The severe injuries to the human body induced by traffic accidents have raised consumer awareness. Increasing public awareness is one of the major factors expected to boost the growth of the global automotive airbag market over the forecast period. Consumers are spending more on safety features as their disposable income grows. Consumer expenditure on pre-loaded safety systems in vehicles has increased investment potential for major firms. The incorporation of active and passive safety systems in automobiles also provides greater comfort and driving experience to end-users, which is projected to boost the global automotive airbag market.
The global automotive airbag market is anticipated to reach US$ 22.7 Bn by 2031, advancing at a CAGR of 7.2% from 2022 to 2031 (forecast period).
Government Efforts to Improve Vehicle Safety Propels Market Growth
Due to the increasing traffic accidents, government entities have imposed strict safety standards on automobiles. The European Union’s safety law requires airbags in all passenger vehicles, which is likely to propel the global automotive airbag market. The growing desire for high-performance engines and cars has raised the likelihood of fatalities in traffic accidents. This has made it critical for automakers to have proper safety measures and strong car structures. The installation of automotive airbags in vehicles to protect passengers from all potential accident scenarios is projected to propel the global automotive airbag market.
Diagnostic Monitoring Unit Segment to Witness Significant Growth
The worldwide automotive airbag market has been segmented by component into airbag inflators, crash sensors, diagnostic monitoring units, and others. The diagnostic monitoring unit segment is likely to be the largest revenue generator in automotive airbag market during the forecast period. The diagnostic monitoring unit is also called an airbag module and is in charge of receiving data from the collision sensor. When an impact occurs, this information is transmitted to the airbag sensors, and the airbags deploy. The estimated price of the diagnostic monitoring unit in automobile airbag assembly is greater than the cost of other components. As a result, the diagnostic monitoring unit segment is expected to grow during the projection period.
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Asia Pacific to Dominate Worldwide Market
Asia Pacific is set to dominate the global automotive airbag market during the projection period. Due to the existence of a significant automotive sector in China, Asia Pacific is projected to witness a massive growth in the global automotive airbag market.
Rising population and urbanization are important factors driving the region’s automotive airbag market. The rise of China as a global manufacturing powerhouse has raised the demand for passenger vehicles. Cheap labor and easy access to raw materials are boosting the regional market. During the forecast period, the automotive airbag market in Asia Pacific is expected to be propelled by an increase in vehicle manufacturing across the region. Moreover, increased demand for premium vehicles and the rapid expansion of OEMs in South Korea, India, and China are propelling the regional market.
Europe is expected to contribute significantly to the global automotive airbag market during the projection period due to the region’s increased disposable income, population, and competition. Europe accounts for a sizable portion of the global automotive airbag market. Germany is known around the world for its great automobile industry and engineering brilliance. From the Americas to Asia, German automobiles represent deeply held values such as dependability, innovation, and safety. To some extent, Germany is Europe’s top manufacturing and distribution market. This, in turn, is projected to raise the sales of automotive airbag market.
Leading players in the automotive airbag market are Delphi Automotive, Aptiv Inc., Valeo SA, Autoliv Inc., Calsonic Kansei Corporation (Mareli), Magna International, Denso Corporation, INVISTA, Hella GmbH & Co. KGaA, Takata Corporation, Hyundai Mobis Co. Ltd, Joyson Safety Systems, Toyota Gosei, Continental AG, Nihon Plastic Company Co. Ltd, ZF Friedrichshafen, and Robert Bosch GmbH.
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