Automotive Airbag Market to Grow with a CAGR of 5.9% through 2028
Advancement in
the airbag technology, Stringent safety regulations and mandates and growing
emphasis on vehicle safety is driving the Global Automotive Airbag Market in
the forecast period 2024-2028.
According to
TechSci Research report, “Automotive Airbag Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Automotive Airbag Market stood at USD 13 billion in 2022 and is
anticipated to grow with a CAGR of 5.9% in the forecast period, 2024-2028. The Global Airbag Market is experiencing
substantial growth due to a convergence of factors driving heightened emphasis
on vehicle safety and occupant protection. Governments and regulatory bodies
worldwide are mandating stringent safety regulations, compelling automakers to
integrate airbag systems across their vehicle offerings. These regulations
underscore airbag’s pivotal role in mitigating collision-induced injuries,
propelling their widespread adoption.
Increasing
consumer awareness of road safety is another driving force behind the market's
expansion. With a growing recognition of accident risks, consumers are
prioritizing safety features in their vehicle purchasing decisions, prompting
automakers to incorporate advanced airbag technologies as a selling point,
offering tailored protection for various collision scenarios.
Continuous
technological advancements remain a cornerstone of the airbag market, enhancing
deployment precision through innovations like sensor technology and electronic
control units. The market's growth is further propelled by transformative
automotive industry trends such as electric vehicles, autonomous driving, and
shared mobility services, which demand adaptable airbag solutions tailored to
diverse vehicle architectures and occupant scenarios.
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The Global
Airbag Market is currently undergoing a transformative phase, characterized by
dynamic forces that collectively shape its trajectory and significantly impact
its growth. At the forefront of this evolution are stringent safety
regulations, both in established and emerging markets, driving the widespread
adoption of airbag systems. Regulatory bodies, such as the National Highway
Traffic Safety Administration (NHTSA) in the United States and the European New
Car Assessment Programme (Euro NCAP), have mandated comprehensive safety
standards, compelling automakers to integrate advanced airbag technologies into
their vehicles. These regulations underscore the critical role airbags play in
reducing the risk of injuries during collisions, making them a central
component of vehicle safety systems.
Simultaneously,
the escalating emphasis on passenger safety is a key driver amplifying the
demand for airbag systems. In an era where consumers are better informed and
safety-conscious, they prioritize vehicles equipped with robust safety
features, particularly advanced airbags that offer protection across a spectrum
of collision scenarios. This heightened consumer awareness has not only pushed
automakers to invest in innovative airbag solutions but has also initiated a
paradigm shift in the industry's approach to marketing, wherein safety features
have become a major selling point.
Technological
innovation stands as another cornerstone of the airbag market's expansion. With
continuous advancements in sensor technology, crash detection algorithms, and
inflation mechanisms, airbags have evolved into sophisticated systems that
deploy with remarkable precision. The integration of electronic control units
(ECUs) further enhances their adaptability, enabling them to respond
intelligently to collision dynamics and occupant profiles. These advancements
have not only bolstered the efficiency of airbag systems but have also paved
the way for the development of specialized airbags designed for specific impact
scenarios, such as side collisions and rollovers.
The
ever-evolving trends within the automotive industry also exert a significant
influence on the airbag market. The surge in electric vehicles (EVs) and the
advent of autonomous driving have necessitated innovative approaches to airbag
integration. The unique architecture of EVs and the altered seating
arrangements in autonomous vehicles require adaptable airbag solutions that
cater to the distinct safety requirements of these vehicles. Moreover, the rise
of shared mobility services, including ride-sharing and car-sharing, introduces
new challenges. Vehicles utilized in these services are subject to higher wear
and tear, demanding airbag systems that can endure repeated deployments while
maintaining their efficacy.
Globalization
and urbanization add further impetus to the market's expansion. Emerging
economies, characterized by a burgeoning middle-class population, have
witnessed an upsurge in vehicle ownership. As these markets seek safer
commuting options, the demand for vehicles equipped with airbag systems has
escalated. Furthermore, rapid urbanization and infrastructure development
create a heightened need for safe transportation solutions, stimulating vehicle
sales and the consequent demand for airbag-equipped vehicles across both developed
and developing economies.
In tandem with
the above factors, the incorporation of innovative materials and manufacturing
techniques has revolutionized airbag production. Advanced textiles, synthetic
fibers, and lightweight materials have optimized occupant protection while
minimizing the space required for airbag deployment. The application of
cutting-edge manufacturing methods, such as 3D printing and automated assembly,
contributes to cost-effectiveness and sustainability in the production process.
Major companies
operating in Global Automotive Airbag Market are:
- Autoliv Inc.
- ZF Friedrichshafen AG
- Yanfeng (Huayu Automotive Systems Co.,
Ltd.)
- Joyson Safety Systems
- Toyoda Gosei Co. Ltd.
- East Joy Long Motor
- Takata Corporation
- Neaton Auto Products Manufacturing
Inc.
- Sumitomo Corporation
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“he
Global Airbag Market is a dynamic ecosystem fueled by stringent safety
regulations, evolving consumer preferences, and technological innovation.
Governments worldwide mandate the integration of advanced airbag systems,
bolstering occupant safety. Consumers increasingly prioritize vehicles equipped
with comprehensive airbag solutions, driving automakers to innovate.
Technological advancements, from precision sensors to intelligent deployment
mechanisms, enhance the efficiency and effectiveness of airbag systems. The
rise of electric vehicles, autonomous driving, and shared mobility services
necessitates adaptable airbag solutions to suit diverse vehicle architectures
and usage scenarios. As the automotive landscape evolves, the market's role in
ensuring occupant protection remains pivotal, making airbags an integral and
transformative force in modern vehicle safety.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Global Automotive Airbag Market Segmented By Type (Curtain Airbags,
Knee Airbags, Front Airbags, and Inflatable Seat Belt), By Vehicle Type
(Passenger Cars and Commercial Vehicles), By Demand Category (OEM and
Aftermarket), By
Regional, By
Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Automotive Airbag Market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Automotive
Airbag Market.
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