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The automotive airbag market size is estimated to increase by USD 5.89 billion at a CAGR of 7.49% between 2024 and 2028. The rise in global vehicle production, coupled with a growing focus on vehicle safety, propels market growth for airbags. Increasing awareness of the benefits of airbags further drives this expansion. However, challenges persist, including the rising raw material costs associated with airbag production. Additionally, the lack of regulations governing airbags in medium and heavy-duty vehicles poses a significant obstacle to market dynamics. Furthermore, markets in developed countries are approaching a mature stage, presenting a saturation challenge for further growth. Overcoming these hurdles necessitates innovation to optimize production costs and compliance efforts to ensure airbag safety standards across all vehicle types. Collaborative efforts between industry stakeholders and regulatory bodies are crucial to address these challenges and sustain market growth amidst evolving global vehicle safety standards and market conditions.
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The market encompasses the production and supply of safety devices, specifically airbags, for various types of vehicles. These airbags are essential for Passenger and Light Commercial Vehicles, providing critical protection during Collisions. Manufacturers utilize High-strength materials to ensure optimal performance in the event of an accident. However, Supply chain disruption can impact the availability of Raw Materials and Components, potentially leading to delays in production and delivery. Strict Safety Regulations mandate the use of advanced airbag type, such as Side & curtain airbags market, which offer enhanced Head & Neck Protection during Rollover Crash. Consumer Awareness and stringent Laws continue to prioritize Mobility Safety Solutions, with a focus on improving Road Safety. Customized curtain airbags, Seatbelts, and Steering Wheels are among the essential components that contribute to overall vehicle safety. Automotive Manufacturers invest in research and development to innovate and meet evolving safety requirements. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in global vehicle production boosts market growth. In the context of automotive safety, airbags have become essential components, particularly in sitting situations where the risk of accidents is prevalent. Car manufacturers prioritize customer safety and implement airbags as mandatory measures to meet regulatory standards and enhance overall vehicle dependability and comfort.
Consequently, the demand has escalated, driven by the need to cater to the expanding vehicle fleet. Technical advancements and novel airbag and seatbelt technology continue to play a significant role in the automotive industry. For instance, exterior airbags have emerged as a promising development, offering enhanced protection in various collision scenarios. Customer awareness and purchasing decisions are also influenced by the importance of airbags in ensuring safety during accidents. As the automotive industry continues to evolve, airbags will remain a crucial element in car safety measures, ensuring the comfort and well-being of passengers and drivers alike. Thus, it is expected to drive market growth during the forecast period.
The increasing advancements in airbag technologies is an emerging market trend. In the realm of automotive safety, airbags have emerged as a crucial component, providing essential protection for vehicle occupants in various sitting situations. Car manufacturers and airbag suppliers have been at the forefront of innovation, investing significantly in research and development to enhance the performance of automobile airbags. This innovative technology not only offers more effective protection but also reduces the risk of injuries caused by excessive airbag deployment. Moreover, customer knowledge and preferences have become a catalyst in the evolution of airbag systems. Adaptive airbag systems, for instance, use sensor data to determine the position and size of occupants in the vehicle.
According to statistics, the global market is projected to reach significant growth rates in the coming years. The market's expansion is fueled by the continuous novel airbag and seatbelt technology, which prioritizes comfort and safety for vehicle occupants. Exterior airbags, another innovative development, are designed to protect vehicle occupants from side impacts. These airbags, when deployed, can significantly reduce the risk of injuries and even save lives. As the automotive industry continues to prioritize safety and customer satisfaction, the demand for advanced airbag systems is expected to remain high.
The rising raw material cost of airbags hampers market growth. In the automotive industry, the sitting situations within vehicles are of paramount importance to both car manufacturers and consumers. Car safety measures, such as automobile airbags, play a crucial role in ensuring dependability and comfort during various driving conditions.
Technical advancements in technology, such as exterior airbags, aim to enhance safety and provide additional protection. Nevertheless, the statistics reveal that these advancements come with a price tag. Consumers, who are often price-sensitive, may be influenced by the final price of a vehicle when making purchasing decisions. This could lead to demand fluctuations in the market. Small and new players in this market may find it particularly challenging to navigate the rising raw material costs. Therefore, it is essential for these players to stay informed about the latest trends and technological advancements to remain competitive.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
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.
Analog Devices Inc: The company offers automotive airbags such as MAX15007 ultra-low quiescent current linear regulator for automotive airbags.
