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Automotive Airbag Inflator Market Outlook 2021-2030
The biggest problem with high-performance and high-end cars is the safety of the driver. In early days, driver safety included functions such as instant braking, windshield, sturdy and robust body, large diameter and chassis. In general, with the emphasis on consumer safety equal attention has been paid to vehicle performance and the well-being of drivers. The need to develop different types of airbags is to protect the lives of all passengers in a moving vehicle under any circumstances. This thought was a deviation from the earlier provided airbag mechanism, which involve protecting the life of the driver. There are many reasons responsible for the rise of the automotive airbag inflator market. Consumers awareness of traffic and vehicle safety has increased. Instance, from 1 April 2021, all the new passenger car in India will have to come with dual airbags as a standard fitting, i.e. one for driver and one for the front passenger. Present automotive market is a buyer-centric market. Hence, to remain relevant and be in the competition, automotive manufacturers try to provide different and unique features at competitive prices. Automakers need to create a brand image and present to the world that they are concerned about people’s well-being, making it morally binding for them to provide the best quality airbags for consumer safety.
Market scope and structure analysis:
Report Metric | Details |
Market size available for years | 2020–2030 |
Base year considered | 2020 |
Forecast period | 2021–2030 |
Forecast units | Value (USD) |
Segments covered | Type, Operation, Vehicle Type, and Region |
Regions covered | North America (U.S., Canada and Mexico), Europe (Germany, U.K, France, Russia and rest of Europe), Asia-Pacific (China, Japan, India, South Korea and rest of Asia-Pacific), LAMEA (Latin America, Middle East and Africa) |
Companies covered | ARC Automotive, Inc. (U.S.), Daicel Corporation (Japan), Jinzhou Jinheng Automotive Safety System Co., Ltd. (China), Takata Corporation (Japan), Autoliv Inc. (Sweden), Toyoda Gosei Co., Ltd. (Japan), Key Safety Systems (U.S.), TRW Automotive (U.S.), Robert Bosch Gmbh, and Aptiv PLC (U.S.). |
COVID-19 Impact analysis
The COVID-19 has affected the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. The global market for automotive airbag inflator is severely impacted by the outbreak of the COVID-19. The COVID-19 outbreak has brought many impacts, such as flight cancellations, travel bans and quarantine, a sharp slowdown in the supply chain, stock market volatility, decline in business confidence, increased public panic, and uncertainty about the future. Insufficiency in raw material supply is expected to hamper the production rate of automotive airbag inflator, which negatively impact the market growth. The COVID-19 saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns. However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.
Top Impacting Factors
The automotive airbag inflator market trends are as follows:
Rise in consumer awareness toward vehicle safety
Awareness among customers for the applications and use of passive safety systems has increased, which has led to customers paying premium price for new safety systems in automobiles as well as supplementary safety features. Demonstrated technology is the key attribute that influences the purchase of safety features. Credibility, safety, and comfort will also affect consumers' purchasing decisions. Various companies are innovating in the airbag technologies to attract the customers. For instance, In July 2019, ZF developed an external airbag to enhance vehicle safety. This external airbag is engineered to soften the blow of the oncoming vehicle, thereby minimizing damage. This smart airbag system gets deployed once it senses an oncoming impact. Further, in February 2018, Hyundai Mobis developed the world’s first panoramic roof airbag. This airbag is designed to prevent occupants from being ejected from the vehicle through the glass roof at the time of a rollover. Thereby, rise in consumer’s awareness towards vehicle safety features is driving the market growth.
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Questions answered in the automotive airbag inflator market research report:
Key Market Segments
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