Global Airbag Market is valued at approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2029. Over the course of the projection period, there will likely be a noticeable increase in demand for airbags globally. Over the next few years, the worldwide market is anticipated to be driven by rising demand for airbag modules, most notably automotive airbags, which is enhanced by strong demand for new automobiles. In the case of an auto accident, airbag cushions open up and protect the occupants. Additionally, the introduction of airbags in two-wheelers is providing the market with profitable growth prospects over the anticipated future.
The World Health Organization estimates that traffic accidents claim the lives of almost 1.25 million people annually. For instance, airbags are frequently employed in automobiles to lessen the effect of impacts and to enhance the overall vehicle safety to minimize the number of collisions. Additionally, according to the European Automobile Manufacturers Association, in the same month of 2021, there were 10% more passenger car registrations in the European Union than in the same month of the previous year. The demand for Special Utility Vehicles (SUVs) has also increased recently as a result of a rise in travel and leisure activities throughout the world. However, during the projected period of 2022-2029, the market's development is restrained by the high cost of airbags.
The key regions considered for the Global Airbag Market study includes Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is dominating the market in the year 2021. This may be largely credited to the different safety measures adopted by governmental organizations such as the National Highway Traffic Safety Administration (NHTSA). Due to factors including an increase in car sales and the desire for safer automobiles, Asia Pacific is still in its infancy and is anticipated to expand significantly. The region's production level tends to rise in China, which is now the largest producer of airbags in Asia because of its easy access to raw materials and affordable labour.
Major market players included in this report are:
Toyoda Gosei Co., Ltd.
Delphi Automotive PLC
Robert Bosch GmbH
Key Safety Systems, Inc.
Hyundai Mobis Co., Ltd
Neaton Auto Products Manufacturing, Inc
Recent Developments in the Market:
In order to create an airbag for two-wheelers, Autoliv Inc. teamed up with Piaggio Group in 2021. To determine if this device performs as intended and designed, the business has already started conducting extensive crash testing. In a 2-wheeler vehicle system, the airbags are installed on both sides of the motorcycle to ensure that the entire vehicle is protected, hence ensuring pedestrian safety.
A new front-center airbag was introduced in 2019 by Autoliv Inc. It is installed between the driver and front-seat passenger and lowers the risk of head, shoulder, and chest injuries while also saving lives in side-impact collisions.
Global Airbag Market Report Scope:
Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Module, Vehicle Type, Type, Material, Sales Channel, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define the market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study.
The report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and Module offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Vehicle Type:
By Sales Channel:
Rest of the World