The Europe Automotive Airbag Market has the second-largest market share for vehicle airbags. 4.3% of the market is dominated by the United Kingdom, with a projected valuation of US$630.1 million by 2033. This is due to the fact that important car and automotive solutions providers are present in this area. Market growth in this region is anticipated to be fueled by consumer preferences for electric vehicles (EVs), connected and driverless vehicles, and shared mobility.
Leading companies in the UK offer single-stage and dual-stage airbag inflator methods that have been shown to meet the strictest legal and customer requirements everywhere in the world. Additionally, hybrid inflators provided by a few significant players inflate the airbag with inert compressed gas that is ecologically safe and a negligible amount of explosive material. Hybrid inflators are superior to explosive and stored gas inflators in a number of ways.
The global automotive airbag market is projected to have a high-paced CAGR of 4.4% during the forecast period. The current valuation of the automotive airbag market is US$ 12.2 Billion in 2023. The value of the automotive airbag market is anticipated to reach a high of US$ 35 Billion by the year 2033.
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The demand for automotive airbags is expected to grow in the coming years as governments around the world continue to mandate their use in vehicles. Here are some details about the demand for automotive airbags:
- Safety regulations: Governments around the world are mandating the use of airbags in vehicles to reduce the number of injuries and fatalities in accidents. This is driving the demand for airbags in the automotive industry, as automakers work to comply with these regulations.
- Advanced safety features: As consumers become more concerned with safety when purchasing vehicles, automakers are incorporating more advanced safety features, such as side airbags and curtain airbags, into their designs. This is driving the demand for a wider range of airbags in the automotive industry.
- Increased adoption in emerging markets: Emerging markets, such as India and China, are increasingly adopting safety regulations that require the use of airbags in vehicles. This is driving the demand for airbags in these markets as automakers work to comply with these regulations.
- Technological advancements: Technological advancements, such as sensors that can detect the size and weight of passengers, are making airbags more sophisticated and effective. This is driving the demand for advanced airbags in the automotive industry, as automakers work to incorporate these new technologies into their designs.
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Key Takeaways:
- During the forecast period, India is expected to account for the largest share of the global automotive airbag market. The market in this region is expected to rise since automobile and auto-component manufacturers believe India to be one of their favoured economies for setting up manufacturing plants. Moreover, various companies have collaborated with a local carmaker to export the cars in conformity with government regulations.
- The hair dryer market in the North America is predicted to develop rapidly, particularly in the U.S., during the projected period. This is attributed to rising government rules for vehicle safety and standards, quick adoption of new technology, and major investment in product innovation. Furthermore, frontal airbags have been required standard equipment for all passenger automobiles and light commercial vehicles in North America since 1998 due to strict regulation implementation.
- Owing to increasing driver safety issues and burgeoning passenger vehicle manufacturing, the “passenger” vehicle type is expected to hold the greatest revenue, through the forecast period.
- As it provides superior physical features such as increased impact resistance, decreased density, and a high specific heat capacity, the “nylon” yarn type, accounts for a significant share and is the most preferred type.
Competitive Landscape:
The global automotive airbag market share is experiencing a transformational period as a result of technological breakthroughs and various innovations. The creativity that goes into the production of hair dryers is predicted to continue attracting clients, creating enormous chances for major suppliers to leverage on such expanding trends and launch fresh product lines.
KEY PLAYERS:
Autoliv Inc., Takata Corporation, Daicel Corporation, Denso Corporation, Hyundai Mobis Co. Ltd., Toyoda Gosei Co. Ltd., ZF Friedrichshafen AG, Kolon Industries, Toray Industries Inc., Porcher Industries SA, Nihon Plast Co. Ltd., Delphi, Wacker Chemie AG, Hyosung Co., Toyobo Co. Ltd.
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Recent Developments:
- In November 2021, Autoliv, Inc., a supplier of automotive safety systems, and SSAB, a global steel manufacturer, have begun working together to research and create fossil-free steel components for car safety goods such as airbags and seatbelts.
- In 2020, Hyundai Mobis Co. Ltd., acquired the semiconductor division of Hyundai Autron. This acquisition is expected to provide the capability to develop semiconductors for the automotive industry and supply them system controls on a systematic basis.
Automotive Airbag Market by Category
By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Product Type:
- Driver Airbag
- Passenger Airbag
- Side Airbag
- Curtain Airbag
- Knee Airbag
- Other Airbags
By Coating Type:
- Neoprene
- Silicone
- Non-Coated
By Yarn Type:
- Nylon
- Polyester
By Sales Channel:
- Original Equipment Manufacturers (OEMs)
- Aftermarkets
By Region:
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific excluding Japan
- Japan
- Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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