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2022

Airbag Market

Airbag Market Size, Share, Competitive Landscape and Trend Analysis Report by Module, by Type, by Vehicle Type, by Material, by Sales Channel : Global Opportunity Analysis and Industry Forecast, 2020-2030

AT : Safety and Security Systems

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Author's: Abhay Singh | Lalit Janardhan Katare
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The global airbag market was valued at $27.6 billion in 2020, and is projected to reach $47.0 billion by 2030, growing at a CAGR of 5.7% from 2021 to 2030.

An airbag is a part of the safety restraint system in cars rapidly filled with air when an accident occurs. They are soft pillow-like balloons consisting of a sensor, inflation system, which are bag folded into the steering wheel, dashboard, seat, door, or roof. The primary purpose of the airbag is to cushion the driver or passenger during vehicle crashes & protect the body from striking interior objects of the vehicle such as the steering wheel or window. In the event of a collision, the sensors inside the vehicle give factual information to the airbag electronic controller unit (ECU), including collision sort, angle, and cruelty of impact. The airbag ECU’s crash algorithm determines the impression of crash & triggers several igniting circuits to deploy one or more airbag modules within the vehicle. A modern vehicle is designed with multiple airbags situated on a different side and the frontal location of the person driving the vehicle.

Research and development efforts coupled with technological advancements are considered the most critical airbag industry value chain components. Furthermore, the industry has witnessed the development of new products and technologies, including pedestrian airbags, smart airbags, and occupant sensor systems, to meet the growth in demand for more innovative and safer airbags. For instance, in July 2021, Toyoda Gosei Co., Ltd. developed its driver-side airbag with a new innovative donut-shaped structure to cradle and hold the head & reduce rotation of the driver during frontal collisions and mitigate the impact on the driver’s head & chest. Thus, the increased sophistication of systems & competitive dynamics and development of rollover & side impact systems emphasize large-scale vehicle manufacturers on promoting usage of airbags, including occupant sensing systems and anticipatory crash technologies.

Airbag Market by Module

Factors such as a rise in consumer awareness toward vehicle safety features, growth in the automotive sector, and competition among OEMs are expected to drive the growth of the airbag market. In addition, the rise in the number of fatal road accidents and the government's implementation of strict safety regulations to prevent them are anticipated to boost the market's growth. However, advanced technological features that increase car prices and high replacement costs restrain the market growth. Furthermore, the introduction of airbags in two-wheelers and low production costs in developing nations provide lucrative growth opportunities for the market players.

The market segmentation is based on module, type, vehicle type, material, sales channel, and region. By module, the market is classified into inflator and airbag. By type, the market is segmented into the front airbag, side airbag, knee airbag, and curtain airbag. By vehicle type, the market has been bifurcated into passenger vehicle and commercial vehicle. By material, the market has been segmented into polyester fiber, nylon, and others. By sales channel, the market has been segmented into original equipment manufacturers (OEMs) and aftermarket. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Airbag Market by Type

The key players that operate in the global airbag market areAutoliv Inc., Hyundai Mobis,Joyson Safety Systems, Toray Industries, Inc., Daicel Corporation, Kolon Industries, Inc.,Rane Group, Neaton Auto Products Manufacturing, Inc., Toyoda Gosei Co., Ltd., and ZF Friedrichshafen AG.

Rise in consumer awareness toward vehicle safety features

Road accident is a significant concern worldwide, especially when driving on roads with heavy traffic & terrible weather conditions. According to World Health Organization, nearly 1.25 million people die in road accidents each year. For instance, to improve the overall vehicle safety to reduce the number of collisions, airbags are majorly used in vehicles to reduce the impact of accidents. Furthermore, rise in awareness among the general population & increased disposable income has led the consumers to spend on the vehicle's safety features. Nowadays, leading manufacturers introduce vehicles with side airbags (SABs) to reduce serious chest injuries in side-impact collisions. In 2019, Autoliv Inc. launched a new front-center airbag, mounted in the space between the driver and the front-seat passenger, that reduces the risk of trauma to the head, shoulder, and chest & saves lives in side-impact crash situations. Thus, the adoption of advanced safety systems (airbags) & raising awareness of the consumers toward safety features is expected to drive the airbag market in the forecast period. 

Airbag Market by Vehicle Type

Growth in the automotive sector and competition among car manufacturers

The automotive industry is racing toward a new world with growth in sustainability, change in consumer behavior, encompassed electric vehicles, connected cars, mobility fleet sharing, and improved lifestyles. According to the European Automobile manufacture Association, in 2021, the passenger car registrations in the European Union increased by 10% compared to last year's same month. Furthermore, the demand for Special Utility Vehicles (SUVs) has surged recently due to increase in leisure and tour activities globally. In addition, rise in competition among automotive manufacturers (such as General Motors, Volkswagen, Toyota, Daimler, Ford Motors, and others) due to the factors such as innovation and development time, reliability, fuel economy, safety, product quality & features, and pricing has created competition among the key players. Thus, the rise in urbanization & industrialization has increased the demand for commercial vehicles and passenger vehicles.

