Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Global Airbag Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The automotive industry is witnessing a paramount shift, as the latest study indicates a robust expansion in the global airbag market with expectations to surge from US$ 29.8 Billion in 2022 to US$ 48.1 Billion by 2028. This remarkable growth, pegged at a CAGR of 8.31% during the 2022-2028 period, underscores the intensifying focus on vehicle safety and innovation in safety features.
Trends Shaping the Airbag Industry Landscape
The market's upward trajectory is primarily fuelled by the proliferation of passenger vehicle sales globally, driven by increasing income levels and the urban sprawl. These trends, coupled with a heightened sense of safety consciousness among consumers and stringent regulatory mandates, are propelling the demand for advanced airbag systems.
Stalwarts in the automotive sphere are stepping up their game by incorporating a range of airbags including frontal, knee, side, and curtain airbags, designed to offer comprehensive protection in the event of a collision. Recent innovations have also seen the introduction of side airbags (SABs) aimed at curbing serious chest injuries during side-impact crashes, and knee airbags that safeguard the lower extremities.
Market Dynamics and Segmentation Insights
The report provides a granular analysis of the market dynamics, dissecting the airbag industry's performance on a segmental basis. It delves into categories such as type, module, vehicle type, and sales channel, providing stakeholders with pivotal insights into each sub-segment.
- Frontal Airbag
- Knee Airbag
- Side Airbag
- Curtain Airbag
In terms of modules, the market is categorized into inflator or gas generator, airbag, and crash sensors. By vehicle type, the study separates the data between passenger vehicles and commercial vehicles, while sales channels are bifurcated into original equipment manufacturers and aftermarkets.
Competitive Landscape and Market Drivers
The competitive landscape section of the report scrutinizes the industry's structure, identifying the prominent players who are shaping the market's trajectory. The industry's competitive nature is analyzed, underpinning the market's growth drivers and potential challenges.
A surge in global emphasis on road traffic safety, as noted by the World Health Organization's statistics on annual fatalities due to road incidents, has been a central market catalyst. Alongside this, the advancements in airbag technology using highly engineered textiles and inflators that align with rigorous global standards are expected to bolster market growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 141 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $29.8 Billion |
| Forecasted Market Value (USD) by 2028 | $48.1 Billion |
| Compound Annual Growth Rate | 8.3% |
| Regions Covered | Global |
Companies Mentioned
- Autoliv Inc.
- Continental AG
- Daicel Corporation
- DENSO Corporation
- Hyundai Motor Group
- Joyson Safety Systems (Ningbo Joyson Electronic Corp.)
- Neaton Auto Products Manufacturing Inc. (Nihon Plast Co. Ltd.)
- Robert Bosch GmbH
- TOYODA GOSEI Co. Ltd.
- ZF Friedrichshafen AG
For more information about this report visit https://www.researchandmarkets.com/r/cmtjdk
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