Airbag Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030
The Global Airbag Market Was Valued At USD 27.6 Billion In 2022 And Is Projected To Reach USD 47.0 Billion By 2030, Growing At A CAGR Of 5.7% From 2022 To 2030
Airbag Market Overview:
Airbags are part of a car's safety restraint system and quickly fill with air in the event of an accident. They are soft, pillow-like balloons that consist of sensors and an inflation system, which is a bag that folds into the steering wheel, dashboard, seat, door, or roof. The main purpose of an airbag is to cushion the driver or passenger in the event of a vehicle collision and to protect the body from objects inside the vehicle such as the steering wheel or windows. In the event of a collision, sensors in the vehicle provide factual information to the airbag electronic controller unit (ECU), including the type of collision, the angle, and the brutality of the collision. The crash algorithm of the airbag ECU determines the impression of a crash and triggers multiple firing circuits to deploy one or more airbag modules within the vehicle. Modern vehicles are designed with multiple airbags located at various side and frontal locations for the person driving the vehicle.
Airbag market size, estimates, and forecasts are provided in terms of sales volume (K Units) and revenue (million USD), with historical and forecast data for the period 2017 to 200, with 2022 being considered as the base year. This report segments the global Airbag market in detail. Regional market sizes related to products by type, by application, and by the player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.
Key Market Updates:
- November 2021 - Automotive safety systems supplier Autoliv, Inc. and global steel manufacturer SSAB have begun a collaboration to research and manufacture fossil-free steel components for automotive safety products such as airbags and seat belts.
- February 2022 - Nuro, a leading autonomous vehicle company, and Autoliv, Inc., a leader in automotive safety systems, are collaborating to ensure high safety standards for Nuro's new third-generation production-grade autonomous delivery vehicles.
- January 2022 - Aptiv PLC, a global technology company focused on making mobility safer, greener and more connected, today announced a definitive agreement to acquire Wind River from TPG Capital, a global alternative asset management private equity platform, for $4. billion in cash. TPG.
- March 2020 - Hyundai Mobis announced that its new innovative roof airbag system has been certified by the National Highway Traffic Safety Association (NHTSA) for use in passenger vehicles.
- November 2021 - Autoliv Inc. announces a strategic partnership with Piaggio Group, one of the leading manufacturers of motorcycles and scooters. The collaboration is focused on developing airbags for powered two-wheelers to improve safety.
Major Segments Covered in the Global Airbag Market:
Market Key Players:
Autoliv, Takata, ZF TRW, Toyoda Gosei, KSS, Hyundai Mobis, Nihon Plast, Ashimori, East Joy Long., And Others.
Airbag Market by Types:
- Driver Front Airbag
- Passenger Front Airbag
- Side Airbag
- Knee Airbag
- Other Airbag
Airbag Market by Applications:
- Passenger Vehicle
- Commercial Vehicle
Airbag Market by Regions:
The report estimates revenue growth at the worldwide, regional, and country levels and delivers an analysis of the recent industry trends in each sub-segment from 2017 to 2030
The Asia Pacific market was valued at USD 1.44 billion in 2021 and is expected to reach USD 5.25 billion by 2029, at a CAGR of 8.0% during the forecast period. The region is likely to dominate the global automotive airbag market share as an automotive hub owing to the increasing vehicle production and exports of countries in the region every year. This growth can be attributed to increasing spending on passenger safety, which is expected to drive the demand for automobiles and automotive safety components. Increasing adoption of key government initiatives and adoption of electric vehicles is expected to boost the market in this region over the forecast period.
The North American market was valued at USD 2.45 billion in 2021 and is expected to reach USD .67 billion by 2029, at a CAGR of 6.8% during the forecast period. The market in North America is expected to witness significant growth during the forecast period. Increasing government regulation on vehicle safety and standards, rapid adoption of new technologies, and high spending on product innovation are expected to drive the market in North America. Moreover, in North America, due to strict enforcement of regulations, frontal airbags have become mandatory standard equipment for all passenger cars and light commercial vehicles since 1998.
- 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
Significant Market Dynamics:
New premium and mid-level passenger car models entering the market are equipped with airbags as standard. Moreover, the demand for safety systems in all types of vehicles is likely to increase dramatically in the coming years. Furthermore, increasing disposable income of the growing middle class population and increasing urbanization will drive sales of various types of vehicles, which will drive market growth over the forecast period.
Increased regulation on vehicle safety will boost market growth
The Intermodal Ground Transportation Efficiency Act of 1998 requires front passenger and passenger seat air bags on all automobiles and light commercial vehicles sold in the United States. Hence, the demand for airbags in the US has been growing since then. Also, Road Transport and Highways Minister Nitin Gadkari announced the approval of the draft GSR circular making at least 6 airbags mandatory to enhance the safety of passengers in motor vehicles carrying up to 8 passengers. The demand has been significantly boosted owing to the implementation of these security norms by the government. Moreover, manufacturers are motivated to develop advanced airbag systems such as knee and side curtain airbags due to rising demand. Moreover, rising consumer demand for security features will lead to positive growth of the market. Furthermore, increasing number of luggage compartments per vehicle is an important factor driving the growth of the market.
Compromise of passenger safety due to cheap airbags and high cost of airbag system vehicles is likely to hamper market growth
Airbag systems are not a major concern for car consumers in less developed economies. As a result, many automakers offer cheap airbags just to comply with safety regulations. However, in order to save money, passenger safety was compromised and the durability of the airbag system was not up to consumer expectations. This deters consumers from buying vehicles equipped with airbag systems. Therefore, the industry faces two important challenges, one is to cut off cheap airbag manufacturers, and the other is to grapple with high-cost airbag systems for all types of vehicles.
Report Scope of Global Airbag Market:
CAGR of 5.7% from 2021 to 2030.
Driver Front Airbag, Passenger Front Airbag, Side Airbag, Knee Airbag, Other Airbag
Passenger Vehicle, Commercial Vehicle
Autoliv, Takata, ZF TRW, Toyoda Gosei, KSS, Hyundai Mobis, Nihon Plast, Ashimori, East Joy Long.
Regions and Countries Covered
2017 to 2022
2022 to 2030
Points Covered in the Report
- The points that are discussed within the report are the major market players that are involved in the Market such as Market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
- The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analyzed 12 years of data history and forecast.
- The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
- Data and information by market player, region, type, application and etc., and custom research can be added according to specific requirements.
- The report contains a SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Frequently Asked Questions-
What is the CAGR of Airbag market?
The Airbag Market is growing at a CAGR of 5.7% During Forecast Period.
What are the key types and applications of Airbag market?
- Driver Front Airbag, Passenger Front Airbag, Side Airbag, Knee Airbag, Other Airbag
- Passenger Vehicle, Commercial Vehicle
Who are the key players in Airbag market?
Autoliv, Takata, ZF TRW, Toyoda Gosei, KSS, Hyundai Mobis, Nihon Plast, Ashimori, East Joy Long., And others.
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Note – In order to provide a more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19 and the Russia-Ukraine war.