Global Airbag Market to Grow at 6.1% During 2023-2028, Bolstered by Increasing Sales of Passenger Vehicles

October 08, 2021 | Automotive Industry

As per the latest report by IMARC Group, titled “Airbag Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global airbag market reached a value of US$ 29.8 Billion in 2022. Airbags refer to safety devices fitted inside a vehicle designed to inflate and deflate promptly to protect the occupants during a crash or collision. They comprise bags, inflation systems and impact sensors that send signals upon detecting the occurrence and severity of a crash. They help minimize driver fatalities and serious head injuries in frontal crashes by providing crucial cushioning to occupants. Nowadays, manufacturers are integrating side airbags (SABs) to reduce chest injuries in side crashes as well as side curtains and knee airbags to reduce leg injuries.

Global Airbag Market Trends:

The increasing sales of passenger vehicles across the globe due to rapid urbanization and rising disposable incomes represent the primary factor driving the market. According to the World Health Organization (WHO), approximately 1.3 million people die in road traffic crashes every year. This has resulted in the implementation of stringent government safety regulations across numerous countries, thereby escalating the demand for airbags. Additionally, the growing awareness among the masses about vehicle safety has escalated the demand for vehicles with advanced safety features, thereby contributing to the market growth. As a result, automotive manufacturers are focusing on installing airbags in heavy-duty vehicles to increase the safety of drivers. Furthermore, several technological advancements and the development of advanced airbags and inflators to meet the safety regulations and consumer requirements are providing a positive market outlook. Looking forward, the market is projected to grow at a CAGR of 6.1% during 2023-2028.

Market Summary:

On the basis of the type, the market has been segmented into the frontal, knee, side, curtain and other airbags.
Based on the module, the market has been divided into inflator or gas generator, air bag and crash sensors.
On the basis of the vehicle type, the market has been bifurcated into passenger and commercial vehicles.
Based on the sales channel, the market has been segregated into original equipment manufacturers and aftermarkets.
Region-wise, the market has been classified into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has also been analyzed, with some of the key players being Autoliv Inc., Continental AG, Daicel Corporation, DENSO Corporation, Hyundai Motor Group, Joyson Safety Systems (Ningbo Joyson Electronic Corp.), Neaton Auto Products Manufacturing Inc. (Nihon Plast Co., Ltd), Robert Bosch GmbH, TOYODA GOSEI Co. Ltd., and ZF Friedrichshafen AG.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Type, Module, Vehicle Type, Sales Channel, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Autoliv Inc., Continental AG, Daicel Corporation, DENSO Corporation, Hyundai Motor Group, Joyson Safety Systems (Ningbo Joyson Electronic Corp.), Neaton Auto Products Manufacturing Inc. (Nihon Plast Co. Ltd.), Robert Bosch GmbH, TOYODA GOSEI Co. Ltd. and ZF Friedrichshafen AG
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Global Airbag Market to Grow at 6.1% During 2023-2028, Bolstered by Increasing Sales of Passenger Vehicles

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