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The Global Airbag Systems Market Size is estimated to grow by USD 5,440.67 million between 2022 and 2027 accelerating at a CAGR of 7.1%.
The market is experiencing growth due to various factors, including improved vehicle safety measures, rising demand for autonomous vehicles, and an increase in disposable income. However, challenges such as airbag system failures and cost pressures faced by original equipment manufacturers (OEMs) are hindering market progress. Nonetheless, the market is expected to receive a boost from trends such as mergers and acquisitions (M&A) and partnerships in the markets, as well as government initiatives aimed at enhancing safety measures. It also includes an in-depth analysis of drivers, trends, and challenges.
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Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increased vehicle safety is a major factor driving the market growth. Over a million people die as a result of traffic accidents every year. By exercising caution and putting safety systems in cars, these fatalities can be reduced. One of the safety features of cars is that they can lessen the number of accident-related injuries and fatalities. The sides of automobile doors, the front instrument panel, and the steering wheels all include these products. The curtain products detect the impact during a collision and communicate with the ECU. This will be deployed by the ECU, preventing injuries to passengers. The majority of currently produced vehicles include these products. Vehicles are also equipped with curtain products. The tops of the doors and the roof of the vehicle are equipped with these products. The rising concern for vehicle safety is expected to accelerate the growth of global market during the forecast period.
M&A and partnerships in the automotive airbag and its component markets are major trends. Changes in the environment of the global market due to acquisitions will positively affect the global market. The global automotive industry is highly competitive, and companies across the automotive value chain are looking for ways to strengthen their position. Other strategic activities, such as partnerships, are gaining momentum in focus markets. For instance, in October 2020, Toyoda Gosei Co. Ltd. agreed to set up a joint venture firm to produce yarns for automobile airbags with Bangkok-based Indorama Polyester Industries PCL (IPI), which is under the umbrella of the world's largest polyethylene terephthalate (PET) producer, Indorama Ventures PCL. Thus due to the increasing number of partnerships among industry players, the global market is expected to witness high growth during the forecast period.
Failure of airbag systems is a major challenge faced by the market. These are designed to protect the driver and passengers during a crash. However, sometimes they may fail to do so. Airbags may deploy without warning or may not deploy when needed. As the head or body of occupants is too close to the airbag when it deploys, it can cause serious injury.
Front airbags have so far proven to be effective and useful in saving thousands of lives a year. Although airbags are designed to save lives, they can sometimes cause injuries. Airbag injuries can range from facial lacerations to broken noses, depending on the severity of the incident and whether or not the airbag is at fault. Therefore, growing concern about airbag systems failure may hinder the growth of the market during the forecast period.
The market share growth by the passenger cars segment will be significant during the forecast period. The growing demand for safe vehicles has led to an increase in demand for airbags worldwide.
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The passenger cars segment was valued at USD 7,229.23 million in 2017 and continued to grow until 2021. Passenger cars are growing in numbers due to various reasons. Safety requirements imposed on the automobile industry by several governments are boosting the growth of the market. Manufacturers are also installing advanced features such as airbag sensors to improve passenger safety in the event of an accident. The adoption of side/curtain airbags, knee airbags, and exterior airbags is increasing in the passenger car segment. It is expected to remain a major factor driving the growth of the passenger car segment in the global market during the forecast period.
Almost all car manufacturers equip passenger cars with at least one front airbag, and even the cheapest cars may have multiple front airbags in their top variants. The growth of front airbags is closely linked to automobile production, particularly passenger cars. Automakers are increasingly adopting airbags due to rising passenger car sales and government efforts to ensure driver and passenger safety. Growing consumer awareness of protection against vehicle crashes is driving the growth of the global market.
North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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North America dominated the global market in 2022 and is expected to grow further due to the region's steady automotive market growth. Key factors driving this market are the presence of leading vehicle OEMs and stringent vehicle safety regulations. Manufacturers in the US are expanding their car manufacturing facilities in Mexico to reduce overall costs. Additionally, OEMs are introducing advanced features such as active and passive safety features to attract consumers, increasing the electronic content and number of safety features in vehicles. The region is likely to witness standardization of various airbags due to strict regulations and consumer preferences for safety and comfort during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Market. One of the major players in the market include:
Hyundai Motor Co.- The company offers airbag systems such as Hyundai Mobis Roof airbags.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is witnessing significant growth, driven by increased vehicle production and a focus on transportation safety. Airbag system manufacturers play a crucial role in enhancing driving experiences while adhering to strict safety standards imposed by regulatory bodies. The market encompasses various safety products, including side windows, seats, door panels, and pedestrian airbags. The continuous technological development in airbag inflators, coupled with innovations in seat belt systems, contributes to market evolution. Despite occasional vehicle recalls due to faulty airbags, the demand for advanced airbag technologies remains robust. The automotive airbag system market forecast outlook anticipates sustained growth, with a positive impact on road safety and accident prevention. As automotive manufacturers and component makers collaborate to meet government regulations, the market is poised for further advancements in safety features across different automobile types.
Airbag Systems Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.1% |
Market growth 2023-2027 |
USD 5,440.67 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.57 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Airbag Systems Inc., Ashimori Industry Co. Ltd., Autoliv Inc., Continental AG, Daicel Corp., Denso Corp., Helite Sarl, HELLA GmbH and Co. KGaA, Hyundai Motor Co., Joyson Safety Systems Aschaffenburg GmbH, Naugra Machines India, Nihon Plast Co. Ltd., Rane Holdings Ltd., Robert Bosch GmbH, Toyoda Gosei Co. Ltd., Weng fatt Spare Parts Pvt. Ltd., Yanfeng International Automotive Technology Co. Ltd., ZF Friedrichshafen AG, Kolon Industries Inc., and Toray Industries Inc. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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