Airbag Market Size, Share, Key Players, In-Depth Insights and Forecast 2024-2032

Summary:

• The global airbag market size reached USD 32.3 Billion in 2023.
• The market is expected to reach USD 61.8 Billion by 2032, exhibiting a growth rate (CAGR) of 7.2% during 2024-2032.
• Asia Pacific leads the market, accounting for the largest airbag market share.
• Frontal airbag accounts for the majority of the market share in the type segment as they are mandated by safety regulations in most countries and are a standard feature in nearly all vehicles.
• Air bag holds the largest share in the airbag industry based on the module, as they are a critical component of vehicle safety systems, directly influencing crash survivability rates.
• Passenger vehicles remain a dominant segment in the market, as they have the highest production volumes across the globe.
• Original equipment manufacturers represent the leading sales channel segment, as they are required to include airbags as a standard safety feature in new vehicles.
• The imposition of various regulations that mandate airbags is a primary driver of the airbag market.
• Technological advancements and the integration of artificial intelligence (AI) and machine learning (ML) are reshaping the airbag market.

Industry Trends and Drivers:

• Increasing Vehicle Safety Regulations:

The increasing stringency of vehicle safety regulations across the globe as governments and regulatory bodies update and tighten safety standards to reduce road traffic fatalities and injuries is boosting the market growth. Moreover, the introduction of provisions that mandate the inclusion of airbags in new vehicles is boosting the market growth. Along with this, the ongoing evolution of these regulations, alongside technological advancements in vehicle safety systems, compelling automobile manufacturers to integrate more sophisticated airbag systems into their vehicles, is fostering the market growth. Besides this, the heightened investment by automakers to develop advanced airbag systems that can provide comprehensive protection for occupants in various crash scenarios is fueling the market growth.

• Rising Consumer Awareness and Demand for Safety Features:

The increasing consumer awareness regarding the importance of vehicle safety features is driving the market growth. Moreover, the availability of information on vehicle safety ratings from various organizations, empowering consumers to make more safety-conscious decisions, is bolstering the market growth. Apart from this, the growing demand for vehicles equipped with advanced safety systems, including multiple types of airbags, is enhancing the market growth. Airbag manufacturers are responding to this demand by innovating new airbag technologies, such as adaptive airbags that adjust their deployment speed and pressure based on the severity of the crash and the position of the occupants. Additionally, the increasing consumer preference for high-safety ratings, encouraging automakers to prioritize airbag integration in their design and production processes, is contributing to the market growth.

• Rapid Advancements in Airbag Technology:

The introduction of sophisticated airbag systems that include side-impact, curtain, knee, and external airbags designed to protect pedestrians is creating a positive outlook for the market. Moreover, the development of modern airbags that are designed to work in conjunction with other safety systems, such as seat belts, electronic stability control, and advanced driver-assistance systems (ADAS), is bolstering the market growth. Besides this, rapid innovations such as smart airbags, which use sensors to detect the size, weight, and position of occupants to adjust the deployment force, are anticipated to drive the market growth. Moreover, the integration of machine learning (ML) and artificial intelligence (AI) in airbag systems, as it allows for real-time data analysis, improving the speed and accuracy of deployment decisions in the event of a crash, is stimulating the market growth.

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Airbag Market Report Segmentation:

Breakup By Type:

• Frontal Airbag
• Knee Airbag
• Side Airbag
• Curtain Airbag
• Others

Frontal airbag account for the majority of shares as they provide crucial protection in head-on collisions, which are among the most common and severe types of vehicle accidents.

Breakup by Module:

• Inflator or Gas Generator
• Air Bag
• Crash Sensors

Air bag dominates the market as manufacturers focus on developing more efficient and adaptive airbag modules.

Breakup by Vehicle Type:

• Passenger Vehicle
• Commercial Vehicle

Passenger vehicle represents the majority of shares due to increasing priority of automotive manufacturers to safeguard the occupants from accidents and collisions.

Breakup by Sales Channel:

• Original Equipment Manufacturers
• Aftermarkets

Original equipment manufacturers hold the majority of shares as they need to meet regulatory requirements and consumer safety expectations.

Breakup By Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific holds the leading position owing to a large market for airbag driven by rapid urbanization, rising vehicle ownership rates, and increasing safety regulations.

Top Airbag Market Leaders:

The airbag market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.

Some of the key players in the market are:

• 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, etc

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