IMARC Group, a leading market research company, has recently released a report titled “Airbag Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global airbag market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How Big is the Airbag Market?
The global airbag market size reached US$ 32.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 61.8 Billion by 2032, exhibiting a growth rate (CAGR) of 7.2% during 2024-2032.
Factors Affecting the Growth of the Airbag Industry:
Stringent Safety Regulations
Stringent safety regulations are a major driver of the global airbag market. Governments and regulatory bodies worldwide are increasingly mandating higher safety standards for vehicles to reduce the incidence of injuries and fatalities in road accidents. For instance, regulations such as the National Highway Traffic Safety Administration (NHTSA) in the U.S. and the European New Car Assessment Programme (Euro NCAP) in Europe require vehicles to be equipped with advanced airbag systems. These regulations specify the types and number of airbags that must be installed, including front, side, and curtain airbags. As a result, automotive manufacturers are compelled to integrate these safety features into their vehicles to comply with legal requirements and avoid penalties.
Technological Advancements
Technological advancements are a significant driver of the global airbag market, as innovations continually enhance airbag systems' effectiveness and functionality. Modern airbag technology has evolved from simple inflatable bladders to complex systems incorporating sensors, control units, and advanced materials. For instance, smart airbags now feature sensors that detect the severity of a collision and adjust the deployment force accordingly. This technology reduces the risk of injury from airbags themselves, particularly in cases of minor accidents. Additionally, developments in materials science have led to the creation of more durable and reliable airbag fabrics that can withstand high-impact forces.
Increasing Vehicle Production and Sales
Increasing vehicle production and sales are key drivers of the global airbag market, as a higher number of vehicles on the road directly translates into a greater demand for airbag systems. The automotive industry has experienced significant growth globally, with rising vehicle ownership and expanding markets in regions such as Asia-Pacific and Latin America. This growth is driven by factors such as increasing disposable incomes, urbanization, and a growing middle class in emerging economies. As vehicle production ramps up to meet the surging demand, manufacturers are incorporating more advanced safety features, including airbags, into their new models. Additionally, the proliferation of affordable vehicles with basic safety features, including airbags, is further boosting market demand.
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Airbag Market Report Segmentation:
Breakup by Type:
- Frontal Airbag
- Knee Airbag
- Side Airbag
- Curtain Airbag
- Others
Frontal airbags are the most common and essential safety feature in vehicles, required by regulations for all passenger cars, making them the largest segment in the airbag market.
Breakup by Module:
- Inflator or Gas Generator
- Air Bag
- Crash Sensors
Airbags constitute the primary and most critical component of airbag modules, making them the largest segment in terms of both functionality and market presence.
Breakup by Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
Passenger vehicles are equipped with a higher number of airbag systems compared to commercial or industrial vehicles, thus representing the largest segment in the airbag market.
Breakup by Sales Channel:
- Original Equipment Manufacturers
- Aftermarkets
Original equipment manufacturers (OEMs) dominate the airbag market as they integrate airbags directly into new vehicles during manufacturing, leading to the largest segment in sales channels.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific holds the largest market share due to its high vehicle production volumes and increasing consumer demand for advanced safety features, including airbags.
Global Airbag Market Trends:
The global airbag market is significantly influenced by various drivers, including stringent safety regulations, technological advancements, and the increasing vehicle production and sales. Moreover, heightened consumer awareness regarding vehicle safety and the growing demand for premium and luxury vehicles equipped with advanced safety features are boosting the market growth. Regulatory agencies across the world are enforcing stricter safety standards, compelling automotive manufacturers to integrate advanced airbag systems into their vehicles. Furthermore, technological progress, such as the development of smart airbags and multi-stage deployment systems, is enhancing the effectiveness of airbags and driving their adoption.
Some of these key players include:
- Autoliv Inc.
- Continental AG
- Daicel Corporation
- DENSO Corporation
- Hyundai Motor Group
- Joyson Safety Systems (Ningbo Joyson Electronic Corp.)
- Neaton Auto Products Manufacturing Inc. (Nihon Plast Co. Ltd.)
- Robert Bosch GmbH
- TOYODA GOSEI Co. Ltd.
- ZF Friedrichshafen AG.
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