Wilmington, Delaware, United States, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive airbag market was projected to attain US$ 11.9 billion in 2021. It is anticipated to garner a 7.2% CAGR from 2022 to 2031 and by 2031, the market is likely to attain US$ 22.7 billion by 2031.
Global population growth and increased transportation use are predicted to increase demand for automobiles. A steady increase in corporate investment, industrial productivity, and employment has made a major contribution to both real disposable income and the gross domestic product (GDP).
Growing industrialization and a rise in per capita wealth have led to a global growth in the selling of passenger and commercial vehicles for the movement of people and products. Manufacturers in the automotive airbag market should see a large rise in prospects due to the growing demand for electric vehicles during the forecast period.
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Market Trends for Automotive Airbags
- The worldwide market for automobile airbags has been segmented based on material, including nylon, polyester fiber, and other materials. In 2021, the polyester fiber sector accounted for a significant 73.84% of the global market. Throughout the projection period, the category is expected to hold onto its market share and expand at a CAGR of more than 6.89%.
- When compared to nylon and other materials, polyester fiber has favorable qualities including high rigidity, high UV resistance, high abrasion resistance, and low cost.
- Since the airbags deploy in an instant in the event of a collision, the material used for the airbags needs to have exceptional elastic qualities. Excellent elastic qualities are one of the main things that will probably increase the demand for the polyester automotive airbags.
Global Automotive Airbag Market: Key Players
The global automotive airbag industry is fragmented, with a large number of manufacturers holding a disproportionate amount of market share and significant businesses having the ability to accelerate expansion through the adoption of newer technology and consistent car modifications.
Key players use approaches including mergers and acquisitions and product portfolio diversification. The following companies are well-known participants in the global automotive airbag market:
- Robert Bosch GmbH
- Continental AG
- Denso Corporation
- Delphi Automotive
- Valeo SA
- ZF Friedrichshafen
- Magna International
- INVISTA
- Joyson Safety Systems
- Autoliv Inc.
- Hyundai Mobis Co. Ltd
- Hella GmbH & Co. KGaA
- Takata Corporation
- Toyota Gosei
- Aptiv Inc.
- Calsonic Kansei Corporation
- Nihon Plastic Company Co. Ltd.
Key Findings of the Market Report
- In 2021, the diagnostic monitoring unit category accounted for a significant 44.3% of the global market.
- Throughout the projected period, the category is anticipated to hold onto its market share and expand at a CAGRof more than 6.1%.
- It is also referred to as an airbag module, and it is in charge of gathering data from the collision sensor.
- The airbags then activate in the event of an impact after receiving this information from the airbag sensors.
- The average cost of the diagnostic monitoring unit in automobile airbag assembly is greater when compared to the cost of other components, adding to the sector accounting for a major percentage of revenue.
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Global Market for Automotive Airbag: Regional Outlook
- The global automotive airbag market is dominated by Asia Pacific, which had a significant revenue share of the industry in 2021. Asia Pacific is anticipated to account for about 50.8% of the global market since China is home to a significant automotive sector.
- A major element driving the regional automotive airbag industry is the growing population and urbanization. The need for passenger cars has grown because of the rise of China to prominence as a global center of manufacturing. The manufacturing of insulating goods in the region is increasing due to the simple availability of raw materials and cheap labor. During the forecast period, the automotive airbag market is expected to be driven by an increase in vehicle production throughout the area.
Global 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
Seat Configuration
- Single Row Configuration
- Lounge Configuration
- Double Row Configuration
- Others
Fabric
- Coated
- Silicone Coating
- Neoprene Coating
- Non-coated
Sales Channel
- OEM
- Aftermarket
Material
- Polyester Fiber
- Nylon
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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