The global demand for the automotive airbag market is expected to hit USD 30.2 billion in 2022 and USD 43.4 billion by 2030, 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.
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.
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:
Global Automotive Airbag Market Coverage
Airbags type Insight and Forecast 2018-2030
Application Insight and Forecast 2018-2030
Vehicle Insight and Forecast 2018-2030
Component Insight and Forecast 2018-2030
Global Automotive Airbag Market by Region
Rest of the World (RoW)