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.
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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.
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 polyester based 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 3.50% 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.
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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Key Points Covered in Automotive Airbag Market Study
- Market estimates and forecast 2021-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Automotive Airbag Market and How to Navigate
- Recommendation on Key Winning Strategies
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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