Automotive Airbags Market | Contrive Datum Insights

The global automotive airbags market size was valued at USD 47.96 billion in 2021. The market is projected to grow from USD 50.12 billion in 2022 to USD 81.81 billion by 2029, exhibiting a CAGR of 7.3% during the forecast period.

Automotive Airbags Market Overview:

The global COVID-19 pandemic has been unprecedented and shocking. As a result, demand for car airbags has been higher than expected in all regions compared to levels before the pandemic. According to our research, the global market grew by 17.11% between 2019 and 2020.

Automobile airbags are safety devices that help protect people's heads and chests in the event of a crash or collision. These are made to respond and inflate in milliseconds, giving car passengers a soft place to land. During the planned time, the market is expected to grow steadily.

Market Dynamics:

Latest Trends:

Customers are becoming more aware of passenger safety because of strict rules set by international governing bodies like the European Commission and the NHTSA (National Highway Transport and Safety Authority) and safety awareness campaigns run by private organisations, NGOs, and governments. Customers will eventually spend more on new safety systems and features for their cars because of these things. Proven technology is one of the main things that drives the demand for safety features. Reliability, safety, and comfort all play a role in a consumer's decision about what to buy. Several companies are working on new airbag technologies to make sure their customers are safe. For example, in July 2019, ZF made an external airbag that will soften the impact of an oncoming vehicle and, in the long run, reduce damage. Also, this smart airbag system for cars turns it on as soon as it senses a crash coming.

Driving Factors:

Airbags come standard on all new high-end and mid-range passenger cars. Also, the need for safety systems in all kinds of vehicles is likely to grow a lot in the next few years. Also, the growing middle class will have more money to spend and more people will live in cities, which will drive sales of all kinds of vehicles and help the market grow during the forecast period.

Getting stricter about vehicle safety regulations will help the market grow.

The Intermodal Surface Transportation Efficiency Act of 1998 says that all cars and light trucks sold in the U.S. must have airbags in the front seats of the driver and front passenger. Since then, the number of people in the U.S. who want airbags has been going up. Also, Road Transport and Highways Minister Nitin Gadkari announced that a draught GSR Notification to make a minimum of 6 airbags mandatory in cars with up to 8 seats has been approved. This will improve the safety of people riding in cars with up to 8 seats. The demand has gone up a lot because governments have put these safety rules into place. Also, manufacturers are pushed to make more advanced airbag systems like knee and side curtain airbags because demand is growing. Also, the growing demand for safety features from customers will help the market grow in a good way. In addition, the growing number of bags per car is a big part of what is making the market grow.

Restraining Factors:

Airbags are not the most important thing for car buyers in countries with less-developed economies. Because of this, many automakers put in cheap airbags just to meet safety rules. But to save money, the safety of the passengers is put at risk, and the airbag system doesn't last as long as people expect. This makes people less likely to buy cars with an airbag system. So, this industry has to deal with two big problems: getting rid of cheap airbag makers and lowering the cost of airbag systems for all kinds of vehicles.

Segmentation Analysis:

By Product Type Analysis:

The market is split into frontal, side, knee, and other types of products.

The global market share for the frontal segment is the largest, and it is expected to continue to lead during the forecast period. Due to improvements in technology, the frontal segment will lead the global market in the next few years. Also, in many countries around the world, drivers must have airbags. Also, many laws say that cars have to have airbags for the front passenger seats. As a result, the segment made up a big part of the total.

In 2021, there was a rise in demand for the knee segment. In 2021, 13.58% of the market was made up of knees. During the time frame of the forecast, the market will grow because more OEMs will put knee airbags in more models.

In 2021, there was a lot of growth in the side airbag market. In 2021, 26.77% of the world market was made up of the side segment. Increasing rules about vehicle comfort and safety around the world will lead to strong growth in the segment over the next few years.

By Vehicle Type Analysis:

The market is divided into two groups: passenger cars and commercial vehicles.

The passenger car segment has the biggest share of the market right now (76.37%) and is expected to keep a big share during the forecast period. People will have more money after COVID-19, and sales of passenger cars will go up in both developing and developed economies. This will speed up the growth of this segment. With the growth of freight logistics, last-mile delivery, and urban infrastructure, the commercial vehicle segment will also have good growth opportunities during the forecast period.

Regional Insights:

In 2021, the Asia-Pacific market was worth USD 31.44 billion. By 2029, it is expected to be worth USD 53.25 billion, which is a CAGR of 8.0%. As an automotive hub, the region is likely to have the largest share of the global automotive airbags market. This is because more and more cars are being made and shipped out of the region every year. This growth is due to more money being spent on passenger safety, which is expected to increase the demand for cars and safety parts for cars. During the period of the forecast, the market in the region is expected to grow thanks to the growing use of important government programs and EVs.

Europe is the second-largest market in the world because it is home to some of the most important automotive and automotive solutions companies. In this region, the market is expected to grow because more people are interested in EVs, connected and autonomous vehicles, and shared mobility.

In 2021, the North American market was worth USD 2.45 billion. By 2029, it is expected to be worth USD 3.67 billion, which is a CAGR of 6.8%. Over the next few years, the market is expected to grow a lot in North America. The market in North America is expected to grow because governments are getting stricter about vehicle safety and standards, new technologies are being used quickly, and companies are spending a lot of money on new products. Also, in North America, all passenger cars and light commercial vehicles have had frontal airbags as standard equipment since 1998. This is because laws are enforced very strictly there.

Middle East and Africa make up the rest of the world. Compared to other regions, this one doesn't do as much for the global market. This is because there are fewer automakers and airbag suppliers, fewer cars of all kinds, and fewer people who use technology. But it is expected to grow at a CAGR of 8.4% in the coming years.

Scope Analysis

Recent Development:

• November 2021 – Autoliv, Inc., a supplier of automotive safety systems, and SSAB, a global steel manufacturer, began collaborating to research and create fossil-free steel components for automotive safety applications such as airbags and seat belts.
• February 2022 - Nuro, a leading autonomous vehicle business, 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 the final $4.3 billion cash acquisition of Wind River from TPG Capital, a private equity platform of global alternative wealth management. announced the contract. Company TPG.
• March 2020 - Hyundai Mobis announced that its innovative new roof airbag system has been certified for passenger cars by the National Highway Traffic Safety Administration (NHTSA).
• November 2021 - Autoliv Inc. announces a strategic partnership with Piaggio Group, one of the leading manufacturers of motorcycles and scooters. The collaboration focuses on developing airbags for electric two-wheelers to enhance safety.

Market Segmentation

By Product Type:

• Frontal Airbag
• Side Airbag
• Knee Airbag
• Others

By Vehicle Type:

• Passenger Cars
• Commercial Vehicles
• Other

By Companies:

• Autoliv Inc (Sweden )
• Joyson Safety System (U.S.)
• Robert Bosch GmbH (Germany)
• Toyoda Gosei Co. Ltd (Japan)
• Denso Corporation (Japan)
• Hyundai Mobis Co. Ltd (South Korea)
• Magna International (Canada)
• Aptiv PLC (Ireland)
• ZF Friedrichshafen AG (Germany)
• Valeo SA (France)
• Others