Wilmington, Delaware, United States, July 19, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Advancements in technologies that allow timely and safe deployment of airbags has helped augment the airbag market share in automotive safety modules. Of note, a study on the automotive airbag market has found diagnostic monitoring units to be a highly lucrative segment that will continue to hold a promising share during the forecast period of 2022–2031. The global automotive airbag market is projected to advance at CAGR of 7.2% during the period, and reach worth of US$ 22.7 Bn by 2031.
A number of top airbag manufacturers in the automotive airbag market are unveiling new designs that allow crash protection to head and chest during frontal collision. The demand for innovative designs and advanced safety modules in newer vehicles which allow protection against side-impact or rollover accidents has expanded the canvas for leading manufacturers of automotive airbag system. Moreover, automotive airbag suppliers are attractive clients with high-performance materials for air bags for automobiles to meet the goal of passenger safety.
Continuous advancements in control units used in air bag system for cars has generated new revenue streams for various companies such as OEMs in the automotive airbag market. Of note, improvements in crash or acceleration sensors have led to an uptick in demand for newer products in the market. Different types of airbags including side torso airbag and curtain airbags have been commercialized to cater to range of functional needs, thus expanding revenue potential.
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Key Findings of Automotive Airbag Market Study
- Incorporation of Diagnostic Monitoring Units to Generate Sizable Revenues: Automakers are geared toward ensuring swift and safe deployment of airbags to provide occupants protection against various types of crashes. Diagnostic monitoring units are a crucial module, and have attracted massive attention among automotive companies. The segment held a key share of the global automotive airbag market in 2021. Widespread adoption of these is expected to generate substantial sales revenues. Of the various types of the materials used, polyester fiber is by far the most popular one, found the study on the automotive airbag market. The authors found that the polyester fiber segment held a market share of 73.84% in 2021. Since these materials are characterized by attractive performance characteristics, the demand for these will continue to remain robust in the next few years.
- R&D on Crash Systems and Airbag Designs to Open up Incredible Opportunities: Growing R&D on crash systems has opened up new revenue streams for companies in the automotive airbag market. They are coming out with designs that provides protection to chest and face of occupants in severe instances of frontal crashes. Advancements in anticipatory crash technologies are enriching the prospects of the automotive airbag market. The need for superior crash safety technology for children and the elderly is a key factor that underpins profitable avenues.
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Automotive Airbag Market: Key Drivers
- Push toward implementation of government regulations on occupant safety in passenger cars is a key underpinning for the growth of the automotive airbag market. A recent case in point is the introduction of recent government norms in India for mandatory airbags in passenger vehicles, which might spur the demand for these among carmakers.
- Growing awareness of the automotive safety features in vehicle owners and buyers globally is a key driver of the automotive airbag market.
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Automotive Airbag Market: Regional Growth Dynamics
- Europe has been a lucrative region in the automotive airbag market. The region is anticipated to hold a prominent share during the forecast period. The revenue potential has been enriched by the production of cars with cutting-edge occupant safety features, particularly for cars made in Germany.
- Asia Pacific held a promising revenue share of the global automotive airbag market in 2021. A well-established automotive manufacturing industry in China and advancements made in vehicle safety features for vehicles marketed in India and Japan have cemented the revenue prospects.
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Automotive Airbag Market: Competitive Dynamics
Joint ventures and rise in investments on the expansion of manufacturing units are some of the moves made by players to reap strategic gains in the automotive airbag market. Some of the key players are:
- Toyota Gosei
- ZF Friedrichshafen
- Valeo
- Autoliv Inc.
- Takata Corporation
- Robert Bosch GmbH
- Magna International
- INVISTA
- Hyundai Mobis Co. Ltd
- Hella GmbH & Co. KGaA
- Denso Corporation
- Delphi Automotive
- Calsonic Kansei Corporation (Mareli)
- Aptiv Inc.
Automotive Airbag Market Segmentation
- Application
- Frontal Position
- Side Position
- Side Curtains
- Rear Position
- Knee Position
- Component
- Airbag Inflator
- Diagnostic Monitoring Unit
- Crash Sensor
- Others
- Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicles
- Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Electric Vehicle
- Battery Electric Vehicle
- Hybrid/Plug-in Hybrid Electric Vehicle
- Passenger Vehicle
- Seat Configuration
- Single Row Configuration
- Lounge Configuration
- Double Row Configuration
- Others
- Fabric
- Coated
- Silicone Coating
- Neoprene Coating
- Non-coated
- Coated
- Sales Channel
- OEM
- Aftermarket
- Material
- Polyester Fiber
- Nylon
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries Covered
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- Japan
- China
- India
- ASEAN
- Brazil
- Mexico
- GCC Countries
- South Africa
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