Pune, India, Feb. 24, 2021 (GLOBE NEWSWIRE) — According to the report, Automotive Airbags market size is projected to reach USD 22.53 billion value by 2026, exhibiting a CAGR of 8.2%. The Automotive Airbags Industry was valued at USD 12.54 billion in 2018. The market is expected to gain momentum from a rise in the implementation of strict safety rules and regulations for pedestrians and drivers. Additionally, governments of various countries are enforcing OEMs to install airbags in commercial vehicles as well as passenger cars to double the safety features.
The increasing number of road accidents is further leading to severe fatalities in the human body. It is resulting in a rise in the number of awareness programs regarding safety amongst the consumers. It would propel the automotive airbags market growth during the forecast period. Moreover, consumers are rapidly shifting towards spending more on numerous available safety features in their vehicles owing to rising disposable income. It is opening doors to investment opportunities for the industry giants. Besides, manufacturers are including active and passive safety systems in automobiles to provide better driving experience and comfort to the consumers, which in turn, would contribute to the market growth.
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Passenger Car Segment to Lead: Rising Production in Developing Countries Will Surge Growth
In terms of vehicle type, the market is grouped into commercial vehicles and passenger cars. Amongst them, at present, the passenger car segment holds the largest automotive airbags market share. It is projected to lead the market in the coming years. The governments of several countries are putting forward stringent laws regarding the safety of the passengers. Combined with this, a rise in the production and sales of passenger cars in emerging nations would augment the growth of this segment.
The commercial vehicle segment, on the other hand, would experience notable growth during the forthcoming years. This growth is attributable to the increasing number of commercial vehicle crashes that have further lead to the rising deployment of vehicle safety systems by commercial vehicle manufacturers. It would improve the safety of the occupant. The Federal Motor Carrier Safety Administration (FMCSA) mentioned that in 2017, 0.45 million heavy-duty commercial vehicle crashes had occurred in the U.S. alone. Hence, the manufacturers are concerned with passengers’ safety.
The market is geographically fragmented into Asia Pacific, North America, Europe, and the rest of the world. Amongst them, Europe is set to dominate the market in the coming years owing to strict government rules regarding pedestrian and occupant safety for the vehicle. Furthermore, major countries, such as Sweden, the U.K, France, and Germany are promoting Euro NCAP actively.
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Europe to Dominate: Stringent Regulations Regarding Occupant & Pedestrian Safety to Favor Growth
Asia Pacific, on the other hand, is expected to showcase a steady growth. A rise in the production and sales of vehicles in developing nations, namely, China and India would contribute to growth of the market in this region. Apart from that, increasing awareness campaigns about vehicle safety systems amongst the consumers would also drive automotive airbags market growth.
North America is anticipated to grow significantly during the forecast period. This growth is attributable to the Intermodal Surface Transportation Efficiency Act of 1991. As per the act, the installation of airbags is mandatory in light-duty commercial vehicles as well as passenger cars.
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November 2019 : Autoliv, Inc., an automotive safety supplier, headquartered in Sweden, declared that it has developed an innovative front-center airbag. It is specifically designed for side-impact crash situations. It was exhibited at the company’s ‘Capital Markets Day’ on November 19 at Utah. The airbag would aid in preventing driver-to-passenger and driver-to-interior impact.
- ZF Friedrichshafen AG
- Robert Bosch GmbH
- Joyson Electronic
- Hyundai Mobis
- Denso Corporation
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Global Automotive Airbags Market Segmentation:
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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