The Global Airbag Market size is expected to reach USD 57.45 Billion at a revenue CAGR of 7.6% in 2030, according to latest analysis by Emergen Research. Market revenue growth is attributed to rising cases of road accidents that have resulted in critical injuries and deaths which is increasing awareness among customers towards the use of airbags in automotive sectors. According to statistical figures from the National Safety Council of the U.S., 42,060 people died in car accidents in 2020. This increasing general public awareness is expected to drive revenue growth of the market during the forecast period. Also, with a rise in per capita income of customers, they are getting inclined towards spending more on pre-installed safety systems which in turn are allowing major firms with new investment prospects. Moreover, comfort and driving experience of customers is improved by the introduction of active and passive safety systems in vehicles as consumers make their purchasing decisions on aspects such as trustworthiness, safety, and comfort. As a result, customer awareness of car safety rises, thereby driving market revenue growth over the forecast period.
Furthermore, government agencies in various countries have imposed stringent safety regulations owing to a surge in road accident cases. The European Union’s safety law mandates that all passenger automobiles should have airbags, which is expected to drive regional revenue growth. Also, the rising desire for high-performance engines and cars has raised the likelihood of deaths in road accidents. Automobile manufacturers must provide suitable safety measures as well as durable vehicle constructions. The addition of automotive airbags in cars is intended to protect passengers and driver in the event of an accident. It has the potential to have a favorable influence on the market.
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Key Players Profiled in the Report are:
Wacker Chemie AG, Mitsubishi Electric Corporation, Shin-Etsu Chemical Co. Ltd., Visteon Corporation, Denso Corporation, Toyobo Co. Ltd., Continental AG, Nihon Plast Co. Ltd., Toyoda Gosei Co. Ltd., ZF Friedrichshafen AG, Autoliv Inc., and Toray Industries Inc.
Apart from this, the Indian Ministry of Road Transport and Highways has published a notification requiring the installation of an airbag in the front seat of a vehicle and next to the driver, as well as twin airbags in all new and current cars manufactured since 2021. However, factors such as high costs of raw materials for manufacturing silicone-based airbags along with regulatory concerns regarding product reliability are expected to hamper airbag market revenue growth during the forecast period.
Some Key Highlights in the Report
On 27 February 2019, Scania equipped its new generation trucks with rollover side curtain airbags integrated into the headliner molding above the doors to provide enhanced protection in case of a rollover, which is considered the most serious type of truck accident.
The front segment accounted for a significant revenue share in 2021 owing to the advantages of passenger front airbags, which include minimal risk of injury or death and inexpensive insurance premiums. Frontal airbags saved approximately 50,457 lives between 1987 and 2019, according to the National Highway Traffic Safety Administration. Frontal airbags are the most effective in preventing mortality since most accidents are head-on collisions. Furthermore, the growing mandate of regulations regarding the adoption of front airbags in commercial vehicles is expected to drive demand for these airbags, leading to revenue growth of the segment.
The commercial vehicles segment is expected to register a fastest revenue CAGR during the forecast period. This can be attributed to governments across the globe increasingly enforcing tough requirements to guarantee driver and passenger safety in commercial vehicles. Furthermore, increased manufacturing of commercial vehicles for export is expected to drive revenue growth of this segment over the forecast period. According to the International Motor Vehicle Organization, in 2019 heavy commercial vehicles increased by around 3.5% compared to last year.
Market in Europe is expected to grow at a moderate revenue growth rate over the forecast period. This rise can be attributed mainly to the rising demand for required safety features, as well as increased spending in Research and Development (R&D) for developing vehicle designs to provide passenger safety features. Furthermore, as safety certification becomes more generally acknowledged, European automakers are producing automobiles that fulfill safety standards. Audi, BMW, Daimler, Porsche, and Volkswagen are among the world’s major automotive corporations, and the world’s largest automotive suppliers are Bosch, Continental, and ZF among others.
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Emergen Research has segmented the global airbag market based on type, material type, airbag position, vehicle type, coating, sales channel, and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
Material Type Outlook (Revenue, USD Billion; 2019-2030)
Airbag Position Outlook (Revenue, USD Billion; 2019-2030)
Vehicle Type Outlook (Revenue, USD Billion; 2019-2030)
Light Commercial Vehicles (LCV)
Medium and Heavy Commercial Vehicles (M&HCV)
Coating Outlook (Revenue, USD Billion; 2019-2030)
Sales Channel Outlook (Revenue, USD Billion; 2019-2030)
Original Equipment Manufacturer (OEM)
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Regional Outlook (Revenue, USD Billion; 2019–2030)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
Our report offers:
– Market share assessments for the regional and country level segments.
– Market share analysis of the top industry players.
– Strategic recommendations for the new entrants.
– Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets.
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations).
– Strategic recommendations in key business segments based on the market estimations.
– Competitive landscaping mapping the key common trends.
– Company profiling with detailed strategies, financials, and recent developments.
– Supply chain trends mapping the latest technological advancements.
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About Emergen Research
Emergen Research is a Marketresearch and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer Marketintelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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