall comfort, such as kid seats that can be accommodated, a belt bag that can be added.
Automotive Airbag Market Segment Analysis:
Based on Vehicle Type, the market is sub-segmented into, Passenger Cars (PC), Light Commercial Vehicle (LCV), Buses, and Trucks. Passenger vehicle segment leading the market in 2022. Side-impact standards necessitate a specific level of the chest and head protection, as well as soft material to cushion. In all vehicles, especially luxury passenger cars, curtain airbags are appropriate for this type of crash. As a result, demand for nylon-based curtain-based airbags will skyrocket in the forecast years. According to a World Health Organization report, over 1.35 million people die every year as a result of automobile collisions, with the majority of these deaths occurring in low- and middle-income nations. As a result, the use of curtain airbags has expanded dramatically during the last decade.

Based on Type, the market is sub-segmented into, Front airbags, Side airbags, Knee airbags, and Curtain Airbag. The need for automotive airbags, particularly curtain airbags, is increasing as safety regulations for all vehicle types improve. Curtain airbags are likely to account for a large portion of the vehicle airbag market, according to the MMR report. Curtain airbags are built into the front, rear, and side pillars to protect the driver and passengers' heads and chests from any direction of impact. The global use of curtain airbags is fuelled by the increasing adoption of mini-cars, sedan luxury automobiles, and heavy-duty rails.
Automotive Airbag Market Regional Insights:
The automotive airbag market is expected to grow at a steady step. Increased production of passenger automobiles and light vehicles in the United States will improve sales. In March 2022, the International Organization of Motor Vehicle Manufacturers reported that passenger and commercial vehicle manufacturing in the United States totaled roughly 21,084,417 units. According to the research, the U.S. automobile market has to get back well and is nearly back to pre-pandemic levels, with a 68.3 % increase in March. Hyundai and Chevrolet, both industry titans, reported record sales of premium passenger cars, with sales up 159.5 %and 39.2 %, respectively.

Increasing demand for curtain airbags in the United Kingdom is likely to drive market growth over the forecast period. The need for automotive airbags is being increased by rising sales of electric vehicles and technological advancements in the European automotive industry. Along with increased electric car sales, government actions aimed at ensuring passenger safety will propel the market forward. In 2020, the European Commission announced financing for airbag valve technology, which included a customized safety airbags initiative to produce enhanced passenger car safety technologies.

India is one of Asia's greatest passenger car manufacturing hubs, making it one of the most profitable markets for automotive airbags. According to the Society of Indian Automobile Manufacturers (SIAM), passenger automobile sales in India go up by 11.4 % in 2022, resulting in a total output of 22,652,108 units. Along with expanding passenger car sales and increased government activities to promote driver and passenger safety, automakers are increasing the deployment of automobile airbags in the country. According to the Ministry of Road Transport and Highways (MoRTH), the government issued a new rule in the gazette notification that would require all new vehicles to include dual front airbags as standard equipment starting April 1st, 2022. Automakers are using new processes and employing modern technologies to improve product design and quality as a result of the government's new mandate.

Due to the increasing volumes of passenger car production across the region, Germany is likely to be another profitable region. According to the Federal Motor Transport Authority (KBA), passenger automobile manufacturing in 2022 was roughly 2,917,678 units, down from 3,607,258 units in 2022. Due to the halt in manufacturing and global shutdown during the FQ-20, passenger automobile sales decreased following the unprecedented outbreak of COVID-19. The recovery of the automobile sector in Germany, however, enhanced the production of passenger cars, necessitating customer demand.

The objective of the report is to present a comprehensive analysis of the global Automotive Airbag Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Automotive Airbag Market dynamics, structure by analyzing the market segments and project the global Automotive Airbag Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Automotive Airbag Market make the report investor’s guide.
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Global Automotive Airbag Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 12.79 Bn.


Forecast Period 2023 to 2029 CAGR:
10.11 %
Market Size in 2029:
US $ 25.1 Bn.


 Segments Covered:
by Types
Front Airbag
Side Airbag
Knee Airbag
Curtain Airbag


by Vehicle type
Passenger Cars (PC)
Light Commercial Vehicle (LCV)
Buses
Trucks


by Module
Inflator or Gas Generator
Air Bag



Automotive Airbag Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Automotive Airbag Market Key Players
1. ABC Group
2. AB Tube Processing, Inc.
3. ACS Industries, Inc.
4. Advanced Elastomer Systems
5. Am-Safe Commercial Products
6. Amphenol Corporation
7. Analog Devices, Inc.
8. ARC Automotive, Inc.
9. Ashimori Industry Co., Ltd.
10. Calsonic Kansei
11. China National Bluster (Group) Corporation
12. Chukoh Chemical Industries, Ltd.
13. Daicel Chemical Industries Ltd.
14. East Joy Long Airbag Motor Co. Ltd.
15. Gaotian (Shanghai) Automobile Safety Device Co., Ltd.
16. Global Tek (wuxi) Co. Ltd.
17. Fujitsu TEN Ltd.
18. Furukawa Electric
19. Hanwha Group
20. Hyosung Corporation
21. Hyundai Mobis

Frequently Asked Questions:

1) What was the market size of Global Automotive Airbag Market in 2022?
Ans - Global Automotive Airbag Market was worth US$ 12.79 Bn. 2022.

2) What is the market segment of the Automotive Airbag Market?
Ans -The market segments are based on Product, Vehicle type and by Module.

3) What is the forecast period considered for Global Automotive Airbag Market?
Ans -The forecast period for Global Automotive Airbag Market is 2023 to 2029.

4) What is the market size of Global Automotive Airbag Market in 2029?
Ans – Global Automotive Airbag Market is estimated as worth US$ 25.1 Bn.

5) Which region is dominated in Global Automotive Airbag Market?
Ans -In 2022, North America region dominated the Global Automotive Airbag Market.