The global automotive airbag market is projected to have a high-paced CAGR of 4.4% during the forecast period. The current valuation of the automotive airbag market is US$ 12.2 Billion in 2023. The value of the automotive airbag market is anticipated to reach a high of US$ 35 Billion by the year 2033.
The automotive airbag market refers to the segment of the automotive industry that involves the design, manufacturing, distribution, and installation of airbag systems in vehicles. Airbags are safety devices designed to inflate rapidly during a collision or sudden deceleration, providing occupants with a cushioning effect and reducing the risk of injury in the event of a crash.
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Market drivers for the automotive airbag market include:
- Regulatory Mandates: Government regulations and safety standards mandate the installation of airbag systems in vehicles to improve occupant safety and reduce the severity of injuries in automotive crashes. Compliance with these regulations drives demand for airbag systems among automakers worldwide.
- Increasing Focus on Passenger Safety: Automakers and consumers place a high priority on passenger safety, leading to investments in advanced safety technologies such as airbag systems to enhance vehicle safety ratings and meet consumer expectations for safety features.
- Technological Advancements: Ongoing advancements in airbag technology, including improved sensor systems, inflator designs, deployment algorithms, and materials, enable the development of more effective and reliable airbag systems that provide enhanced protection in various crash scenarios.
- Consumer Awareness and Demand: Growing awareness of the importance of vehicle safety features and the availability of advanced safety technologies, including airbags, influence consumer purchasing decisions and drive demand for vehicles equipped with comprehensive safety systems.
- Globalization of Automotive Markets: The globalization of automotive markets and the expansion of vehicle manufacturing in emerging economies contribute to the growth of the automotive airbag market as automakers seek to meet safety standards and regulatory requirements in different regions.
Overall, the automotive airbag market is expected to continue growing as vehicle safety regulations become more stringent, consumer demand for safety features increases, and technological innovations drive improvements in airbag effectiveness and reliability.
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Key Takeaways:
- During the forecast period, India is expected to account for the largest share of the global automotive airbag market. The market in this region is expected to rise since automobile and auto-component manufacturers believe India to be one of their favoured economies for setting up manufacturing plants. Moreover, various companies have collaborated with a local carmaker to export the cars in conformity with government regulations.
- The hair dryer market in the North America is predicted to develop rapidly, particularly in the U.S., during the projected period. This is attributed to rising government rules for vehicle safety and standards, quick adoption of new technology, and major investment in product innovation. Furthermore, frontal airbags have been required standard equipment for all passenger automobiles and light commercial vehicles in North America since 1998 due to strict regulation implementation.
- Owing to increasing driver safety issues and burgeoning passenger vehicle manufacturing, the “passenger” vehicle type is expected to hold the greatest revenue, through the forecast period.
- As it provides superior physical features such as increased impact resistance, decreased density, and a high specific heat capacity, the “nylon” yarn type, accounts for a significant share and is the most preferred type.
Competitive Landscape:
The global automotive airbag market share is experiencing a transformational period as a result of technological breakthroughs and various innovations. The creativity that goes into the production of hair dryers is predicted to continue attracting clients, creating enormous chances for major suppliers to leverage on such expanding trends and launch fresh product lines.
KEY PLAYERS:
Autoliv Inc., Takata Corporation, Daicel Corporation, Denso Corporation, Hyundai Mobis Co. Ltd., Toyoda Gosei Co. Ltd., ZF Friedrichshafen AG, Kolon Industries, Toray Industries Inc., Porcher Industries SA, Nihon Plast Co. Ltd., Delphi, Wacker Chemie AG, Hyosung Co., Toyobo Co. Ltd.
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Recent Developments:
- In November 2021, Autoliv, Inc., a supplier of automotive safety systems, and SSAB, a global steel manufacturer, have begun working together to research and create fossil-free steel components for car safety goods such as airbags and seatbelts.
- In 2020, Hyundai Mobis Co. Ltd., acquired the semiconductor division of Hyundai Autron. This acquisition is expected to provide the capability to develop semiconductors for the automotive industry and supply them system controls on a systematic basis.
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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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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