Automotive Airbags Market Size [2023-2030] Worth USD 23.26 Billion, Globally, by 2030 at a CAGR of 5.9%
Fortune Business Insights
Updated 6 min read
Fortune Business Insights
Automotive Airbags Market to have Progressive Growth by Reaching USD 23.26 Billion by 2030 with a CAGR of 5.9% during the Forecast Period, Increasing Awareness of Automotive Safety Increased the Demand for Airbags in Automobiles
Pune, June 20, 2023 (GLOBE NEWSWIRE) -- The global automotive airbags market size was valued at USD 15.01 billion in year 2022 and is projected to reach a valuation of USD 15.54 billion in 2023. The market is expected to hit USD 23.26 billion by the end of year 2030, growing at a CAGR of 5.9% during the forecast period. Automotive Tire OEM refers to a safety device, which is designed to inflate and cushion the passengers at the time of collision. Increasing awareness for automotive safety has increased the demand for airbags in automobiles. Modern airbags are lightweight, have high strength, and can inflate in milliseconds. Fortune Business Insights™ shares this information in its report titled “Global Automotive Airbags Market, 2023-2030.”
Key Industry Development:
May 2022- ARC Automotive Inc. signed a partnership with Yanfeng, a joint venture for the development, commercialization, and production of automotive airbag inflators.
Growing Demand from Consumers for Improved Safety Features to Propel the Demand for the Product
Growing demand from consumers for improved safety features due to vehicle accidents is anticipated to drive the automotive airbags market growth. Rising safety concerns and regulations required to install airbags in vehicles are surging the product demand. Increasing number of road accidents has led to the formation of supportive government initiatives to promote vehicle safety, which is expected to increase the demand for product in new and high-end vehicles with new types of airbags.
However, high cost of airbags can be a significant barrier as they add as an additional cost to the price of the vehicles, which is expected to hamper the market growth.
COVID-19 Impact-
Disruptions in Supply Chains due to Lockdowns and Travel Restrictions Affected the Automotive Industry The COVID-19 pandemic affected the automotive industry in several ways. Disruptions in supply chains due to lockdowns and travel restrictions affected the movement of raw materials and components. Automotive component manufacturers, such as Toyoda Gosei and Autoliv, also witnessed a decline in revenue by approximately 10%-12% due to the pandemic. The market faced some challenges for the time being but recovered as regulations eased.
Frontal Airbag Segment Led In 2022 with Increasing Safety Concerns in the Automotive Industry
On the basis of type, the market is divided into frontal airbag, side airbag, knee airbag, and others. The frontal airbag segment dominated the market share in 2022 due to increasing safety concerns in the automotive industry that led to the installation of frontal passenger airbags.
SUVSegment Held the Dominant Share in 2022 due to Increasing Demand
On the basis of vehicle type, the market is divided into hatchback/sedan, SUV, LCV, and HCV. SUV dominated the segment share in 2022 with increasing demand for SUVs as consumers have been inclining toward vehicles, which offer more space, utility, and versatility.
Technological Development in the Market Advances the Others Segment
On the basis of component, the market is classified into airbag inflator, impact sensors, indicator lamp, and others. The others segment is expected to dominate market share throughout the forecast period. The growth of the segment is associated with advancements in technology, such as using lightweight and durable materials, and increasing demand for automotive safety features.
Based on geography, the market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage-
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights-
Asia Pacific Led the Market in 2022 Due to the Presence of Established Automotive Manufacturers
Asia Pacific dominated the automotive airbags market share in 2022 due to the presence of largest automotive manufacturers such as Toyota, Honda, and Hyundai. The market was valued at USD 9.10 billion in 2022 with increasing number of vehicle production.
Europe is set to be have substantial market share in 2022 as it is hub to luxury and high-end car brands, such as BMW, Mercedes-Benz, and Audi, and these brands are known to have advanced safety features.
Focusing on the Development of New and Advanced Automotive Airbags to Expand Market Share
The key players have been focusing on the development of new and advanced automotive airbags. Autoliv is the leading market player, which offers protection regardless how the driver and passengers are seated. In November 2021, it was announced that Autoliv, Inc. and SSAB started working together to research and create fossil-free steel components for car safety goods such as airbags and seatbelts.
List of Key Players Covered in Automotive Airbags Market Report:-
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