The global airbag market size was US$ 28.9 billion in 2021. The global airbag market is forecast to grow to US$ 47.0 billion by 2030 by registering a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.
Airbags are used in cars as a part of the safety restraint system. They are in the form of soft pillow-like balloons that contain sensors. Airbags cover the drivers and save them during vehicle crashes. It also protects the body from striking interior objects of the vehicle, such as the steering wheel.
Factors Influencing the Market
- Growing consumer awareness about the safety benefits of airbags is forecast to fuel the growth of the market. In addition, rising cases of road accidents will drive the industry forward. According to a study by World Health Organization, almost 1.25 million people die in road accidents every year. Thus, it upscales the demand for vehicle safety.
- Growing disposable income, combined with the rising demand for vehicles will contribute to the growth of the global airbag market.
- Various automotive manufacturers are offering vehicles with side airbags (SABs) to reduce the chances of chest injuries in side-impact collisions. For instance, in 2019, Autoliv Inc. unveiled a new front-center airbag 2019. The airbag is set up in the space between the driver and the front seat. Thus, all of these factors will escalate the growth of the global airbag market.
- Growing safety standards by government bodies will propel the global airbag market forward. The Central Motor Vehicles Rule, 1989 in India requires automotive manufacturers to follow safety provisions in passenger cars.
- All-light trucks and vehicles must have airbags on both sides of the front seats, according to the Intermodal Transport Surface Efficiency Act in the U.S. Such government policies will accelerate the growth of the global airbag market.
COVID-19 Impact Analysis
The COVID-19 crisis has halted the growth of the automobile and other associated industries. Due to the wake of the pandemic, the demand for vehicles reduced, which ultimately affected the requirement for airbags. In addition, the governments of various affected countries imposed a complete nationwide lockdown. As a result, travel activities were reduced, which declined the need for vehicles. Manufacturing units also witnessed various obstacles, which impeded the growth of the global airbag market.
Regional Analysis
The European market for airbags is forecast to grow at the highest growth rate. It is owing to the stringent regulations related to the safety of the consumers. In addition, growing awareness among the citizens about vehicle safety will contribute to the growth of this market.
Competitors in the Market
- Autoliv Inc.
- daicel corporation
- Hyundai Mobis Co Ltd
- joyson safety systems
- Kolon Industries Inc.
- Neaton Auto Products Manufacturing
- Toray Industries
- Toyoda gosei
- ZF Friedrichshafen AG
- Rane Group
- Other Prominent Players
Market Segmentation
The global airbag market segmentation focuses on Module, Type, Vehicle, Material, Sales Channel, and Region.
By Module
By Type
- Front Airbag
- Knee Airbag
- Side Airbag
- Curtain Airbag
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Material
- Polyester Fiber
- Nylon
- Others
By Sales Channel
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
