From USD 6,927 Million in 2022 to USD 11,050 Million in 2030, the global Airbag Control Unit Market is expected to grow at a CAGR of 5.7% between 2023 and 2030.
Airbag control unit Market Overview:
Before triggering the relevant restraint systems, the airbag control unit will first determine the kind of the collision it has detected and evaluate its severity. However, if this gadget is harmed in any way, whether by dampness, physical force, or other circumstances, it will lose the ability to function properly. For instance, when a collision happens, the airbags will deploy even though the body control module and the airbag module have faulty wiring. This will cause the airbags to deploy without sensing the impact of the accident. Before getting behind the wheel, these components need to be analysed and evaluated.
It is estimated that over 1.3 million people are killed each year as a result of traffic accidents around the world, and this figure is only going up. The safety of passengers is prioritised both by government regulations and by the company's own principles for consumer protection and security. As a direct consequence of this, automobile manufacturers are required to install various forms of safety devices in their products. North America and Europe are the principal consumers of airbags worldwide because of the broad acceptance of them and the regulatory laws that require their use. Over the past few years, Asia-Pacific has established itself as a significant market for airbags.
Government-Imposed Regulations to Boost the Demand for Airbags
Before activating the relevant restraint systems, the airbag control unit detects and analyses the severity of a collision. However, if this gadget is damaged by causes such as moisture, physical force, or other variables, it will cease to function. When a collision occurs, improper wiring between the airbag module and the body control module allows the airbags to deploy without sensing the impact. These components must be inspected prior to operating the vehicle.
With an ever-increasing number of accidents, governments around the world have directed automakers to build a safer product that reduces the danger of collisions and protects drivers and passengers. Leading automakers are implementing numerous safety systems, including cruise control, accident warning, lane-changing assistance, and airbags, among others, into their vehicles.
Every year, around 1.3 million people are killed in traffic accidents, and 3% of the gross domestic product (GDP) of most nations is lost as a result. Additionally, more than half of all traffic fatalities include vulnerable road users. Governments around the world have mandated that automakers put airbags in their vehicles to reduce the number of accidental deaths.
For instance, the Indian government mandated that all makers of passenger vehicles put airbags in the front driver and co-passenger seats. The Ministry of Road Transport and Highways (MoRTH) declared in a published notice that, beginning April 1, 2021, all new automobiles must incorporate dual front airbags as standard equipment.
Sensor Failure, Inflation and Chemical Issues, and the Risk of Airbag Explosion to Stunt the Market Growth
Airbags are meant to protect drivers and passengers in the event of an accident. However, they may fail to do so on occasion. Airbags might deploy unexpectedly or fail to deploy when required. Because the passenger's head or body is too close to the airbag when it deploys, significant injuries may result.
Over 60,000 lives per year have been saved by frontal airbags, demonstrating its efficacy and utility. Airbags are intended to save lives, however they can occasionally cause injuries. Injuries caused by airbags can range from facial lacerations to broken noses, depending on the severity of the collision and the airbag's quality.
Takata airbags installed in millions of vehicles are being recalled. When these airbags are subjected to excessive heat and humidity for an extended period of time, they may burst when released, resulting in injuries and deaths.
Government Imposed Vehicle Safety Regulations Creates Opportunities in the Untapped Latin Market
Several countries have now implemented strict vehicle and passenger safety standards worldwide. However, Latin America's largest countries, including Argentina, Brazil, Colombia, Ecuador, Mexico, and Uruguay, have opted out of such rules. These countries' governments are now evaluating UN Regulations and consumer information systems to improve safety and minimize the rate of accidental fatalities.
Segmental Analysis of Airbags Control Unit Market
With a market value of USD 5,950 million, passenger vehicles are expected to expand at a CAGR of 5.4% from 2017 to 2027, while commercial vehicles are expected to increase at a CAGR of 6.7%. More than 54 million passenger automobiles were produced globally in 2019. In Europe, almost 11 million passenger cars were sold in 2020. In comparison to the previous year, the number fell by 23.3%.
Due to limited demand and manufacturing, commercial vehicles have the smallest market share. Around 23 million commercial vehicles were produced globally, while Europe manufactured 2.1 million business vehicles in 2020, much less than passenger cars.
OEMs are expected to lead the market in 2021, with a market share of 89.74% and a CAGR of 5.6% from 2017 to 2027. This is because an increasing number of manufacturers are considering outsourcing production to OEMs to reduce costs and risks. Some people believe that having a distinct brand strategy is vital.
The aftermarket has the smallest market share, as it is challenging to install airbags in non-airbag-equipped vehicles. Installing airbags necessitates a new dashboard, steering, a slew of new sensors, new wiring, and even changes to the car's internals (almost to the point of complete disassembly). This is costly, and the outcome may not be what you want.
