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The global automotive airbags market Size was valued at USD 12.54 billion in 2018 is projected to reach USD 22.53 billion by 2025, exhibiting a CAGR of 8.2% during the forecast period.
According to a study conducted by the World Health Organization (WHO) in 2018, 1.4 million people globally die per year in road accidents. Additionally, 20-50 million people suffer from fatal injuries caused by road accidents. This is not only causing human suffering, but is also affecting about 3% GDP loss in some countries. WHO has launched an objective to cut fatalities into half by 2030. Owing to this, many countries are implementing stringent safety regulations for driver and pedestrian safety and are also enforcing OEMs to install airbags in the passenger cars and commercial vehicles. Additionally, the Global New Car Assessment Program (NCAP) is also supporting the adoption of safety restraint systems in vehicles for decreasing road accidents and severe injuries.
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The increasing technological advancements in automotive airbags, such as pedestrian airbags, external airbags, rear-seat airbags, and roof airbags are also expected to drive the automotive airbags market growth during the forecast period. The National Highway Traffic Safety Administration anticipated that airbags with a combination of seat belts lowers the risk of severe head injury by about 80%, compared with a 60% reduction for seat belts only. However, the implementation of airbags in vehicles is not compulsory in some countries and this may affect the demand for airbags during the forecast period.
“Increasing Awareness Regarding Safety Among the Consumers to Drive the Market”
The severe fatalities to the human body by a rising number of road accidents has led to increasing awareness among the consumers regarding safety. Rising awareness is one of the automotive airbags market trends that will boost growth during the forecast period. The increasing disposable income has also led the consumers to spend more for safety features. Inclination of the consumers towards more expenditure on the safety features in vehicles has also led to greater investment opportunities for the market players. Inclusion of the active and passive safety systems in automobiles also provide better comfort and driving experience to the end-users further driving the growth in the market.
“Stringent Government Regulations for Passenger Safety to Propel The Automotive Airbags Market”
The increasing number of road accidents has led to the imposition of stringent safety regulations by government bodies on vehicles.. The European Union safety regulation for mandatory airbags implementation in all passenger cars is also expected to drive the growth in the region.
The increasing overall driving speed with better refined engines and roads has also increased the risk of fatalities in case of road accidents. This has made it very essential for the automakers to provide appropriate safety systems along with higher performance engines and vehicle structures. The inclusion of airbags in the vehicle intended to protect the occupants from all possible accident scenarios is expected to drive the market over the forecast period.
“Front Airbag Segment to Hold the Largest Market Share During the Forecast Period”
By position type, the automotive airbags market is segmented into knee, front, side, and curtain. The front type airbag segment accounts for the largest automotive airbags market share and is anticipated to dominate the market over the forecast period. Frontal airbags reduce the most number of fatalities as majority accidents tend to be head-on collisions.
The curtain-type airbags segment is also expected to propel the growth of market. These airbags reduce the risk of severe injuries to the head for the passenger sitting on the side, by approximately 50%. Also, increasing installation of curtain-type airbags in commercial vehicles is likely to surge demand. For example, Scania's next-generation trucks are now equipped with rollover side curtain airbags for the driver’s safety during rollover accidents.
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The knee type airbag segment is also expected to show good growth over the forecast period owing to growing preferences for the installation of these airbags by the automobile manufacturers. They reduce the risk of injuries to the thigh, knee, and hip. The side type airbags segment is also expected to show significant growth in the market owing to its capability to reduce serious chest injuries during side-impact collisions.
“Passenger Car Segment to Dominate the Automotive Airbags Market”
Based on vehicle type, the automotive airbags market has been segmented into passenger cars and commercial vehicles. The passenger car segment holds the largest automotive airbags market share in the market and is also anticipated to dominate the market during the forecast period. The increasing sales and production of passenger cars in the developing countries is expected to propel the market’s growth. Also, the rising stringency in government regulations in regards to passenger safety is also likely to drive the growth of the market.
The commercial vehicle segment is also expected to show significant growth in the market over the forecast period. According to the information provided by the Federal Motor Carrier Safety Administration (FMCSA) in 2017, 0.45 million crashes of heavy-duty commercial vehicles were reported in the U.S. itself. The rising number of commercial vehicle crashes has led the manufacturers to deploy vehicle safety systems to enhance the occupant’s safety. This factor is likely to drive the commercial vehicle segment growth in the automotive airbags market.
Based on the region, the automotive airbags market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW). Europe is anticipated to dominate the market during the forecast period owing to stringent government regulations regarding occupant and pedestrian safety for the vehicle. Moreover, major European countries, such as Germany, France, the United Kingdom, and Sweden are promoting Euro NCAP results actively. Sweden is promoting its in-house travel policy to have a 5-star safety rating for vehicles that are used for official business.
Europe Automotive Airbag Market Size, 2018
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North America is also expected to show significant growth in the automotive airbags market over the forecast period. According to the Intermodal Surface Transportation Efficiency Act of 1991, it is mandatory to have airbags in the passenger cars and light-duty commercial vehicles. This factor is driving the automotive airbag market’s growth in this region.
Asia Pacific region is also anticipated to show good growth in the automotive airbag market. The increasing sales and production of vehicle in developing countries such as India and China are expected to propel the market ‘s growth in this region. Growing awareness among the customers regarding the vehicle safety system is also likely to increase the automotive airbags market size in this region.
“Key Players Focus on Investing in R&D to Develop Front-center Airbag for Gaining More Share”
The global automotive airbags market is dominated by some of the leading companies owing to their critical strategic decisions, robust product portfolio, and dominance of market share. These include a group of key companies with more extensive geographic presence and persistent R&D, resulting in secure regulatory approvals.
The government regulations regarding safety and advancement in the airbags are expected to increase the global automotive airbags market growth.
Along with this, the report provides an elaborative analysis of the global market dynamics and competitive landscape. Various key insights presented in the report are recent industry developments, such as mergers & acquisitions, the regulatory scenario in crucial countries, technological advancements in the automotive airbags, key strategies adopted by market leaders, competitive landscape, and company profiles.
Volume (Million Units) & Value (USD Billion/Million)
By Vehicle Type
Fortune Business Insights says that the global automotive airbags market size was valued at USD 12.54 billion in 2018 and is projected to reach USD 22.53 billion by 2025.
In 2018, the global automotive airbags market was at USD 12.54 billion.
The global automotive airbags market will exhibit steady growth at a CAGR of 8.2% in the forecast period (2019-2025).
The vehicle type segment is expected to be the leading segment in the global automotive airbags market.
Government regulations regarding the safety of the occupant and pedestrian will be the key factor driving the growth of the global automotive airbags market.
Autoliv, Bosch GmbH, and Denso Corporation are the top players in the global automotive airbags market.
Europe is expected to hold the highest market share in the global automotive airbags market.
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