Automotive Airbag Market Surpasses $10 Billion in 2022, Anticipates Strong Growth Through 2030
The global automotive airbag market has achieved a significant milestone, surpassing a valuation of over $10 billion in the year 2022, and is poised for robust growth throughout the next decade, reaching 2030. This substantial growth is attributed to several key factors, including the surge in passenger vehicle sales, stringent vehicle safety regulations, and increasing governmental focus on road safety.
Escalating Passenger Vehicle Sales Drive Market Expansion
The demand for automotive airbags has surged alongside the rapid increase in passenger vehicle sales worldwide. Developed countries in Europe and North America have been early adopters of airbag technology, while major developing nations like India and China have mandated the use of frontal airbags in all passenger vehicles to enhance driver and passenger safety. This global trend has resulted in all Original Equipment Manufacturers (OEMs) in India and China incorporating airbags into their vehicles, fueling accelerated growth in the global automotive airbag market.
Stringent Vehicle Safety Guidelines and Government Focus on Road Safety
With the escalating number of accidents globally, governments worldwide have directed automotive manufacturers to develop safer vehicles equipped with advanced safety features, including airbags. To reduce accident-related fatalities, governments have mandated the inclusion of airbags in vehicles, further driving the revenue growth of the automotive airbag market. For instance, the government of India mandated dual front airbags as standard fitment in all new vehicles from April 1, 2021, enhancing road safety for drivers and passengers.
Coated Airbags in High Demand
Currently, various types of fabrics, such as nylon and polyester, are used in manufacturing automotive airbags. The choice of fabric significantly impacts the final cost of a vehicle and is influenced by manufacturers and consumer preferences. Silicon coating is highly sought after due to its superior strength and recyclability. Silicon-coated airbags effectively dissipate heat generated during deployment, minimizing the risk of harm to occupants. This technology has gained prominence in North America and Europe due to stringent safety norms and the high adoption of advanced safety features.
Growth Opportunities Across Regions
Asia Pacific Holds the Promise
Asia Pacific emerges as a promising region for the automotive airbag market, with the highest global vehicle production. Major manufacturers, including VW, Toyota Motor Corp., Honda Motor Co. Ltd., and General Motors Co., have a strong presence in the region. The Asia Pacific automotive airbag market benefits from numerous local producers and a growing adoption of electric cars, particularly in China, which has become the largest consumer of electric vehicles. With Asia Pacific responsible for over 45% of global vehicle production, this region is set to witness substantial growth in both vehicle sales and demand for automotive airbags.
Supportive Role of Asian Governments
Governments in the Asia Pacific region are actively promoting driver and passenger safety by mandating the inclusion of airbags in vehicles. India, for example, mandated dual front airbags as standard fitment for all new vehicles, demonstrating a commitment to road safety. Favorable government regulations regarding foreign direct investment (FDI), combined with cost-effective labor and raw materials, are attracting market players to set up production bases in countries like India, China, Vietnam, and Thailand.
Key Players in the Global Automotive Airbag Market
Leading players in the global automotive airbag market include Joyson Safety Systems (US), Autoliv (Sweden), Toyota Gosei (Japan), ZF Friedrichshafen (Germany), Denso (Japan), and Hyundai Mobis (South Korea). These industry leaders continue to innovate and contribute to the growth and development of the automotive airbag sector.
As the global automotive airbag market continues to expand, it reflects the industry’s commitment to advancing safety measures for drivers and passengers worldwide. With a strong focus on technological innovation, regulatory compliance, and the evolving demands of consumers, the future of automotive airbags is promising and poised for sustained growth.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/automotive-airbag-market
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This press release first seen on Brilad