The global automotive airbag market was valued at US$ 22.56 billion in 2021 and is expected to reach over US$ 42.16 billion by 2030, poised to grow at a CAGR of 7.2% from 2021 to 2030.
The market for automotive airbags is driven by various developments in vehicle passive safety systems and rising desire for a safer, more efficient, and convenient driving experience. The automotive airbag market is also driven by increasing production of passenger vehicles and increasing consumer awareness about vehicle safety
The growing need for customized curtain airbags and increased use of airbag safety systems in all types of vehicles are all driving the demand for automotive airbags among end-users. The government of different countries has understood the importance of safety of citizens. Therefore, the government have enacted and implemented stringent regulations and laws for the safety of passenger and driver of the vehicle.
Furthermore, the increased technological advancements in automotive airbags, such as pedestrian airbags, rear-seat airbags, external airbags, and roof airbags, are likely to fuel the market expansion of automotive airbag over the forecast period.
The key market players of automotive airbag market are continuously carrying out research and development activities to launch new and innovative products in the market. The safety norms implemented by government is also supporting key players to manufacture automotive airbags on the large scale. The government is also providing subsidies and tax rebates to the companies for the launch of products.
Scope of the Automotive Airbag Market
|Market Size in 2020||US$ 21.1 Billion|
|Growth Rate||CAGR of 7.2% from 2021 to 2030|
|Revenue Projection by 2030||US$ 42.16 Billion|
|Largest Market||Asia Pacific|
|Forecst Period||2021 to 2030|
|Segments Covered||Vehicle, Airbag, Component, Region|
|Companies Mentioned||Hyundai Motor Group, Continental AG, ZF Friedrischshafen AG, Robert Bosch GMBH, Denso Corporation, Hella Gmbh& Co. KGaA, Calsonic Kansei Corporation (Mareli), Nihon Plastic Company Co. Ltd, Delphi Automotive, Takata Corporation|
Airbag Type Insights
Based on the airbag type, the front airbag segment dominated the global automotive airbag market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. The front type automotive airbag segment is expected to grow at rapid pace due to the majority of incidents such as head-on collisions are increasing. Thus, the front automotive airbags help to lower the number of casualties during such accidents.
On the other hand, the side airbag segment is estimated to be the most opportunistic segment during the forecast period. In side collision crashes, side automotive airbag protects passengers’ necks and heads. These airbags are excellent in protecting passengers in the event of a rollover collision. Thus, the market for side airbags is expected to develop as a result of these factors.
Vehicle Type Insights
Based on the vehicle type, the passenger vehicle segment accounted 60% revenue share in 2020. The automotive airbag market growth is predicted to be fueled by rising passenger vehicles sales and production in developing nations. The government laws governing passenger safety are becoming increasingly stringent, which is anticipated to fuel the market expansion.
On the other hand, the commercial vehicle segment is estimated to be the most opportunistic segment during the forecast period. The vehicle manufacturers have been using vehicle safety technologies to improve passenger safety as the frequency of commercial vehicle crashes has increased. This aspect is projected to fuel the rise of the commercial vehicle category.
Based on the component, the airbag inflator segment dominated the global automotive airbag market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. The automotive airbag inflator segment is being driven by increased regulatory requirements for vehicle safety, consumer awareness of vehicle safety, consumer safety awareness, and intense industrial competition among automobile makers. The increase in the frequency of road accidents and the implementation of severe safety standards in accordance with the government policy might be viewed as a market investment opportunity.
On the other hand, the airbag control unit segment is estimated to be the most opportunistic segment during the forecast period. One of the key factors driving the growth of the automotive airbag control unit is rising automobile production. The frequency of road accidents has risen, as has the number of safety concerns and accident-prevention methods. These casualties increase the demand for safety equipment such as airbags, which propels the growth of automotive airbag control unit segment. Also, airbags with enhanced functionality are projected to hit the market, increasing airbag control unit demand in the automotive airbag market.
Based on the region, the Asia-Pacific segment dominated the global automotive airbag market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. As a huge prospective market for automobile production, Asia-Pacific is projected to see rapid expansion in the near future. The concerns about safety are growing, and the use of compact vehicle category is seeing an increase in the use of safety devices, particularly automotive airbags.
On the other hand, the North America is estimated to be the most opportunistic segment during the forecast period. Due to some laws and policies, it is mandatory to have airbags on commercial vehicles and passenger vehicles in North America region. The developed economy of the U.S. is creating opportunities for the development of automotive airbag market. The technological advancements enable key players in North America to manufacture and launch new products in the market.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting different marketing strategies, such as new product launch, investments, partnerships, and mergers & acquisitions. The companies are also spending on the development of improved products. Moreover, they are also focusing on competitive pricing.
In November 2020, the INVISTAexpanded its manufacturing units in China to cater huge demand globally.
The various developmental strategies such as business expansion, investments, new product launches, acquisition, partnerships, joint venture, and mergers fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global automotive airbag market include:
Segments Covered in the Report
By Vehicle Type
By Airbag Type
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