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The global automotive airbags market size was valued at USD 47.96 billion in 2021. The market is projected to grow from USD 50.12 billion in 2022 to USD 81.81 billion by 2029, exhibiting a CAGR of 7.3% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Automotive Airbags Market Size, Share & COVID-19 Impact Analysis, By Product Type (Frontal Airbag, Side Airbag, Knee Airbag, Others), By Vehicle Type (Passenger Car, Commercial Vehicle), and Regional Forecasts, 2022-2029.”
Automotive airbags are vehicle passenger limitation devices that support and protect passengers' heads and chests in a car accident or collision. The airbags are intended to respond and bloat in milliseconds, offering cushioning to passengers. The market is anticipated to develop sturdily over the projected period.
Deterioration in Novel Cars Sales Amid COVID-19 to Hinder Market Growth
Various regions remain fragile, owing to their restricted capability to tackle outbreaks of COVID-19. Unbalanced and sudden lockdowns being re-established in numerous nations have adversely swayed the business. This has additionally obstructed automaker's revenue generation. Nevertheless, in Asian economies, pioneering automakers Hyundai and Maruti Suzuki are observing a stable recovery in automobile manufacturing and shipments. For example, the sale of Hyundai in India reported in June was 21,000 units and has been doubled over in July to 42,000.
Toyoda Gosei Advances Driver-side Airbag with Novel Structure that Refines Driver Safety
Toyoda Gosei Co., Ltd. has advanced a driver-side airbag with a novel structure that can safeguard the occupant in a better manner. This airbag is utilized in the new Honda Civic that was introduced in North America in June 2021.
It is installed in the center of the steering wheel; driver-side airbags expand during frontal crashes to alleviate the effect on the driver’s head and chest. In order to more securely protect the traveler during angled frontal accidents, the new airbag utilizes an advanced donut-shaped structure to cradle and hold the head to decrease rotation. This will aid to suffice the need for new car assessment curriculums in North America and in other places that are projected to become stricter in the forthcoming years.
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Surging Regulatory Needs Linked with Vehicle Safety and Increasing Demand for Safety Equipped Cars to Refine Market Growth
Owing to rising protection guidelines by governments, automotive airbag producers will be compelled to manufacture progressive airbag systems such as knee and side curtain airbags. Furthermore, numerous governments across the globe have announced strict vehicle security guidelines.
The prime challenge experienced by the market is the huge cost of airbag system vehicles. Consumers do not opt for a car with an airbag system in underdeveloped countries. Additionally, some producers deliver an airbag system at a reduced price. This is expected to hinder the market growth.
Fundamental Business-related Declarations by Prime Players to Sway Market Dynamics
Indispensable companies in the market often make vital declarations concerning a few business moves, which, in turn, affect the market either positively or negatively. Players procure companies, unveil novel products, participate in partnership deals, sign agreements with government establishments, and so on.
Notable Industry Development
List of Key Players Covered in the Report
Further Report Findings
Based on product type, the market is divided into frontal, side, knee airbags, and others. Frontal segment holds the largest share globally, and is expected to lead throughout the forecast period.
Asia Pacific stood at USD 31.44 billion in 2021 and is projected to reach USD 53.25 billion by 2029 at a CAGR of 8.0% over the forecast period. The region is likely to dominate as an automotive hub and hold the largest market share. Increasing vehicle production per year in Asia Pacific countries is another driving factor.
Table of Segmentation
Value ( USD Billion)
By Product Type
By Vehicle Type