Tokyo, Jan. 19, 2022 (GLOBE NEWSWIRE) -- The global automotive airbag market size was worth at US$ 22.56 billion in 2021. As the rate of fatalities in vehicle accident is rising, so does the demand for safety equipment, boosting the demand for the automotive airbag market. Furthermore, the global automotive airbag market is being driven by government-implemented safety standards as well as increase in life expectancy. The rising disposable income have also influenced consumers to spend more on vehicle safety equipment, fueling the demand for automotive airbag in the market. The rising consumer awareness of technological advancements connected to vehicle safety systems is also a key factor for the growth of the automotive airbag market.
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Regional Snapshot
Asia-Pacific is the largest segment for automotive airbag market in terms of region. The government of countries such as India, China, and Japan are enacting strict regulations for the safety of the passengers in the Asia-Pacific region. The increasing demand for vehicle with added safety equipment is also propelling the demand for automotive airbag in the market.
North America region is the fastest growing region in the automotive airbag market. The U.S. is the largest consumer of the automotive airbag due to technological advancements. The need for automotive airbags is being boosted by rising sales of electric vehicles in the Asia-Pacific automotive airbag market.
Report Scope of the Automotive Airbag Market
| Report Highlights | Details | |
| Market Size In 2021 | USD 22.56 Billion | |
| CAGR from 2021 to 2030 | 7.2 | % |
| Largest Revenue Holder | Asia Pacific | |
| Base Year | 2021 | |
| Forecast Year | 2021 to 2030 | |
| Companies Covered | Robert Bosch GMBH, Hyundai Motor Group, Continental AG, ZF Friedrischshafen AG, Denso Corporation, Hella Gmbh& Co. KGaA, Delphi Automotive, Calsonic Kansei Corporation (Mareli), Nihon Plastic Company Co. Ltd, Takata Corporation | |
Report Highlights
- Based on the vehicle type, the passenger vehicle segment dominated the global automotive airbag market in 2020 with highest market share. The demand for passenger vehicles is increasing in all major regions throughout the world, which is favorably impacting the automotive airbag market.
- Based on the component, airbag inflator segment is estimated to be the most opportunistic segment during the forecast period. This is attributed to the rise in demand for automotive airbags due to increase in road accidents globally.
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Drivers
Rise in cases of road accidents
Every year, approximately 1.3 million people are killed in road accidents, according to the World Health Organization (WHO). Road traffic accidents are now the leading cause of death among children and adults aged 5 to 29. According to the WHO, the number of road traffic accidents is expected to rise in the coming years, which is one of the major reasons that automotive airbag sales are expected to increase. Because low- and middle-income countries have the highest number of road accidents, Asia-Pacific and Latin America are prime markets for automotive airbags. Furthermore, increased consumer awareness of traffic rules and safety consciousness is driving demand for airbags to prevent serious injuries caused by road accidents, thereby boosting automotive airbag market growth.
Restraints
High cost of automotive airbags and availability of counterfeit products
One of the major impediments is the high cost of automotive airbags. A significant amount of money is spent on the research, development, and design of an automotive airbag that protects the user's head and neck. Furthermore, the high cost of high-end and effective automotive airbags forces the middle-income group to settle for lower-quality and less-expensive airbags. Moreover, an increase in the number of Chinese manufacturers offering low-cost and counterfeit automotive airbags is impeding global market growth. Counterfeit products are in high demand due to the increased popularity of e-commerce platforms, which serves as a major threat factor in the global market.
Opportunities
Government regulations for curbing road accident numbers
For many countries, road traffic accidents have become a major concern. It is a leading cause of death among children and young adults worldwide. As a result, governments in various countries have launched initiatives and enacted stringent traffic regulations in order to reduce the number of road accidents. Furthermore, in most countries, the government requires passengers to use airbags. As a result, the government's increased role in improving road traffic conditions through stringent regulations, the construction of better roads, and the spread of awareness about the use of automotive airbags is expected to significantly contribute to the growth of the automotive airbag market during the forecast period.
Challenges
Lack of consumer awareness
The global automotive airbag market is expected to be hampered by a lack of consumer awareness regarding road safety regulations, particularly in rural areas. The lack of government initiatives for promotion of automotive airbags as a road safety equipment is also hindering the growth of the automotive airbag market. Furthermore, a lack of government authorities to implement proper traffic regulations in rural areas of developing and underdeveloped countries is a major factor restraining consumer adoption of automotive airbags, which is expected to have a negative impact on market growth during the forecast period.
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Segments Covered in the Report
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- Electric Vehicle
By Airbag Type
- Front airbag
- Knee airbag
- Side airbag
- Curtain airbag
By Component
- Air inflator
- Airbag control unit
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- MEA
- Rest of the World
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