ESOMAR-certified consulting firm Future Market Insights’ report on global automotive airbag market project a steady growth at 3.60% CAGR over the forecast period of 2021 and 2031. Growing usage of curtain airbags is increasing the demand for automotive airbags across the globe.
Demand for automotive airbags is rising extensively in emerging economies as the consumers in these regions are becoming more aware for the vehicle safety. Burgeoning sales of passenger vehicles across the globe have also augmented the demand of automotive airbags.
As per the FMI’s analysis, due to the outbreak of coronavirus, sales of automotive airbags declined by -8% in 2020. However, recovery in automotive industry and recommencement of automotive production & manufacturing companies across the globe have improved the market growth.
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Government increasing funding and initiatives towards the safety of vehicles have compelled the manufacturers to increase the usage of curtain airbags in all types of vehicles. Stringent regulations for the vehicle safety across the U.S., Germany, India and the U.K. is also expected to improve the adoption of automotive airbags over the coming years.
According to the FMI’s analysis, the global automotive airbags market reached a valuation of US$ 18.5 Bn, registering the sales of 370 Mn automotive airbags units in 2021.
Key Takeaways from FMI’s Automotive Airbag Market Study
- By vehicle type, passenger cars will emerge as primary automotive airbag end-users, accounting for 77%market share.
- In terms of sales channel, original equipment manufacturers segment is likely to emerge as the most lucrative segment
- In terms of yarn type, Nylon-based airbags are the most preferred choice due to their better physical properties as compared to the polyesterbased airbags
- Neoprene coated airbags will account for more than 70%of global market share during the forecast period
- Japan and South Korea will collectively account for over 16%of global market share over the forecast period
- Germany and the U.K. are anticipated to lead the Europe’s automotive airbag market, exhibiting the growth at 50%CAGR
“Increasing adoption of passenger cars and inclusion customized curtain airbags in vehicles are broadening expansion prospects for the market players. Technological advancement and high investment in research & development activity for the development of advanced airbags safety systems will create lucrative opportunity for the growth of the market,” says the FMI analyst.
Competitive Landscape
Autoliv Inc., Toyobo Co. Ltd., Takata Corp., Hyosung Co., Daicel Corp., Wacker Chemie AG, Denso Corp., Delphi, Hyundai Mobis Co. Ltd., Nihon Plast Co. Ltd., and Toyoda Gosei Co. Ltd are some prominent players operating in the automotive airbag market.
As per the FMI’s analysis, the market is consolidated with top 5 players dominating the automotive airbag market, accounting for over 70% of market share. Top 5 players include, Autoliv, ZF, Toyoda Gosei, Joyson Safety Systems, and Nihon Plast.
With the domination of these 5 automotive airbag manufacturers, other players are relying on strategic mergers, and collaborations for the expansion of their product portfolios and to gain competitive edge in the industry.
Market players operating in automotive airbags market are also extensively focusing towards research & development activities for the improvement of product quality.
Adoption of advanced technology for the development of unique & advanced curtain airbags safety system will offer growth opportunities in the upcoming decade.
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More Insights on the Global Automotive Airbag Market
In its latest report, FMI provides an incisive coverage on the global automotive airbag market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of vehicle type (passenger cars, light commercial vehicle, and heavy commercial vehicle), product type (driver airbag, passenger airbag, side airbag, curtain airbag, knee airbag, and other airbags), coating type (neoprene, silicone, and non-coated), yarn type (nylon and polyester), and sales channel (original equipment manufacturers and aftermarket) across seven major regions (North America, Latin America, Eastern Europe, Asia Pacific excluding Japan, Western Europe, Japan and Middle East & Africa)
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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