The Automotive Airbag Market is expected to reach USD 81.81 Billion by 2030, growing at a CAGR of 7.3% during the forecast period 2023-2030

According to a market research study published by Contrive Datum Insights, the Asia Pacific market was worth $31.44 billion in 2021. It is expected to be worth $53.25 billion by 2029.

Farmington, Feb. 7, 2023 (GLOBE NEWSWIRE) — The Global Automotive airbag market The size was valued at USD 47.96 Billion in 2021. The market is expected to grow from USD 50.12 Billion in 2022 to USD 81.81 Billion in 2030, showing a CAGR of 7.3 % during the forecast period.. The COVID-19 pandemic has been shocking and has never happened before. As a result, demand for car airbags has been higher than expected in all areas compared to before the pandemic. Our research shows that the global market grew by 17.11% from 2019 to 2020.

Car airbags are safety features that help protect people’s head and chest in the event of an accident or collision. These are made to respond and inflate in milliseconds, giving people in the car a soft place to land. The market is expected to grow steadily during the forecast time.

Request a sample copy of the report”Automotive Airbags Market: Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Impact of Covid-19, SWOT Analysis, Competition and Forecast 2022-2030”, published by Contrive Datum Insights.

Recent developments:

• November 2021 – Autoliv, Inc., a supplier of automotive safety systems, and SSAB, a global steel manufacturer, began collaborating to research and create fossil-free steel components for automotive safety applications automotive, such as airbags and seat belts.

• February 2022 – Nuro, a leading autonomous vehicle business, and Autoliv, Inc., a leader in automotive safety systems, are collaborating to ensure high safety standards for Nuro’s new third-generation production autonomous delivery vehicles.

Segment overview

Statistics on product type

The front-end segment holds the largest share of the global market, and this is expected to remain the case for the next few years. In the coming years, the front segment will lead the world market because the technology has improved. Also, drivers are required to have airbags in many places around the world. Also, many laws state that front passenger seats in cars must have airbags. So the segment was a big part of the whole.

The story continues

Vehicle type statistics

The passenger car segment holds the largest share of the market right now (76.37%) and is expected to maintain a large share during the forecast period. After COVID-19, people will have more money, and both developing and developed economies will see more passenger car sales. This will make this part of the market grow faster. During the forecast period, the commercial vehicle segment will also have good growth opportunities due to growth in freight logistics, last-mile delivery, and urban infrastructure. The passenger car segment holds the largest share of the market right now (76.37%) and is expected to maintain a large share during the forecast period. After COVID-19, people will have more money, and both developing and developed economies will see more passenger car sales. This will make this part of the market grow faster. During the forecast period, the commercial vehicle segment will also have good growth opportunities due to growth in freight logistics, last-mile delivery, and urban infrastructure.

Regional perspectives:

The Asia Pacific market was valued at $31.44 billion in 2021. It is expected to be worth $53.25 billion by 2029, which is growing at a compound annual growth rate (CAGR) of 8.0%. As a hub for the automotive industry, this area is likely to hold the largest share of the global automotive airbag market. This is because every year, the region manufactures and ships more and more cars. More money goes into passenger safety, which is expected to make more people want cars and car safety parts. During the forecast time period, the market in the region is expected to grow as more people will use important government programs and electric vehicles (EVs).

Europe is the second largest market in the world because it is home to some of the most important automotive and automotive solutions companies. In this area, the market is expected to grow as more people become interested in electric vehicles, connected and autonomous vehicles and shared mobility.

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Scope of the report:

Trends:

Customers are increasingly aware of passenger safety due to the strict standards set by international government bodies such as the European Commission and NHTSA (National Highway Traffic Safety Administration) and organized safety awareness campaigns by private organizations, NGOs and governments. Because of these things, customers will spend more on new safety systems and features for their cars in the long run. One of the main things that makes people want security features is that they are based on proven technology. Consumers decide what to buy based on the reliability, safety and convenience of something. Several companies are working on new airbag technologies to make sure their customers are safe. For example, ZF manufactured an external airbag in July 2019 that will soften the impact of a car coming from the opposite direction and, in the long run, reduce damage. Also, this smart car airbag system turns it on as soon as it senses a crash.

Driving factors:

All new high-end and mid-range cars come with airbags. In addition, it is likely that the need for safety systems in all types of vehicles will grow greatly in the coming years. Also, the growing middle class will have more money to spend and more people will live in cities. This will boost the sales of all types of vehicles and help the market grow during the forecast period.

The market will grow if vehicle safety standards become more stringent.

Restrictive factors:

Air bags are not the most important thing for people in countries with less developed economies to look for when buying a car. Because of this, many car manufacturers put in cheap airbags just to meet safety standards. But to save money, passenger safety is compromised and the airbag system doesn’t last as long as people think it will. People are less likely to buy cars with airbags because of it. Therefore, this industry has to deal with two big problems: get rid of cheap airbag manufacturers and reduce the cost of airbag systems for all types of vehicles.

Key segments covered:

Major Market Players:
Autoliv Inc (Sweden), Joyson Safety System (USA), Robert Bosch GmbH (Germany), Toyoda Gosei Co. Ltd (Japan), Denso Corporation (Japan), Hyundai Mobis Co. Ltd. Ltd (South Korea), Magna International (Canada), Aptiv PLC (Ireland), ZF Friedrichshafen AG (Germany), Valeo SA (France) and others.

By product type

• Front airbag

• Side airbag

• Knee airbag

• others

By Type of Vehicle

• Passenger cars

• Commercial vehicles

• others

Regions and countries covered

• North America: (USA, Canada, Mexico, Rest of North America)

• Europe: (Germany, France, Italy, Spain, United Kingdom, Nordic countries, Benelux Union, Rest of Europe)

• Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)

• Middle East and Africa: (Saudi Arabia, United Arab Emirates, Egypt, South Africa, Rest of the Middle East and Africa)

• Latin America: (Brazil, Argentina, Rest of Latin America)

• The rest of the world

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