(MENAFN- GlobeNewsWire - Nasdaq) New York, United States , Nov. 21, 2022 (GLOBE NEWSWIRE) -- The Global Automotive Airbags Market size was valued at USD 59.5 billion in 2021 and is expected to reach at a CAGR of 5.1% from 2021 to 2030. A type of auto safety control device called an airbag is intended to reduce injuries in the case of an accident. Strong fabric bags called airbags are folded and hidden under various car components. In the auto industry, passenger safety is a top priority. Airbags and seatbelts are examples of passive safety measures that have been demonstrated to be very effective at reducing the chance of injury in an accident. Airbags are now required in industrialised countries, whereas seatbelts are considered to be standard safety equipment in the majority of automobiles. Passive safety systems are becoming a standard feature of passenger cars thanks in large part to legal requirements for passenger safety.
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Government initiatives, such as the funding of several projects to increase passenger safety, are projected to be the main drivers of the worldwide automotive airbags market. For instance, the European Council for Automotive R&D, or EUCAR, brings together automakers to coordinate applications for EU-funded research. The European Commission funded the airbag valve technology, including customised safety airbags (I-Valve) initiative in 2017 to develop better automotive safety technologies. The valve modifies the force of airbag deployment in line with vehicle speed, passenger height and position, and the site of contact.
Both an increase in transportation activities and a rise in global population are expected to boost demand for cars. The steady increases in employment, business investment, and industrial productivity have significantly increased real disposable income and the gross domestic product (GDP). Due to rising per capita income and advancing industrialization, sales of passenger cars and commercial vehicles for the transportation of people and goods have surged.
The market has grown as a result of major companies' continued efforts to introduce cutting-edge airbag and seatbelt improvements. Over the past few years, suppliers and Original Equipment Manufacturers (OEMs) have been working to provide cutting-edge products. A lot of them have had some success setting their products apart from those of their competitors. Furthermore, they can be activated as quickly as 40 milliseconds following a crash. The implementation of stringent regulations by governments throughout the world to ensure road safety is another factor promoting market expansion.
Browse key industry insights spread across 226 pages with 118 market data tables and figures & charts from the report“ global automotive airbags market size , Share, Statistics and Facts Analysis, By Position (Frontal, Side, Side Curtain, Knee), By Fabric (Coated, Non-coated), By Vehicle (Passenger Vehicles, Commercial Vehicles), By Distribution Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2030” in detail along with the table of contents.
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It is also anticipated that rising consumer knowledge of the advantages of fitting passive safety measures such as seatbelts and airbags will boost market expansion. Governments, particularly in emerging nations like China and India, frequently amend current legislation and create new ones to ensure better road safety.
The prevalence of traffic accidents, disposable money, and consumer safety awareness have all gradually increased. This increases demand for car airbags globally. The expansion of the worldwide automotive airbags market is being hampered by high maintenance and operating expenses, high replacement costs, and variations in component pricing. This is especially true for the airbag market for automobiles. However, the expansion of the automotive industry and tight regulatory requirements for passenger safety are driving lucrative growth in the global automotive airbags market.
Covid 19 Impact on Global Automotive Airbags Market
The COVID-19 outbreak has significantly impacted the automotive sector. The outcome is a decline in sales volume and the closure of industrial sites. Both the market for commercial and passenger cars is expected to decline in 2020. This expected decline will be harmful to the automotive airbags market because auto production is closely tied to the automotive airbags sector. A potential cut in R&D budget will hinder the development of vehicle airbags.
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Global Automotive Airbags Market, By Position
The estimated 5.5% growth of the frontal automotive airbags market through 2026 will be fueled by regulatory bodies' adoption of frontal airbag systems on a global scale for driver safety. Automakers are also producing automobile models with twin front airbags, which safeguard both the driver and the passenger in the front seat.
Global Automotive Airbags Market, By Fabric
The coated fabric airbag sector dominates the market because of the system's increased thermal properties. The airbags enflate with a lot more air when an accident happens, increasing protection. In this situation, there may be a higher risk of burning for passengers. The airbag material must also be able to withstand this heat without tearing. Thin coats comprised of silicone and neoprene will protect fabric from heat because of their excellent thermal resistance characteristics.
Global Automotive Airbags Market, By Vehicle
Since most passenger cars now come equipped with airbags as standard equipment, the passenger vehicle segment brought in around USD 49 million. The growing disposable income and accessibility of more straightforward financing options are encouraging the use of passenger vehicles. Numerous steps taken by the manufacturers of vehicles have enhanced the performance of vehicle safety. In the most recent vehicle models that the manufacturers offer, dual airbags are a standard feature.
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Global Automotive Airbags Market, By Distribution Channel
The growth in vehicle manufacturing and increased awareness of vehicle safety are responsible for OEMs' dominance in the global market share. The automakers are adding a variety of airbag systems, such as frontal, side curtain, and knee airbags, to new vehicle models to improve their safety ratings. Aside from that, industry firms are working to build airbag systems that will deploy more quickly in collisions at high speeds. Additional opportunities to improve safety performance and their revenue share will become available with investment in R&D to develop new airbag technology, including external airbags.
Global Automotive Airbags Market, By Region
North America accounted for over 18% of sales in the automotive airbags market in 2019 as a result of the stringent car safety criteria set by transportation authorities around the world. In the United States, airbags are a legal requirement for all passenger cars and light commercial vehicles as of September 1998. The NHTSA has also created rigorous crash tests, like the Oblique Moving Deformable Barrier (OMDB), that automakers must pass in order to receive a 5-star safety rating.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
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