The automotive airbags market is set to grow from its current market value of more than USD 59.53 billion to over USD 65 billion. The automotive airbags industry is anticipated to observe considerable growth owing to increasing emphasis and adoption of safety features to minimize the risk of fatality. Several countries over the world have begun to impose stringent regulations to promote passenger and vehicle safety. Rising vehicle sales have supported the demand for airbags.
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Countries mandating the integration of advanced passenger safety features may propel the demand for automotive airbags. Meanwhile, industry players are witnessing heavy investments from prominent vehicle manufacturers to drive RD activities to enhance the safety and performance of airbags.
Generally, airbags are installed at the sides, frontal, knee, and side curtain section of a vehicle. Knee side airbags segment is estimated to garner remarkable growth, registering 4% CAGR over the predicted timeframe. These airbags offers below waist protection to passengers in case of a collision. Automakers are integrating these airbags in their new vehicle model to attain higher safety rating. Taking January 2020 for instance, TATA’s latest premium hatchback, the TATA Altroz received a strong 5-star rating from the Global NCAP after testing its safety features.
According to the regional outlook, Asia Pacific is recognized as a promising market for automotive airbag companies. Forecasts claim that the regional market could register a compound annual growth rate of more than 5.5% by 2026. This growth can be attributed to rising awareness among local population about the importance of vehicle safety and surging presence of automobile companies. Notably, automotive OEMs are working on unveiling new vehicles with better safety standards with an affordable prices point. Federal bodies in APAC are meanwhile mandating compliance with strict safety norms and crash tests to enhance passenger safety.
Companies operating in the global automotive airbags market are constantly focusing on forming strategic alliances through collaboration and mergers to gain a technological edge over competitors. Manufacturers are investing in new product innovations to improve their system’s functionality. Citing an instance, earlier in June 2020, luxury automaker Acura developed the world’s first front seat airbag that wraps around the driver’s head to lower severe brain trauma. Evidently, the upcoming 2021 Acura TLX sports sedan would feature this new airbag.
Companies like Autoliv, Ashimori Industry, Denso Corporation, Continental AG, Joyson, Hyundai Mobis, Toyota Gosei, ZF Friedrichshafen AG, and Mitsubishi Electric are also leading the airbag industry landscape with their pioneering products.
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Some Point from Table of Contents:
Chapter 6. Automotive Airbags Market, By Vehicle
6.1. Global automotive airbags market share by vehicle, 2019 & 2026
6.2.1. Global market estimates and forecasts, 2016-2026
6.2.2. Market estimates and forecast, by region, 2016-2026
6.3.1. Global market estimates and forecasts, 2016-2026
6.3.2. Market estimates and forecast, by region, 2016-2026
Chapter 7. Automotive Airbags Market, By Distribution Channel
7.1. Global automotive airbags market share by distribution channel, 2019 & 2026
7.2.1. Global market estimates and forecasts, 2016-2026
7.2.2. Market estimates and forecast, by region, 2016-2026
7.3.1. Global market estimates and forecasts, 2016-2026
7.3.2. Market estimates and forecast, by region, 2016-2026
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