The market research and growth 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; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The front airbag segment is estimated to witness significant growth during the forecast period. Airbags, including front-center, side-impact, and knee airbags, are designed to deploy from various areas of a vehicle during collisions, such as steering wheels and dashboards. These help reduce injuries to the head, chest, and upper body in front-impact crash situations. The Electronics segment plays a significant role in the development and deployment of advanced technologies. Concept airbags, like those for e-scooters, are also under research and development to ensure mobility safety solutions for all types of road users.
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The front airbag segment was the largest segment and valued at USD 7.77 billion in 2018. Crash test results are a critical factor in determining the effectiveness and other safety features. Consumer awareness and stringent laws mandating inclusion have driven the market's growth. Automotive manufacturers prioritize safety to build a positive reputation and gain consumer trust. Vehicles equipped with advanced safety features like airbags, seatbelts with pretensioners, and side airbags often achieve higher safety ratings. Head/neck restraint airbags and far-side impact airbags are some of the advanced technologies under development. Self-driving cars and industrial requirements for heavy machinery are also driving the need for innovations. Test services and industrial requirements for deployment and ignition are essential aspects of the market. The industry's future includes a multi-modal approach to safety, with a focus on pedestrian protection, cyclist safety, motorcyclist safety, and traffic deaths reduction.
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APAC is estimated to contribute 37% 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.
The regional market encompasses the Vehicle passive safety systems and the Electronics segment, both of which play crucial roles in enhancing mobility safety solutions. Crash tests are essential in evaluating the effectiveness in various scenarios, including Concept airbags designed for E-scooters. Injuries sustained in Front-center airbag deployments during Side-impact crash situations are a significant concern. Consumer awareness and stringent laws prioritize road safety, leading automotive manufacturers to invest in customized curtain airbags, seatbelts, and steering wheels. Pedestrian protection, connected safety services, and safety solutions for powered two-wheeler riders are also gaining importance. Key airbag types include side airbags, knee airbags, and multi-modal approach airbags. Self-driving cars integrate advanced airbag systems with ignition and deployment mechanisms, test services, and industrial requirements. Vulnerable road users, such as pedestrians, cyclists, and motorcyclists, are prioritized in the development of weight-reduced, functional airbags that provide head/neck restraint and far-side impact protection.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is a significant sector in the global automotive industry. This market focuses on the production and supply of airbags and airbag systems for various vehicle models. The demand is driven by stringent safety regulations and increasing consumer awareness of road safety. Airbags are essential safety components in modern vehicles, designed to protect passengers during collisions. The market caters to the production of various types of airbags, including side airbags, curtain airbags, and knee airbags. These airbags are integrated into the vehicle's safety system to ensure maximum protection for the occupants. The market is competitive, with several key players contributing to its growth. These players focus on innovation, quality, and cost-effectiveness to gain a competitive edge.
Further, the market is also influenced by factors such as technological advancements, increasing vehicle production, and growing demand for safety features in vehicles. The market is expected to witness significant growth in the coming years due to the increasing focus on vehicle safety and the implementation of stringent safety regulations. The market is also expected to be driven by the growing demand for advanced safety features in vehicles, such as adaptive airbags and airbag systems with integrated sensors. In conclusion, the market is a critical component of the global automotive industry, driven by safety regulations, consumer awareness, and technological advancements. The market is expected to witness significant growth in the coming years due to the increasing demand for advanced safety features in vehicles.
Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.49% |
Market growth 2024-2028 |
USD 5.89 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.83 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 37% |
Key countries |
US, China, Japan, Germany, and South Korea |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Analog Devices Inc., ARC Automotive, Inc, Ashimori Industry Co. Ltd., Autoliv Inc., Continental AG, Daicel Corp., DENSO Corp., Dorman Products Inc., Hyundai Motor Group, Infineon Technologies AG, Joyson Safety Systems Aschaffenburg GmbH, Kolon Industries Inc., Mitsubishi Electric Corp., Nihon Plast Co. Ltd., NXP Semiconductors NV, Robert Bosch GmbH, Stellantis NV, TaiHangChangQing Automobile Safety System Co. Ltd., Toyoda Gosei Co. Ltd., Yanfeng International Automotive Technology Co. Ltd., and ZF Friedrichshafen AG |
Market dynamics |
Parent market analysis, 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 the market forecast period. |
Customization purview |
If our market 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 Type
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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