Regional Analysis of Airbags Control Unit Market
Remarkable Growth in Asia-Pacific and Europe
The airbag control module regulates and runs the whole airbag system. In the event of a collision, the airbag is a crucial safety element that protects passengers from severe injuries. If handled carelessly, it could be harmful. Consequently, the airbag control unit (ACU) is responsible for operating the entire system and communicates with all sensors to determine if an airbag should be deployed in a given situation.
Asia-Pacific is the largest vehicle producer in the world, with a 2017 market share of USD 3,949 million and a CAGR of 6.6% between 2017 and 2027. All major automakers, including Volkswagen, Toyota Motor Corp., Honda Motor Co. Ltd., and General Motors Co., are present in the region. In addition, the Asia-Pacific market is flooded with several national producers.
According to our research, Asia-Pacific is responsible for over 45 percent of global vehicle production. Numerous nations in the region, including China and India, have some of the fastest-growing populations in the world. Given the region's rapidly expanding population, it's hardly surprising that Asian economies and industries are evolving. The automotive industry is one such sector. As the population increases, the requirement for appropriate transportation also increases.
Currently, Europe is the second-largest region, accounting for 25.05 percent of the global automobile airbag market. This is the result of a significant concentration of notable manufacturers and numerous active research and development operations. Moreover, the European market has witnessed a substantial growth in demand for electric cars (EVs) and increased driver safety systems, which has prompted the use of airbags. In contrast, the European market for automotive airbags is prepared to mature, which will sustain the industry's growth.
Competitive Players in the Global Airbag Control Unit Market
Some of the key players in the global airbag control unit market are Continental AG, Aptiv Plc, Toyoda Gosei, Denso Corporation, Robert Bosch, Key Safety Systems, Mitsubishi Electric, ZF, Infineon Technologies AG, Rhodius GmbH, Tokia Rika, Sumitomo Electric Industries, Ltd., Ashimory Industry, Telamon.
Recent Developments by the Key Players:
- February 2022- DENSO Corporation ("DENSO") and Sony Semiconductor Solutions Corporation ("SSS") announced that DENSO would invest USD 0.35 billion in Japan Advanced Semiconductor Manufacturing, Inc. ("JASM"), TSMC's majority-owned manufacturing affiliate in Kumamoto Prefecture, Japan. Due to this equity transaction, DENSO will hold a more than 10% equity position in JASM.
- January 2022- Continental AG and Volterio are collaborating to develop fully automated charging robots for electric vehicles in January 2022.
- January 2022- Toyoda Gosei Co., Ltd. (TOKYO:7282) has created a lighter weight oil pump, one of the component elements in automotive transmissions, by using plastic instead of metal in some areas of the pump.
- February 2022- The Mitsubishi Electric Corporation has been granted a contract to provide communications-based train control (CBTC) wayside technology to handle train traffic on the Queens Boulevard Line's east end (QBL).
This portion of the study on the Airbag control unit market gives detailed data on the segments at the country and regional level, thereby aiding the strategist in determining the target demographics for the relevant product or service and the impending opportunities.
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Distribution Channel
- Continental AG
- Aptiv Plc
- Toyoda Gosei
- Denso Corporation
- Robert Bosch
- Key Safety Systems
- Mitsubishi Electric
- Infineon Technologies AG
- Rhodius GmbH
- Tokia Rika
- Sumitomo Electric Industries Ltd.
- Ashimory Industry
Overview of the regional outlook of the Airbag control unit Market:
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Reasons to Purchase this Report:
- Qualitative and quantitative analysis of the market based on segmentation involving both economic and non-economic factors;
- Provision of market value (USD Billion) data for each segment and sub-segment;
- Indicates the region and segment that is expected to witness the fastest growth and to dominate the market;
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the market's dominance by region;
- Analysis by product/service type
- Competitive landscape that includes the market ranking of the top competitors, as well as new service/product launches, collaborations, business expansions, and acquisitions of companies featured during the previous five years
- Extensive company profiles with business overview, company insights, product benchmarking, and SWOT analysis for the leading market players
- The current and future market outlook of the industry in light of recent developments (which include growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions)
- Includes an in-depth analysis of the market from multiple perspectives using Porter's five forces analysis Provides market insight across the Value Chain
- Market dynamics situation, as well as development potential for the market in the coming years
- 6-month post-sale analyst assistance
Frequently Asked Questions-
What is the CAGR of Airbag control unit Market?
The Airbag control unit Market is growing at a CAGR of 5.7% During Forecast Period.
What are the key types of Airbag control unit Market?
Passenger Vehicle, Commercial Vehicle
What are the key applications of Airbag control unit Market?
Who are the key players in Airbag control unit Market?
Continental AG, Aptiv Plc, Toyoda Gosei, Denso Corporation, Robert Bosch, Key Safety Systems, Mitsubishi Electric, ZF, Infineon Technologies AG, Rhodius GmbH, Tokia Rika, Sumitomo Electric Industries, Ltd., Ashimory Industry, Telamon