Pune, India, February 24, 2021 (GLOBE NEWSWIRE) – According to the report, Airbag market size expected to reach USD 22.53 billion worth by 2026, displaying 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 an increase in the implementation of strict safety rules and regulations for pedestrians and drivers. In addition, governments of different countries are forcing OEMs to install airbags in commercial vehicles as well as passenger cars to double the safety features.
The ever-increasing number of road accidents leading to real deaths in the human body. This is leading to an increase in the number of safety awareness programs among consumers. It would drive the growth of the airbag market during the forecast period. In addition, consumers are fast moving towards spending more on a number of safety features available in their vehicles as a result of rising disposable revenue. It opens doors to investment opportunities for industry giants. In addition, manufacturers are introducing active and passive car safety systems to provide a better driving experience and comfort to consumers, which in turn would contribute to the growth of market.
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Definition of passenger car to lead: Increase in output in developing countries will grow
In terms of vehicle type, the market is divided into commercial vehicles and passenger cars. Among them, at present, the passenger car division has the largest airbag car division. It is expected to lead the market in the coming years. The governments of several countries are passing strict laws regarding the safety of passengers. Coupled with this, an increase in the production and sales of passenger cars in emerging countries would contribute to the growth of this sector.
On the other hand, the share of commercial vehicles will grow significantly in the coming years. This growth is due to the number of commercial vehicle accidents which has led to increased use of vehicle safety systems by commercial vehicle manufacturers. It would improve the safety of the occupant. The Federal Vehicle Movement Safety Administration (FMCSA) reported that 0.45 million heavy-duty commercial vehicle accidents occurred in the U.S. alone in 2017. As a result, manufacturers are concerned about passenger safety.
The market is segmented into Asia Pacific, North America, Europe, and the rest of the world. Among them, Europe is expected to gain control of the market in the coming years due to strict government regulations on the safety of pedestrians and occupants for the vehicle. In addition, key countries, such as Sweden, the UK, France and Germany are actively promoting Euro NCAP.
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Europe to govern: Strict rules on Resident & Pedestrian Safety to their preference
Asia Pacific, on the other hand, is expected to show steady growth. Increased production and sales of vehicles in developing countries, i.e., China and India, contributed to the market growth in this sector. In addition, awareness-raising campaigns about vehicle safety systems among consumers would also drive the growth of the airbag market.
North America is expected to grow significantly in the forecast period. This growth is due to the Efficiency of Intermodal Transport Act 1991. The act requires the installation of airbags in light commercial vehicles as well as passenger cars.
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November 2019: Autoliv, Inc., a car safety provider, headquartered in Sweden, said it has developed an innovative mid-range airbag. It is specifically designed for side effects accident situations. It was unveiled at the company’s ‘Capital Markets Day’ on November 19 at Utah. The airbag would help prevent the impact of a driver to a passenger and a driver to an interior.
- Autoliv
- ZF Friedrichshafen AG
- Robert Bosch GmbH
- Continent
- Joyson electronic
- Hyundai Mobis
- Corporra Denso
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Global Airbag Market Seal:
By Request:
By vehicle type:
- Passenger Cars
- Commercial Vehicles
By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and the rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the rest of Asia Pacific)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East & Africa (South Africa, GCC and the rest of the Middle East & Africa)
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