|Status : Published||Published On : May, 2021||Report Code : VRAT 9195||Industry : Automotive & Transportation||Available Format :||Page : 240|
The global demand for the Automotive airbag market is expected to hit USD 30.2 billion in 2020 and USD 43.4 billion by 2027, increasing at a CAGR of 8.8 percent over the forecast period. The demand will expand as more people use airbags and as new versions of airbag design and technologies are developed. The need for vehicle airbags and seatbelts is being driven by various developments in vehicle passive safety technologies and increased demand for a cleaner, more reliable, and comfortable driving experience.
Most of the vehicle safety equipment is the airbag. The lightweight plastic envelope or cushion of an automotive airbag is intended to inflate in the event of an automobile crash while driving. The primary function of an automobile airbag is to cushion the driver and protect the body when the body collides with internal vehicle surfaces such as the steering wheel, wheel, or glass. Modern vehicles are equipped with multiple airbags that are positioned on the driver's side and in the front of the car. Airbags in automobiles are equipped with sensors that trigger the airbags based on the form and nature of the collision. The airbag control unit in a modern vehicle controls various aspects of the vehicle, such as wheel angle, side door, and brake strength.
• Frontal Airbags
• Knee Airbags
• Side & Curtain Airbags
On the basis of Airbag Type, the side & curtain airbags are projected to be the fastest-growing segment of the automotive airbags & seatbelts market. Inside a collision, the curtain airbags shield passengers' heads and necks. These airbags are important in protecting passengers in the event of a rollover collision. The demand for side and curtain airbags is expected to rise as a result of these factors.
On the basis of application type, the Front Airbag segment holds the largest market share during the forecast period. Frontal Airbags reduces the chances of a large number of fatalities as the majority of accidents tend to be head-on collisions. The curtain-type segment is also expected to grow in the market for the forecast period. These airbags reduce the risk of severe injuries to the head for the passenger sitting on the side by half. Increasing the installation of curtain-type airbags in commercial vehicles is likely to surge demand.
• Passenger Cars (PC)
• Light Commercial Vehicle (LCV)
On the basis of Vehicle type, Passenger cars emerge as the fastest-growing segment of the market. Passenger cars, small commercial vehicles, taxis, and trucks make up the automotive airbags and seatbelts market. By automobile, passenger cars are expected to be the fastest-growing segment of the automotive airbags and seatbelts market. In Asia Pacific's developing economies, the number of passenger cars is rapidly increasing. This can be due to healthier lifestyles, expanded customer buying power, and infrastructure growth. In most countries, airbags and seatbelts are used as mandatory equipment in passenger vehicles to reduce the number of deaths caused by collisions.
• Airbag Inflator
• Airbag Control Unit
On the basis of Component, airbags to acquire the largest market share in the automotive airbags & seatbelts market.
The airbag cushion's primary purpose is to withstand damage. In terms of energy absorption, nylon outperforms all other materials. Airbag cushion fabrics with a good combination between strength and elongation have favourable properties. Nylon (polyamide) 6.6 is one of the most widely used materials for airbag cushions. In the near future, the demand for airbag cushions is expected to be driven by rising safety requirements on passive safety systems and advances in airbag materials.
• North America
• Asia Pacific
• Rest of the World
On the basis of Region, Asia Pacific is expected to account for the largest market size during the forecast period. In terms of volume, the Asia Pacific region is expected to lead the global automotive airbags and seatbelts market in 2020. As a huge potential market for vehicle manufacturing, Asia Pacific is expected to see rapid growth in the near future. Concerns about safety are growing, and the compact car segment is seeing an increase in the use of safety systems, especially airbags.
Pedestrian airbags, exterior airbags, rear-seat airbags, and roof airbags, as well as the technical advances in vehicle airbags, are expected to fuel the market growth during the projected timeframe. Airbags with a mix of seatbelts are expected to reduce the risk of serious head injury by around 80%, compared to a 60% decrease of seatbelts, according to the National Highway Traffic Safety Administration. However, certain countries do not require the installation of airbags in cars, which may impact demand for airbags in those areas.
Joyson Safety Systems (“JSS”) has announced the establishment of a Tri-Party Joint Venture in India to combine its two joint ventures. KSS Abhishek Safety Systems Private Limited (“KSSA”), a JSS-Abhishek Industries joint venture, is merging with Takata India Pvt. Ltd (“TIPL”). ANAND Group and JSS have partnered to form TIPL. Joyson ANAND Abhishek Safety Systems Private Limited will be the name of the proposed tri-party joint venture.
• Updates in stringent vehicle safety norms and test
• Developments of advanced airbag systems
• Increasing passenger vehicle sales and production
• Growing commercial vehicle sales
• Presence of trade markets and automotive distributors
• Government regulations pertaining to vehicle safety
• Growing demand for safer and more efficient driving experience
• Increasing consumer awareness regarding safety to drive market
Rising investments in R&D, expansion of manufacturing capabilities, and rising findings in development projects are one of the key strategies adopted by the airbags manufacturing companies. The automotive airbags industry is moderately consolidated with top manufacturers comprising, Continental AG, Delphi Automotive PLC, Hyundai Mobis, Autoliv Toyoda Gosei, Denso Corporation and Robert Bosch GmbH.
Hyundai Mobis developed the world’s first panoramic roof airbag. The safety device is designed to prevent occupants from being ejected from the vehicle through the glass roof at the time of a rollover.
Continental added a new assembly line to manufacture airbag control units (ACUs) at its Central Electronics Plant in Bangalore, India.
Autoliv developed a new front-centre airbag that will protect the front seat passengers in side-impact crash situations and also from sustaining injuries to the head and chest. These automotive airbags will also help to avoid driver-to-passenger and driver-to-interior impacts.
The global airbag industry is being driven by government-implemented safety legislation as well as an increase in life expectancy. Individuals' increasing disposable income levels have influenced them to spend more on car safety features, which has increased demand for automobile airbags to a certain degree. Additionally, a growing consumer understanding of technological improvements related to automotive safety equipment could serve as a demand driver in the future. For the market leaders, airbag technology on two-wheelers can provide a growth opportunity.
Increasing development of active safety systems. Maintaining the balance between cost and quality. Risk of injury and product reliability issues. High maintenance cost and operating cost hinder the market growth. The cost of technologically integrated airbags is the major constraint impacting the global industry. Furthermore, the high maintenance costs of technologically sophisticated airbags are impeding demand development.
The key markets players in this industry include:
• Autoliv (Sweden)
• Joyson Safety Systems (US)
• Robert Bosch (Germany)
• Aptiv (Ireland)
• Denso (Japan)
• Toshiba Device Corporation (Japan)
• Toyoda Gosei (Japan)
• Hyundai Mobis (South Korea)
• ZF Friedrichshafen (Germany)
• Continental (Germany)
• GWR Safety Systems (US)
• Tokai Rika (Japan)
• Ashimori Industry (Japan)
• Infineon Technologies (Germany)
Source: VynZ Research
Source: VynZ Research