Introduction
The Global Airbag Systems Market is set to surge from USD 6.2 Bn in 2023 to a projected USD 9.94 Bn by 2028, growing at a CAGR of 9.90%.
Government rules, particularly those pertaining to vehicle safety standards, have been a major force on the automotive sector. Union Road Transport and Highways Minister Nitin Gadkari on Thursday said the mandatory 6 airbags rule for passenger cars will come into force in October, 2023. The road transport ministry had earlier planned to make six airbags mandatory in eight-seater vehicles for enhanced safety of occupants from 1 October, 2022. Manufacturers are forced by strict safety standards to constantly invent and improve the safety elements of their automobiles. The extensive implementation of technologies like airbags, electronic stability control (ESC), antilock braking systems (ABS), and advanced driver assistance systems (ADAS) can be attributed to these rules. In order to comply with the ever-evolving regulations pertaining to road safety and emissions reduction, manufacturers are required to allocate resources towards research and development (R&D). Adherence to these guidelines guarantees security and cultivates customer confidence in the sector. In conclusion, government rules stimulate safety and innovation in the car industry.
Customers are calling for more effective and safe driving experiences. A number of causes, such as growing awareness of road safety, a desire for less environmental effect, and the convenience provided by cutting-edge technologies, are driving this demand. Modern cars are increasingly being sold on features like automated emergency braking, lane-keeping assistance, and adaptive cruise control. Automakers are therefore under pressure to include these technology in their cars in order to remain competitive. The emphasis on efficiency and safety satisfies customer demands and advances global sustainability objectives. Consequently, one of the main forces behind innovation and product development in the automotive sector is the growing need for safer and more efficient driving experiences.
Segment Analysis
The Global Airbag Systems Market is segmented based on Seat Airbag Type, Material Type, Vehicle Type, and Sales Channel.
In order to lessen the effects of collisions and safeguard occupants, airbag systems are now a standard component of contemporary automobiles. Within the category of seat airbag types, this analysis focuses on three categories: Side/Curtain Airbags, Frontal Airbags, and Knee Airbags. All of these airbag varieties contribute to the market’s overall expansion and development in a different way by improving vehicle safety.
For a number of decades, frontal airbags have been an essential component of car safety. The purpose of frontal airbags is to inflate during head-on crashes. They are usually located in the dashboard and steering wheel. They assist in preventing head and chest injuries for the driver and front-seat passenger. Frontal airbags can now deploy with different degrees of force based on the severity of the crash and the position of the occupant thanks to the adoption of sophisticated sensors and smart technologies. According to the National Highway Traffic Safety Administration (NHTSA) data, frontal airbags saved 50,457 lives in the United States between 1987 and 2017. In order to guarantee that cars offer even greater levels of occupant protection, market expansion is anticipated due to the ongoing innovation in frontal airbags and strict safety standards.
The portfolio of airbag systems has recently included knee airbags, which have become more popular for improving lower-body safety. Knee airbags are installed under the dashboard and are intended to inflate and support the driver’s and front-seat passenger’s knees and legs in the event of a frontal collision. This invention has been very helpful in lowering lower extremity injuries sustained in collisions. As consumers demand automobiles with cutting-edge protective measures and automakers increasingly appreciate the value of comprehensive safety features, the market for knee airbags is expected to increase.
In side-impact and rollover crashes, side and curtain airbags—which are installed along the sides of the car’s interior and frequently activate from the roofline—are essential for protecting passengers. In the event of an accident, these airbags act as a barrier to protect occupants’ heads and upper bodies. There is an emphasis on lowering the danger of fractures and traumatic brain injuries, side/curtain airbags have become a standard equipment in many cars, and as consumer expectations for safety climb, their market share is predicted to continue to expand.
The another segment which is crucial for this market is OEM and Aftermarket.Â
The primary role of OEMs in the airbag systems market is to design, manufacture, and supply airbag modules to vehicle manufacturers. These airbag systems are seamlessly integrated into the vehicles during the assembly line process. OEMs are at the forefront of technological advancements in airbag systems. They invest in research and development to enhance the effectiveness of airbag deployment, reduce false alarms, and improve overall safety performance. The German OEM claimed its new airbag can help reduce occupant injury severity for side impact collisions by up to 40%. Some suppliers are now developing external airbags which will deploy outside the vehicle. Last year, ZF presented a prototype of its pre-crash external side airbag that can deploy before a collision.Â
The aftermarket for airbag systems becomes relevant when vehicles already on the road need replacement airbag modules due to wear and tear or after a deployment. It also caters to consumers who wish to upgrade their existing vehicles with advanced airbag technologies. Aftermarket suppliers may offer repair services for damaged airbag systems. This involves diagnosing issues, replacing faulty components, and ensuring that the airbag system is restored to its original functionality. Some consumers may choose to customize their vehicles by adding aftermarket airbag components. This could include installing additional airbags, upgrading to advanced safety features, or modifying the airbag system for specific preferences.
Regional Analysis
In the Asia-Pacific region, there is a significant potential for dominating the airbag systems market in the foreseeable future. This region hosts a burgeoning automotive industry and a rising demand for vehicles, especially in countries like China and India. Stricter safety regulations and increased awareness of road safety have led to integration of advanced airbag systems in vehicles, propelling the market growth. The Asia-Pacific region has become a hub for automotive manufacturing, making it a key market for airbag system components.
The demand for airbag systems is robust in Europe, home to prominent automakers like Volkswagen, BMW, and Mercedes-Benz. The presence of these major manufacturers and the region’s focus on stringent safety regulations and emission standards drive the adoption of advanced airbag technologies. Europe is also at the forefront of developing innovative safety features, further boosting the airbag systems market.
While historically less involved, the Middle East and Africa (MEA) region increasingly recognizes the significance of airbag systems in automotive safety. Nations like the United Arab Emirates are investing in the automotive industry to reduce import dependency and promote local production. The expansion of automotive assembly and manufacturing operations in MEA countries is expected to contribute significantly to the growth of the airbag systems market in the region.
List of Companies
The report provides profiles of the key companies, outlining their history, business segments, product overview, and company financials. Some companies from competitive analysis are Aptiv, Autoliv, Continental AG, Denso Corporation, Hyundai Mobis Co. Ltd., etc.
Key Developments
Autolive announced building a new airbag cushion fabric plant in Vietnam; the company established a facility in Amata City Ha Long Industrial Park, Vietnam, to increase airbag system production for catering to the growing Asia Pacific regional market. – April 2023
ZF Friedrichshafen AG (ZF) announced a joint venture (JV) with Rane TRW Steering Systems from the Rane Group. The joint venture will produce safety products, airbags, and seat belt systems for the domestic market and exports. – December 2021
Frequently Asked Questions
How Much Is The Global Airbag Systems Market Size?
The Global Airbag Systems Market is set to surge from USD 6.2 Bn in 2023 to a projected USD 9.94 Bn by 2028, growing at a CAGR of 9.90%.
What Is The Major Global Airbag Systems Market Driver?
- Increasing Road Accidents
- Implementation of Stringent Safety Regulations
What are the Major Airbag Systems Market Opportunities?
- Robust R&D Centers and Low-Cost Steel Production
- Developing New Technologies and Breakthroughs in India Airbag Market
Who Are The Airbag Systems Market Players?
Denso Corporation, Hyundai Mobis Co. Ltd., Infineon Technologies, Joyson Safety Systems, etc.
