Farmington, March 14, 2023 (GLOBE NEWSWIRE) -- The Global Airbag Market Was Valued At USD 27.6 Billion In 2022 And Is Projected To Reach USD 47.0 Billion By 2030, Growing At A CAGR Of 5.7% From 2022 To 2030. Airbags are part of a car's safety control system. When an accident happens, they quickly fill with air. They are soft, pillow-like balloons with sensors and an inflation device that is a bag that folds into the steering wheel, dashboard, seat, door, or roof. The main job of an airbag is to protect the driver or passenger in the event of a crash and to keep the body from hitting things inside the car, like the steering wheel or windows.
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In the event of a crash, sensors in the car tell the airbag electronic controller unit (ECU) what kind of crash it was, at what angle it happened, and how hard it hit. The airbag ECU's crash algorithm figures out what a crash looks like and sets off multiple firing circuits to release one or more airbag modules inside the car. Modern cars are made with multiple airbags on the sides and in the front that protect the person driving the car.
Airbag Market Recent Developments:
- November 2021 - Automotive safety systems supplier Autoliv, Inc. and global steel manufacturer SSAB have begun a collaboration to research and manufacture fossil-free steel components for automotive safety products such as airbags and seat belts.
- February 2022 - Nuro, a leading autonomous vehicle company, and Autoliv, Inc., a leader in automotive safety systems, are collaborating to ensure high safety standards for Nuro's new third-generation production-grade autonomous delivery vehicles.
- January 2022 - Aptiv PLC, a global technology company focused on making mobility safer, greener and more connected, today announced a definitive agreement to acquire Wind River from TPG Capital, a global alternative asset management private equity platform, for $4. billion in cash. TPG.
- March 2020 - Hyundai Mobis announced that its new innovative roof airbag system has been certified by the National Highway Traffic Safety Association (NHTSA) for use in passenger vehicles.
Airbag Market Dynamics:
Drivers:
All new high-end and mid-range passenger cars come with airbags as stock equipment. Also, the need for safety systems in all kinds of cars is likely to grow a lot over the next few years. Also, a rising middle class with more disposable income and more people living in cities will drive sales of different types of cars, which will drive market growth over the forecast period.
More rules about car safety will help the market grow.
The Intermodal Ground Transportation Efficiency Act of 1998 says that all cars and light trucks sold in the United States must have front passenger and passenger seat air bags. Since then, the number of people in the US who want seatbelts has been going up. Also, Road Transport and Highways Minister Nitin Gadkari said that the draft GSR circular requiring at least 6 airbags in cars with up to 8 seats had been approved. This would make people safer.
Restraints:
Cheap airbags and the high cost of vehicles with airbag systems are expected to slow the growth of the market.
Airbags are not a big deal for people who buy cars in countries with less developed economies. Because of this, many car companies give cheap airbags just to meet safety rules. But in order to save money, passenger safety was put at risk, and the airbag system didn't last as long as customers had hoped. This makes people less likely to buy cars with safety systems. So, the industry has to deal with two big problems: getting rid of cheap airbag manufacturers and making airbag systems for all kinds of cars that don't cost much.
Regional Outlook:
In 2021, the Asia-Pacific market was worth USD 1.44 billion. By 2029, it is projected to be worth USD 5.25 billion, which is a CAGR of 8.0% during the period of the forecast. As an automotive hub, the region is expected to have the largest share of the global automotive airbag market. This is because countries in the region are making and exporting more cars every year. This rise can be explained by the fact that people are spending more on passenger safety, which is expected to drive the demand for cars and safety parts for cars. Over the next few years, the market in this area is likely to grow because more people are using electric cars and using key government programs.
In 2021, the North American market was worth USD 2.45 billion. By 2029, it is projected to be worth USD.67 billion, which is a CAGR of 6.8% over the period of the forecast. During the forecast period, the market in North America is projected to grow by a lot. In North America, the market is likely to be driven by stricter government rules on car safety and standards, quick adoption of new technologies, and a lot of money spent on new product development. Also, since 1998, all passenger cars and light commercial vehicles in North America have had head airbags as standard equipment. This is because laws are enforced very strictly there.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 5.7% from 2023 to 2030 |
| Market Size in 2022 | USD 27.6 Billion |
| Revenue Forecast by 2030 | USD 47.0 Billion |
| By Type |
|
| By Applications |
|
| By Formulation | Powder, Tablet & Capsule, Liquid, Granule & Gelling Agent |
| By Companies | Autoliv, Takata, ZF TRW, Toyoda Gosei, KSS, Hyundai Mobis, Nihon Plast, Ashimori, East Joy Long., and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Airbag Market Key Segments Covered:
Top Market Players:
Autoliv, Takata, ZF TRW, Toyoda Gosei, KSS, Hyundai Mobis, Nihon Plast, Ashimori, East Joy Long., and Others.
Airbag Market by Types:
- Driver Front Airbag
- Passenger Front Airbag
- Side Airbag
- Knee Airbag
- Other Airbag
Airbag Market by Applications:
- Passenger Vehicle
- Commercial Vehicle
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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