The automotive airbag market is projected to grow at a 3.60% CAGR from 2021 to 2031, driven by increased demand for vehicle safety and curtain airbags.
ESOMAR-certified consulting firm Future Market Insights’ report on global automotive airbag market project a steady growth at 3.60% CAGR over the forecast period of 2021 and 2031. Growing usage of curtain airbags is increasing the demand for automotive airbags across the globe.
Demand for automotive airbags is rising extensively in emerging economies as the consumers in these regions are becoming more aware for the vehicle safety. Burgeoning sales of passenger vehicles across the globe have also augmented the demand of automotive airbags.
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As per the FMI’s analysis, due to the outbreak of coronavirus, sales of automotive airbags declined by -8% in 2020. However, recovery in automotive industry and recommencement of automotive production & manufacturing companies across the globe have improved the market growth.
Government increasing funding and initiatives towards the safety of vehicles have compelled the manufacturers to increase the usage of curtain airbags in all types of vehicles. Stringent regulations for the vehicle safety across the U.S., Germany, India and the U.K. is also expected to improve the adoption of automotive airbags over the coming years.
According to the FMI’s analysis, the global automotive airbags market reached a valuation of US$ 18.5 Bn, registering the sales of 370 Mn automotive airbags units in 2021.
Key Takeaways from FMI’s Automotive Airbag Market Study
“Increasing adoption of passenger cars and inclusion customized curtain airbags in vehicles are broadening expansion prospects for the market players. Technological advancement and high investment in research & development activity for the development of advanced airbags safety systems will create lucrative opportunity for the growth of the market,” says the FMI analyst.
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Competitive Landscape
Autoliv Inc., Toyobo Co. Ltd., Takata Corp., Hyosung Co., Daicel Corp., Wacker Chemie AG, Denso Corp., Delphi, Hyundai Mobis Co. Ltd., Nihon Plast Co. Ltd., and Toyoda Gosei Co. Ltd are some prominent players operating in the automotive airbag market.
As per the FMI’s analysis, the market is consolidated with top 5 players dominating the automotive airbag market, accounting for over 70% of market share. Top 5 players include, Autoliv, ZF, Toyoda Gosei, Joyson Safety Systems, and Nihon Plast.
Automotive airbag Market by Category
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Key Points Covered in Automotive Airbag Market Study
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About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the growth of the automotive airbag market, projected at a 3.60% CAGR from 2021 to 2031.
The market is growing due to increased demand for vehicle safety and the adoption of curtain airbags.
Japan, South Korea, Germany, and the UK are leading in airbag adoption.
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