Automotive Airbag Sales to total US$18.5 Bn; Passenger Vehicles Segment will Account for 77% of Global Demand: FMI
The automotive airbag market survey offers insights into chief growth drivers and restrains impacting the overall growth trajectory. The survey also provides insights into competitive landscape of global automotive airbags market, the key market players and analyzing the impact of their growth strategies.
As per a study by FMI, the automotive airbag industry is expected to register a CAGR of 3.60% during the forecast period of 2021 and 2031. The market valuation is expected to exceed US$18.5 bn while registering sales of 370,000,000 automotive airbags units in 2021.
According to the study, the global automotive airbag sales are expected to reach the valuation of US$18.5bn in 2021 as airbags become almost a mandatory inclusion across various models of passenger and commercial vehicles sold around the world. Passenger cars will emerge as the most lucrative segment and account for 77% of the global automotive airbag market sales.
The increasing demand for customized curtain airbags and safety system across new models of vehicles is bolstering sales in the market. For instance, sports utility vehicles and sedan cars often incorporate customized airbags in countries such as Japan, Germany, and the U.S. These trends will create lucrative opportunities for market players encouraging them to invest in research and development activities.
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Focus on product development also will increase in response to the implementation of stringent vehicle safety norms. According to the International Organization of Motor Vehicle Manufacturers, around 77,971,234 units of all types of automotive vehicles were sold in December 2020 across the globe.
In 2020, 53,598,846 passenger cars and 24,372,388 commercial vehicles were sold across the globe. Rising sales of vehicles is indicative of lucrative opportunities for the growth of the market. Automotive giants such as Mercedes, Tesla, and Ford are planning to launch vehicles equipped with advanced airbags system to adhere to regulatory policies
“Key players are focusing on delivering advanced automotive airbags for luxury passenger vehicles. Besides this, some of them has started offering airbags across all models of vehicles as means to comply with stringent safety regulations,” says the FMI analyst.
Original equipment manufacturers (OEMS) will emerge as preferred sales channel.
Demand for side airbags is expected to rise, surpassing a valuation of US$ 6 bn through 2021.
Nylon-based automotive airbags are expected to register increasing sales since they offer improved impact resistance, reduced density, and high-specific heat capacity.
Demand in passenger vehicles segment will increase at 5.8% CAGR by the end of 2031.
The U.S. is expected to emerge as leading market for automotive airbags in North America.
The U.K market is expected to register 3.50% CAGR through forecast period.
Japan and South Korea will account for 16% of the global automotive airbag market through 2031.
Rising awareness and stringent government regulations about vehicle safety are driving the demand for automotive airbags.
Leading manufacturers are investing in research and development activities to develop advanced products, which is bolstering growth.
Increasing production of automobiles across and focus on technological improvements to offer high-performing and safer cars will create opportunities for automotive airbags sales.
Expensive production cost is expected to hinder automotive airbags market during the forecast period.
Non-availability of product in remote areas will hamper demand for automotive airbags in the future.
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The global automotive airbag industry is consolidated in nature as the market is dominated by five players, accounting for 70% of market shares. Top five market players are Autoliv, ZF, Toyoda Gosei, Joyson Safety System, and Nihon Plast.
The leading players are investing in expansion of their product portfolio through product development, innovations, and launches. For instance, Daicel Corporation in January 2021 launched its production site in India to cater the rising demand of automobile airbags in the country.
In April 2021, Chevrolet Aftersales team replaced around 12,000 vehicles impacted by faulty airbags in 2019.
Other companies operating in the global automotive airbag industry as profiled by FMI are
Hyundai Mobis Co. Ltd.
Toyoda Gosei Co. Ltd.
ZF Friedrichshafen AG
More Insights on the Automotive Airbags Market:
FMI provides an unbiased analysis of the automotive airbags market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges compelling insights on the global automotive airbags with a detailed segmentation on the basis of:
Light Commercial Vehicle
Heavy Commercial Vehicle
Original Equipment Manufacturers (OEMs)
Asia Pacific excluding Japan
Middle East and Africa (MEA)
Key Questions Covered in the Automotive Airbags Market Report
The report offers detailed insights into automotive airbags demand outlook for 2021-2031
The market study also highlights projected sales growth for automotive airbags market between 2021 and 2031
Automotive airbags market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends, evaluation of current market size, and technological advancements within the industry
Automotive airbags market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 89036199