Automotive Airbag Market: Introduction
The global automotive airbag market was valued over US$ 12.1 Bn in 2020. It is estimated to expand at a CAGR of 8% from 2021 to 2031. Automotive airbags are vehicle passenger restraint systems that help protect the head and chest of the passenger in case of vehicle collision or crash. The airbags are designed in a way that they respond and inflate in milliseconds, providing a cushioning effect to vehicle passengers. The automotive airbags market is estimated to expand consistently during the forecast period. The enactment of stringent regulations pertaining to occupant safety in vehicles across the globe is anticipated to drive the global automotive airbag market. For instance, in the U.S., front airbags are mandatory since 1999 on both passenger and driver side. Increasing awareness about safety features among the population across the globe is another prominent factor boosting the global automotive airbag market. Automakers are providing airbag as a feature in their vehicles in order to attract more number of consumers to purchase their vehicles. This, in turn, is anticipated to further propel the global automotive airbag market.
Expansion of Automotive Airbag Market
Rise in transportation activities globally is expected to boost the demand for vehicles. A steady rise in employment, business investment, and industrial productivity has contributed toward continual increase in gross domestic product and real disposable income. Increase in per capita income, along with rapid industrialization has fueled the sales of passenger vehicles and commercial vehicles across the globe for transportation of people and goods. Moreover, regulatory authorities across major counties such as China, Japan, the U.S., and India influence the automotive industry. For instance, the NHSTA, U.S. is responsible for mandating safety related regulations across the country. The ruling party in a nation can bring changes in the regulations by means of amending previous regulations. For instance, in India, from April 2021, automakers have been advised to install airbags on both sides of front seats in a vehicle. Previously, since July 2019, the airbags on the driver’s side were mandatory in the country. The rise in consumer awareness about automobile safety features, such as safety restraint systems that enhance vehicle safety in case of vehicle collision or crashes, is expected to drive the global automotive airbag market. Key industry players are engaged in the design and development of innovative products for automotive airbags that significantly reduce probabilities of injury to vehicle passengers in case of a vehicle crash. For instance, in August 2019, Continental AG announced the development of new system solution that combines front and interior camera for automated driving. This system has high potential use to increase the safety of vehicles, as it can monitor the interior of the vehicle and accordingly adjust the function of safety systems such as airbags and seatbelts.
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Regional Analysis of Automotive Airbag Market
In terms of region, the global automotive airbag market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific led the global automotive airbag market, and it is anticipated to maintain its dominance during the forecast period. High market share held by the region can be attributed to the expansion of the vehicle manufacturing industry in the region, especially in China, Japan, India, and South Korea. China holds a major share of the market in Asia Pacific. The country is considered as a global leader in terms of vehicle manufacturing and accounts for significant production of airbag. China held a prominent share of the market in Asia Pacific in 2020. It is projected to maintain its dominance during the forecast period.
Furthermore, numerous governing bodies in countries in the region have enacted stringent safety regulations and standards in order to reduce fatalities due to vehicle crashes. This is a prime factor that is projected to drive the automotive airbag market in Asia Pacific during the forecast period.
Automotive Airbag Market Players
Prominent players operating in the global automotive airbag market include Aptiv Inc., Autoliv Inc., Calsonic Kansei Corporation (Mareli), Continental AG, Delphi Automotive, Denso Corporation, Hella GmbH & Co. KGaA, Hyundai Mobis Co. Ltd, INVISTA, Joyson Safety Systems, Magna International, Nihon Plastic Company Co. Ltd, Robert Bosch GmbH, Takata Corporation, Toyota Gosei, Valeo SA, and ZF Friedrichshafen.
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New Mandate for Road Safety in India Grabs Attention of Airbag Manufacturers
Lucrative opportunities in the India automotive airbag market are grabbing the attention of stakeholders. Manufacturers are rejoicing over the new mandate by the Indian Government to make dual airbags compulsory in all passenger cars. Such developments are anticipated to boost safety in entry-level Indian cars. As such, Asia Pacific is predicted to dictate the highest share of the market, which is explained since India ranks among top five car manufacturing countries in the world.
The Ministry of Road Transport and Highways in India has recently made an announcement to promote passenger safety in cars. Companies in the India automotive airbag market are capitalizing on this opportunity, as the new mandate is also based on suggestions of the Supreme Court Committee on road safety.
Novel Rear Seat Airbags Create Incremental Opportunities for Sedan Car Makers
Rear seat airbags are a breakthrough innovation in the automotive airbag market. The new Mercedes S-Class is gaining popularity for one-of-its-kind rear seat airbags that protect passengers in case of a frontal crash. Manufacturers in the automotive airbag market are taking cues from such innovations to increase their research in rear seat airbags that are suitable for sedans. Carmakers and airbag manufacturers are anticipated to partner in making safe sedans that improve the overall ergonomics such as accommodating child seats, incorporating an optional belt bag and inflatable seat belts.
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