Global Automotive Airbag Market

Automotive Airbag Market Size, Share, Growth Analysis, By Type(Front, Side, Knee, Curtain), By Vehicle Type(Passenger Car, Commercial Vehicle), By Region - Industry Forecast 2024-2031

Report ID: SQSG25A2013 | Region: Global | Published Date: July, 2036
Pages: 246 | Tables: 63 | Figures: 75

Automotive Airbag Market News

  • In June 2022, Nitin Gadkari bats to mandate 6 airbags for cars with capacity of 8 passengers. Indian Union Minister Nitin Gadkari announced the government’s plan to mandate the automakers to provide at least 6 airbags in motor vehicles with the capacity of up to 8 passengers
  • In July 2022, Autoliv, the automotive safety systems manufacturer, and POC, snow sports and cycling protection firm, have joined hands to study and develop bicycle and e-bike helmets equipped with airbag technology to improve head protection and reduce the consequences of road accidents.
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Automotive Airbag Market size was valued at USD 47.96 billion in 2019 and is poised to grow from USD 51.46 billion in 2023 to USD 97.02 billion by 2031, growing at a CAGR of 7.3% in the forecast period (2024-2031).

Global automotive airbag market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Autoliv Inc.', 'ZF Friedrichshafen AG', 'Toyoda Gosei Co. Ltd.', 'Daicel Corporation', 'Hyundai Mobis', 'Takata Corporation', 'Key Safety Systems', 'Robert Bosch GmbH', 'Denso Corporation', 'Joyson Safety Systems', 'Nihon Plast Co., Ltd.', 'Continental AG', 'Aptiv PLC', 'TRW Automotive Holdings Corp.', 'Ashimori Industry Co., Ltd.', 'Yanfeng Automotive Interiors', 'Fujitsu Ten Limited', 'Delphi Automotive LLP', 'KSS Abhishek Safety Systems Pvt. Ltd.', 'East Joy Long Motor Airbag Co. Ltd.'

Traffic jams are a common occurrence in all major cities around the world due to a lack of space and inadequate urban infrastructure. The mobility space of urban economies is constrained by the enormous number of individual cars and driving errors. Road accidents, reckless driving, and failure to wear safety equipment result in the deaths of over 1.3 million people each year. This results in severe human fatalities that could otherwise be completely avoided. In order to prevent injuries during collisions and lower the death rate, auto manufacturers are installing airbags in their vehicles. This will fuel the market for automotive airbags during the anticipated period of growth.

In order to significantly increase the safety of drivers and passengers, the airbag system concept was introduced for passenger cars and heavy-duty vehicles. However, creative solutions like including airbags in previously untapped markets like two-wheelers are anticipated to open up opportunities for the expansion of the global airbag market. For instance, Autoliv Inc. and Piaggio Group collaborated to develop a two-wheeler airbag in 2021. To determine whether this system performs as intended and designed, the company has already started conducting extensive crash tests. The airbags are installed on both sides of the bike in a 2-wheeler vehicle system to provide complete coverage for the vehicle's protection, thereby ensuring pedestrian safety.

Europe is expected to control the automotive airbag market share. Due to strict government regulations regarding vehicle occupant and pedestrian safety. The results of the Euro NCAP are actively promoted by France, the UK, and Sweden. Sweden is promoting its internal travel policy, which calls for vehicles used for official business to have a 5-star safety rating. The North America market share is anticipated to increase significantly over the course of the forecast period. Airbags are a requirement for passenger cars and light-duty commercial vehicles under the Intermodal Surface Transportation Efficiency Act of 1991. This is leading to an increase in the market for automotive airbags in this area. Also anticipated for Asia Pacific is a healthy growth rate. The rising vehicle production and sales in developing countries like China and India are expected to fuel market expansion in this region. The growing consumer awareness of the significance of vehicle safety systems is likely to be advantageous for the Asia Pacific market.

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Global Automotive Airbag Market

Report ID: SQSG25A2013

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