Automotive Airbags Market to Increase Gradually with a CAGR of 5.9%, Rising Number of Road Accidents and Fatalities led to the Promotion of Vehicle Safety, Driving Market Growth

The global automotive airbags market size is estimated to display strong growth by reaching USD 23.26 billion by 2030. Fortune Business Insights™ in its report titled “Automotive Airbags Market Size, Share & COVID-19 Impact Analysis, By Type (Frontal Airbag, Side Airbag, Knee Airbag, and Others), By Vehicle Type (Hatchback/Sedan, SUV, LCV, and HCV), By Component (Airbag Inflator, Impact Sensors, Indicator Lamp, and Others), and Regional Forecasts, 2023-2030” observes that the market size in 2022 stood at USD 15.01 billion and is expected to reach USD 15.54 billion in 2023. The market is expected to witness a strong CAGR of 5.9% during 2023-2030. Airbags are made for the purpose to reduce the risk of serious injury, providing safety to passengers against hitting the hard surface in a vehicle. Governments from numerous countries have been making in vehicles, which is driving the market growth in the near future. Rising number of road accidents and fatalities has led to the promotion of vehicle safety, which is expected to boost the market growth.

Autoliv Inc. Partnered with Piaggio Group for the Development of Airbags for Powered Two-wheelers for Enhanced Safety

In November 2021, Autoliv Inc. partnered with Piaggio Group for the development of airbags for powered two-wheelers for enhanced safety. Paiggio Group is one of the leading manufacturers of motorcycles and scooters. The joint agreement is done with the purpose of developing airbags to offer greater protection for two-wheeler riders and enhance riding pleasure.

COVID-19 Pandemic Led to the Shut Down All Non-essential Businesses

The COVID-19 pandemic affected the world unprecedentedly, with many countries forced to shut down all non-essential businesses. Toyoda Gosei and Autoliv, the automotive component manufacturers, witnessed a decline in revenue of about 10%-12% due to the pandemic. Post-pandemic, leading automakers, such as Maruti Suzuki and Hyundai, are recovering in vehicle production and consignments. 

Awareness about Vehicle Safety to Propel Market Development

Rapid growth in awareness about vehicle safety is predicted to drive the automotive airbags market growth. With strict rules and regulations by authorities such as the National Highway Transport and Safety Authority (NHTSA) and the European Commission, safety awareness campaigns have been carried out by various private organizations. Various companies are focused on developing new airbag technologies to ensure customer safety. Rise in the number of road accidents and fatalities globally led to formation of supportive government initiatives to promote vehicle safety.

However, high cost of automotive airbags makes them less affordable for some consumers, especially in emerging markets where cost is a major consideration for vehicle purchases, which is expected to hinder market growth.

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Autoliv is the Main Player of the Market, which Develops Advanced Airbag Systems

The key players have been focusing on developing advanced technology automotive airbags. For instance, Autoliv is the main player of the market, which develops life cell airbags that help provide protection regardless of the way the driver and passenger are seated. Other airbag manufacturers are focused on developing advanced airbag systems similarly such as knee airbags, side airbags, and roof airbags.

Key Industry Development

• October 2021- Toyoda Gosei Co., Ltd. designed a pedestrian protection airbag to protect the pedestrian's head if they are hit by a car. Toyoda Gosei created a variety of airbags that protect vehicle occupants. This will be the company's first airbag in the market that protects pedestrians and other vulnerable.

List of Key Companies Profiled in the Report:

• Joyson Safety System (U.S.)


• Autoliv Inc (Sweden )


• Toyoda Gosei Co. Ltd (Japan)


• Robert Bosch GmbH (Germany)


• Hyundai Mobis Co. Ltd (South Korea)


• Denso Corporation (Japan)


• Magna International (Canada)


• Hyundai Mobis Co. Ltd (South Korea)


• Aptiv PLC (Ireland)


• Magna International (Canada)


• Valeo SA (France)


• ZF Friedrichshafen AG (Germany)

Further Report Findings

• The market in Asia Pacific dominated the automotive airbags market share due to the presence of various automobile manufacturers such as Toyota, Honda, and Hyundai. The market stood at USD 9.10 billion in 2022 due to increasing rate of production of vehicles.


• Europe held a substantial market share as it is a home to numerous luxury brands such as BMW, Mercedes-Benz, and Audi.


• North America held a certain share in 2022 due to strict safety regulations for automobiles, including mandatory airbag installations in new cars.

Table of Segmentation