The global automotive airbag market has achieved substantial growth, surpassing a valuation of US$10 Bn in the year 2022, and is projected to maintain a strong growth trajectory till the end of the decade, reaching 2030.
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Market Analysis in Brief
The year 2019 witnessed the production of over 54 million passenger vehicles worldwide, with China emerging as the largest producer. Notably, a significant trend observed in developing countries like India and China is the shift of people under 30 years of age from bikes to cars. This shift is driven by increasing consumer affluence, rising spending power on luxury goods, growing rates of road commute, and easy availability of car loans. Moreover, the emphasis on safety for both passengers and drivers further propels the demand for automotive airbags, boosting the market’s growth prospects.
Key Report Findings
- In 2022, the global automotive airbag market surpassed the valuation of US$10 Bn.
- Escalating sales of passenger vehicles significantly contribute to market expansion.
- Silicon coated airbags remain highly sought-after in the market.
- Ample opportunities exist in the Asia Pacific region, while North America and Europe continue to lead.
- Mounting Passenger Vehicle Sales
The continuous rise in passenger vehicle sales in both developed and developing countries has led to widespread adoption of airbags. Governments in several countries have mandated the use of airbags in all types of passenger vehicles to enhance safety, driving the demand further.
- Stringent Vehicle Safety Guidelines
Growing concerns over road accidents have prompted governments to direct automotive manufacturers to develop safer vehicles with features like airbags, leading to increased adoption.
- Increasing Focus of Governments on Road Safety
Governments globally are focusing on reducing road accidents and fatalities by making airbags mandatory in vehicles, thus driving the revenue growth of the automotive airbag market.
Overview of Key Segments
- Coated Airbags in Demand
Automotive airbags are manufactured using various fabrics such as nylon and polyester, with the choice of material impacting the final cost of the vehicle.
- Silicon Coating Sought-after
Silicon-coated airbags are preferred due to their higher strength, easy recyclability, and ability to dissipate heat generated during deployment, preventing harm to occupants.
Growth Opportunities Across Regions
- Asia Pacific Holds the Promise
As the largest vehicle producer globally, Asia Pacific boasts a strong presence of leading manufacturers and a significant adoption of electric cars, especially in China.
- Climbing Vehicle Sales and Favorable Business Environment
With growing demand for vehicles in the region, many market players are shifting their production base to countries like India, China, Vietnam, and Thailand, enjoying advantages like cheap labor and easy availability of raw materials.
- Supportive Role of Asian Governments
Emphasizing maximum safety, local governments in Asia are mandating airbags in vehicles, further boosting market growth.
Global Automotive Airbag Market: Key Players
Key players in the market include Joyson Safety Systems, Autoliv, Toyota Gosei, ZF Friedrichshafen, Denso, and Hyundai Mobis.
Regional Classification of the Global Automotive Airbag Market:
- North America: U.S., Canada
- Europe: Germany, France, Spain, U.K., Italy, Russia, Rest of Europe
- Asia Pacific: China, Japan, India, Southeast Asia, Rest of Asia Pacific
- Latin America: Brazil, Mexico, Rest of Latin America
- Middle East and Africa: GCC, South Africa, Rest of Middle East & Africa
Key Elements Included In The Study: Global Automotive Airbag Market
- Automotive Airbag Market by Product/Technology/Grade, Application/End-user, and Region
- Executive Summary (Opportunity Analysis and Key Trends)
- Historical Market Size and Estimates, Value, 2019 – 2022
- Market Value at Regional and Country Level, 2023 – 2030
- Market Dynamics and Economic Overview
- Market Size in Value, Growth Rates, and Forecast Figures, 2023 – 2030
- Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies
- Regional and Product/Grade/Application/End-user Price Trends Analysis
- Value Chain and Five Force’s Analysis
- Regional/Sub-region/Country Market Size and Trend Analysis
- Company Market Share Analysis and Key Player Profiles
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