Airbag Market by Material

Advanced technological features that increase car prices

Cars today have more expensive safety equipment and features than ever before. In India, Central Motor Vehicles Rule, 1989 mandated safety provisions in passenger cars. In addition, according to Intermodal Transport Surface Efficiency Act in the U.S., all-light trucks and vehicles should have airbags on both sides of the front seats. Such government policies, majorly in developing countries, to execute strict safety regulations and increase competition among the car manufacturers have led to the inclusion of advanced technological features. This strategy causes a hike in car prices; hence, cost-effectiveness is not attained. Owing to this, the cars are ultimately targeted to the market's premium segment. Therefore, this factor inhibits the growth of the world airbag market.

Airbag Market by Sales Channel

Introduction of airbags in two-wheelers

The concept of the airbag system was introduced for passenger cars and heavy-duty vehicles for the safety of passengers & drivers to a great extent. However, innovative ideas such as introducing airbags in new segments such as two-wheelers are expected to provide an opportunity for the growth of the world airbag market. For instance, in 2021, Autoliv Inc. entered into a partnership with Piaggio Group to develop an airbag for two-wheelers. The company has already started full-scale crash tests to check if this system works as planned and designed. In a 2-wheeler vehicle system, the airbags are fitted on both sides of the bike so that total protection of the vehicle can be covered; hence, pedestrian safety can be achieved. Thus, adopting innovative ideas for providing complete security to the motorcycle rider by implanting the airbags is expected to reduce the fatality rate by 20% to 30%, consequently creating market opportunities for airbag manufacturers during the forecast period.

Airbag Market by Region

Key Benefits For Stakeholders

  • This study presents the analytical depiction of the global airbag market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents detailed impact analysis information related to the key drivers, restraints, and market opportunities.
  • The current market is quantitatively analyzed from 2021 to 2030 to benchmark financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Airbag Market Report Highlights

Aspects Details
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By Module
  • Inflator
  • Air bag
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By Type
  • Front Airbag
  • Knee Airbag
  • Side Airbag
  • Curtain Airbag
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By Vehicle Type
  • Passenger Vehicle
  • Commercial Vehicle
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By Material
  • Polyester Fiber
  • Nylon
  • Others
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By Sales Channel
  • OEM
  • Aftermarket
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, U.K., Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest Of Asia Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

ZF Friedrichshafen AG, toyoda gosei, Hyundai Mobis Co Ltd, Toray Industries, Neaton Auto Products Manufacturing, joyson safety systems, Autoliv Inc., Kolon Industries Inc., daicel corporation, Rane Group

Analyst Review

The current business scenario of the airbag market has witnessed significant growth during the forecast period owing to growth in consumer awareness toward vehicle safety, the use of advanced technology in automotive safety, and growth in the automobile sector. In accordance with the insights of the CXOs of leading companies, Asia-Pacific is expected to dominate the global airbag market, owing to its massive potential for setting up manufacturing plants and high consumer base. For instance, in January 2019, Continental AG expanded its airbag control unit (ACU) manufacturing plant in Bangalore, India, due to an increase in safety awareness & demand for safety technologies such as airbags, ABS, and seat belt reminders in India. 

According to insights gathered from primary sources, the escalating sale and production of commercial & passenger vehicles across the globe are also expected to drive the market's growth during the forecast period. In March 2021, according to the International Organization of Motor Vehicle Manufacturers, the production of passenger & commercial vehicles in the U.S. reached around 21,084,417 units. In addition, the automotive giants such as Ford, Tesla, and Mercedes have planned vehicle launches, with the advanced airbag system, as per the regulatory policies. Vehicle launches such as Audi eTron GT, BMW iX3, and Mustang Mach E are some of the much-awaited luxury passenger vehicles that is expected to provide lucrative expansion prospects for airbag manufacturers as well as companies operating in aftermarket sales.  

Factors such as a rise in consumer awareness toward vehicle safety features, growth in the automotive sector, and competition among OEMs are expected to drive the growth of the airbag market. In addition, the rise in the number of fatal road accidents and the government's implementation of strict safety regulations to prevent them are anticipated to boost the market's growth. However, advanced technological features that increase car prices and high replacement costs restrain the market growth. Furthermore, the introduction of airbags in two-wheelers and low production costs in developing nations provide lucrative growth opportunities for the market players.

Among the analyzed regions, Asia-Pacific is the highest revenue contributor, followed by Europe, North America, and LAMEA. On the basis of forecast analysis, Europe is expected to maintain its lead during the forecast period, owing to the increased government regulations supporting the need for mandatory airbags in vehicles across the region.

Author Name(s) : Abhay Singh | Lalit Janardhan Katare
Frequently Asked Questions?

The global airbag market was valued at $27.6 billion in 2020, and is projected to reach $47.0 billion by 2030, growing at a CAGR of 5.7% from 2021 to 2030.

Companies such as Autoliv Inc., Hyundai Mobis, Joyson Safety Systems, Toray Industries, Inc. and others are the major manufacturers in the airbags industry

The report sample for global automotive regenerative braking system market report can be obtained on demand from the website.

The key segments covered in the report includes module, type, vehicle type, material, sales channel and region.

Different types of airbags such as front, knee, side, curtain airbags are there used in a vehicle

The company profiles of the top players of the market can be obtained from the company profile section mentioned in the report. This section includes analysis of top player’s operating in the industry along with their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated.

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Airbag Market

Global Opportunity Analysis and Industry Forecast, 2020-2030