Airbag Market Size, Share, Industry, Forecast and outlook (2023-2030)

Global Airbag Market is segmented By Type (Frontal Airbag, Knee Airbag, Curtain Airbag, Side Airbag, Occupant to Occupant Airbag), By Vehicle Type (Passenger Vehicle, Commercial Vehicle), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Airbag Market Overview

The Global Airbag Market is expected to grow at a CAGR of 2.5% during the forecasting period (2023-2030).

• An airbag is a vehicle safety device designed to promptly inflate during a collision and deflate after the accident.

• The main purpose of airbags is to reduce the crash impact during collisions.

• The airbag aids in slowing down the occupant's motion as evenly as possible in a fraction of a second during a crash scenario.

Airbag Market Summary

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Airbag Market Drivers

• Increase in consumer awareness towards vehicle safety features,

• The growth in the automobile sector, and

• Competition among OEMs

• Rise in the number of fatal road accidents and the implementation of strict safety regulations by the government to prevent them.

Airbag Market Trends

• The high replacement cost of airbags and low-quality standards are the major factors restraining the growth of the global airbag market.

• Under unfortunate circumstances, airbag being a safety device, there are chances that it fails. This leads to death or severe injuries to passengers.

• This factor might also impede the growth of the airbag market to a significant extent.

• One of the major factors driving the global airbag market is the increase in awareness of vehicle safety features.

• This increased awareness has further led to customers being willing to invest more money for safety systems in automobiles.

• There is an upsurge in the demand for automotive safety systems due to the increase in road accident deaths.

• Among these incidents, the airbag system is a point of consideration, which is a key factor boosting the growth of the market.

NCAP and its impact on the market

• NCAP is a key program that rates vehicles based on their safety performance and crash tests.

• The pressure on leading vehicle manufacturers to make their designs NCAP compliant is aiding growth.

• Moreover, stringent safety regulations enacted by the government are also influencing the growth of the airbag market.

• Usage of pedestrian airbags in a few vehicles to protect pedestrians when they hit or collide with a moving vehicle is the latest trend that will further drive the market over the forecast period.

Opportunity Analysis: Honda’s 2-wheeler Airbag System

• Airbags for two-wheelers provide a tremendous opportunity for this industry.

• Recently Honda announced the production of The Gold Wing equipped with a motorcycle airbag system. This new system can help lessen the impact of injuries caused by frontal collisions.

Global Airbag Market Geographical Share

• Asia-Pacific region is anticipated to grow at a higher CAGR due to an increase in demand for automobiles coupled with an increase in awareness regarding road safety.

• The main countries contributing to the airbag market are China and Japan.

• Europe is a major market for passive safety systems and has a strong presence of players active in automotive safety.

• Moreover, extensive research activities in various regions will be a vital growth factor in the coming years.

Airbag Market Companies and Competitive Landscape

• Key leading players operating in the global airbag market include Autoliv Inc., Key Safety Systems Inc., Takata Corporation, and ZF Friedrichshafen AG among others.

• The market players in the airbag market are undergoing tie-ups with universities and research institutes that work on safety technologies.

• The players in this market are adopting various business strategies which are not limited to providing quality safety products, R&D investments, and a wide distribution network.

Scope of the Report

• The report provides an extensive qualitative and quantitative assessment of the present and future trends in the global airbag market

• It focuses on the various market dynamics that have an impact on the growth of the market

• Recent industry trends and developments in the airbag market

• Focus on the regulatory framework for safety in automotive

• Emphasis on various stages of the product life cycle of airbag industry

• Profiles of key players of the market and their recent developments, product portfolio, and other business strategies

• Primary research findings that focus on the key trends and opportunities in the global airbag market.