Automotive Airbag Fabric Market Size, Share, Growth Analysis, By Airbag Type(Front Airbag, Side Airbag, Knee Airbag, Curtain Airbag), By Vehicle Type(Passenger Cars, Light Commercial Vehicles, Heavy Trucks, Buses), By Coating Type(Neoprene Coated, Silicone Coated, and Uncoated), By Yarn Type(Polyamide and Polyester), By Region - Industry Forecast 2024-2031

Drivers

Increasing Demand for Electric Vehicles

• The demand for electric vehicles is driving manufacturers to invest in electric vehicle technology. Many original equipment manufacturers (OEMs) have announced various investment strategies for developing and introducing new capacity. Ford, for example, announced a $1.5 billion (about $5 per person in the US) U.S. $11 billion (about $34 per person in the US) will be invested in electric vehicles by 2022. The company plans to roll out 40 EVs by 2022, of which 16 will be fully electric and 24 will be equipped with hybrids by 2019 with German car giant Volkswagen AG in it with a total investment of $66.3 billion (about $200 per person in the US) over the next five years to build more electric and hybrid vehicles, with plans to roll out 75 all-electric vehicles and 60 hybrids MG Motor intends to manufacture, build electric vehicles in India , with an investment of US$1.5 billion. $500 million plus in 2020 sales. The increasing demand for electric vehicles among consumers is expected to provide opportunities for the growth of the automotive airbag market and thus the sales of the airbag fabric market will increase throughout the forecast period.

Rapidly Increasing Vehicle Safety Awareness Among Consumers is Helping the Demand for Airbags

• Strict regulations by governing bodies such as the National Highway Transportation Safety Authority (NHTSA) and the European Commission, safety campaigns by many private organizations gather passenger safety awareness among consumers. These factors ultimately make consumers move on to advanced safety systems and in-vehicle features.

Restraints

High Cost of Fittings for Airbag Systems

• Expensive airbags can be a major hindrance to the growth of the market. Airbag systems add extra cost to the price of vehicles. The rising cost of car airbags is becoming unaffordable for budget-conscious buyers, especially in emerging markets where price is a key consideration when buying a car.

Rise in the Supply Chain Disruptions

• One of the most important restraints faced by the global automotive airbag fabric market is the risk of supply chain disruption. Factors such as raw material shortages, logistical challenges, geopolitical pressures and natural disasters can disrupt textile supply chains, affecting production schedules and potential delays results in airbag system development. This may adversely affect the market growth and profitability for manufacturers.