Farmington, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Airbags Market Size Was Valued At USD 47.96 Billion In 2021. The Market Is Projected To Grow From USD 50.12 Billion In 2022 To USD 81.81 Billion By 2030, Exhibiting 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.
Automobile airbags are safety features that help protect people's heads and chests in the event of a crash 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 planned time.
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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 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-grade autonomous delivery vehicles.
Segment Overview
Product Type Insights
The frontal segment has the largest share of the global market, and this is expected to stay true for the next few years. In the next few years, the frontal segment will lead the global market because technology has gotten better. Also, drivers must have airbags in many places around the world. Also, many laws say that the front passenger seats of cars must have airbags. Because of this, the segment was a big part of the whole.
Vehicle Type Insights
The passenger car segment has the largest share of the market right now (76.37%) and is expected to keep a big share during the forecast period. After COVID-19, people will have more money, and both developing and developed economies will see more sales of passenger cars. 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 the growth of freight logistics, last-mile delivery, and urban infrastructure. The passenger car segment has the largest share of the market right now (76.37%) and is expected to keep a big share during the forecast period. After COVID-19, people will have more money, and both developing and developed economies will see more sales of passenger cars. 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 the growth of freight logistics, last-mile delivery, and urban infrastructure.
Regional Outlook:
The Asia-Pacific market was worth 31.44 billion USD in 2021. It is expected to be worth USD 53.25 billion by 2029, which is an 8.0% compound annual growth rate (CAGR). As a centre for the auto industry, this area is likely to have the biggest share of the global market for automotive airbags. This is because every year, the region makes and ships out more and more cars. More money is being spent on passenger safety, which is expected to make more people want cars and car safety parts. During the time frame of the forecast, the market in the region is expected to grow because more people will be using important government programmes and electric vehicles (EVs).
Europe is the second-biggest 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 because more people are interested in electric vehicles, connected and autonomous vehicles, and shared mobility.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 7.3% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 50.12 Billion |
| By Product Type | Frontal Airbag, Side Airbag, Knee Airbag, Others |
| By Vehicle Type | Passenger Cars, Commercial Vehicles, Other |
| By Companies | Autoliv Inc (Sweden ), Joyson Safety System (U.S.), Robert Bosch GmbH (Germany), Toyoda Gosei Co. Ltd (Japan), Denso Corporation (Japan), Hyundai Mobis Co. Ltd (South Korea), Magna International (Canada), Aptiv PLC (Ireland), ZF Friedrichshafen AG (Germany), Valeo SA (France) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Trends:
Customers are becoming more aware of passenger safety because of strict rules set by international governing bodies like the European Commission and the NHTSA (National Highway Transport and Safety Authority) and safety awareness campaigns run by private organisations, 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 safety features is that they are based on proven technology. Consumers decide what to buy based on how reliable, safe, and comfortable something is. Several companies are working on new airbag technologies to make sure that their customers are safe. For example, ZF made 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 airbag system for cars turns it on as soon as it knows a crash is coming.
Driving Factors:
All new high-end and mid-range passenger cars come with airbags. Also, the need for safety systems in all kinds of vehicles is likely to grow a lot over the next few years. Also, the growing middle class will have more money to spend, and more people will live in cities. This will drive sales of all kinds of vehicles and help the market grow during the forecast period.
The market will grow if safety rules for vehicles are made stricter.
Restraining Factors:
Airbags 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 makers put in cheap airbags just to meet safety rules. But to save money, the safety of the passengers is put at risk, 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 this. So, this industry has to deal with two big problems: getting rid of cheap airbag makers and bringing down the cost of airbag systems for all kinds of vehicles.
Key Segments Covered:
Top Market Players:
Autoliv Inc (Sweden ), Joyson Safety System (U.S.), Robert Bosch GmbH (Germany), Toyoda Gosei Co. Ltd (Japan), Denso Corporation (Japan), Hyundai Mobis Co. Ltd (South Korea), Magna International (Canada), Aptiv PLC (Ireland), ZF Friedrichshafen AG (Germany), Valeo SA (France), and others.
By Product Type
- Frontal Airbag
- Side Airbag
- Knee Airbag
- Others
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Others
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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