Dublin, May 23, 2023 (GLOBE NEWSWIRE) -- The "Global Light Vehicle Airbag Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Vehicle Type (Hatchback, SUV & MPV, Sedan, and LCV), By Airbag Type, By Demand Category, By Yarn Type, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
Global light vehicle airbag market has shown impressive growth in the past few years, and it is anticipated to increase at a high rate in the forecast years 2023E-2028F.
The rising concern for safety among people has made them choose vehicles with inbuilt airbags. By seeing the preference and inclination of people for the vehicle with airbags, automotive manufacturers across the globe have started placing airbags in higher numbers in vehicles for safety.
Airbags are crucial as they increase safety on roads. According to the EU road accidents database, In 2021, an average of around 44 road deaths per million inhabitants were registered in European Union countries. According to the data published by WHO (World Health Organization), an ordinary 1.3 million people die each year due to road accidents across the globe.
There are various reasons behind road accidents, which include human mistakes such as speeding, not wearing a seat belt and helmet, drunken & driving, red light jumping, overtaking in a wrong manner, etc. All these factors cause 90% of death in road accidents. Therefore, these factors have made the buyer prefer the vehicle which has more advanced safety features.
Growing Awareness About Vehicle Safety Features
Nowadays, rising safety awareness among consumers has made automotive manufacturers include more safety features in their vehicles, and the willingness to pay extra for equipment like airbags, has driven the airbag market. Automotive manufacturers have increased the demand for airbags and stringent laws requiring airbag development; this is expected to grow in the market in the coming year.
As a result, there may be an opportunity for market expansion, given the rising level of awareness regarding safety features in automobiles. Of all these factors, the global light vehicle airbag market is projected to witness positive growth in the forecasted year 2023F-2028F.
Increasing Advancements in Airbag Technologies
Automotive manufacturers are largely focused on enhancing cost effectiveness, improving the experience of driving, and working toward overall passenger and driver safety since the global automotive background is continuously developing. Airbags are still a crucial passive safety component in the automotive industry.
The market is growing as a result of airbag technological improvements that are increasing its adoption in passenger vehicles. When a safety belt is worn, the airbag performs best. It might lessen injuries and fatalities in front-end collisions. To protect front-seat occupants, airbag makers have developed a variety of airbags, side curtains, and knee bolsters.
They also plan to develop a new generation of rear-seat airbags. One of the automotive companies, TRW Automotive Holdings Corp, has launched two airbags which are placed on the roof and one in the back of the front seat; this might protect rear-seat occupants at the time of the accident.
Furthermore, the Citroen C4 Cactus is a subcompact crossover SUV featuring innovative roof-mounted passenger airbag technology. The growing innovation in airbag technology in the automobile industry is propelling market growth.
High Operating and Maintenance Costs
Airbags are acquiring advanced features and technology, but the cost is a major consideration. The upgraded airbags are linked to additional components such as a clock spring, impact sensors, an igniter, an SRS warning light, a passenger seat switch, a pyrotechnic inflator, an electronic control unit, and seatbelt pre-tensioners. As a result, the inclusion of such components raises maintenance and operating costs, impeding market expansion.
Growing Adoption of Electric Vehicles
Due to increased investment in manufacturing facilities, the demand for electric vehicles will increase more quickly, commencing in 2021. Modern electric vehicles come with airbags that have competitive technology for a better driving experience.
As the demand for zero-emission vehicles has increased in the past few years, automotive manufacturers are focusing more on providing electric vehicles in the market, and they are offering subsidies and tax breaks to increase the adoption of electric vehicles in the market.
Customers anticipate a significant level of automated experience and cutting-edge driving technologies when moving to an electric vehicle. In the future, the need for airbags with enhanced features may rise even higher as technological innovation and attentiveness to the safety of the driver and passengers. This is one of the reasons the market is expanding because of higher expectations for the deployment of airbags in electric vehicles.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the global Light Vehicle Airbag Market.
- Autoliv Inc
- ZF Friedrichshafen AG
- Toyoda Gosei co. Ltd
- Robert Bosh Gmbh
- Denso Corporation
- Hyundai Mobis Co. Ltd
- Hella GmbH & Co. KGaA
- Takata Corporation
- Aptiv Inc
- Joyson Safety Systems
Report Scope:
Global Light Vehicle Airbag Market, By Vehicle Type:
- Hatchback
- SUV & MPV
- Sedan
- LCV
Global Light Vehicle Airbag Market, By Airbag Type:
- Front Airbag
- Knee Airbag
- Side Airbag
- Curtain Airbag
Global Light Vehicle Airbag Market, By Demand Category:
- OEM
- Replacement
Global Light Vehicle Airbag Market, By Yarn Type:
- Nylon Type
- Polyester Type
Global Light Vehicle Airbag Market, By Region:
- Europe
- Germany
- Spain
- Russia
- France
- United Kingdom
- Slovakia
- Italy
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Thailand
- Malaysia
- Vietnam
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- Saudi Arabia
- Turkey
- South Africa
- Egypt
For more information about this report visit https://www.researchandmarkets.com/r/7w4xk2
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