Global Airbag Market Comprehensive Insight by Growth Rate, Industry Status, Forecast till 2028

The global airbag market is anticipated to grow at a considerable CAGR of 5.6% during the forecast period (2022-2028). The rise in road traffic accidents is anticipated to drive the growth of the global airbag market. For instance, According to the data published by World Health Organization in 2021, road traffic injuries are the leading cause of mortalities in children and young adults aged 5-29 years and about 73.0% of all road traffic injuries occur among young males under the age of 25 years. Approximately 1.3 million mortalities occur annually as a result of road traffic crashes. More than 90.0% of the world's fatalities on the roads occur in low - and middle-income countries. Moreover, an estimated 20 million - 50 million people suffer from non-fatal injuries, with many incurring a disability as a result of their injury. Thus, owing to rising road traffic accidents, many countries are urging OEMs to mandate the airbags in commercial and passenger vehicles, which in turn will fuel the demand for the global airbag market.

The stringent government regulations regarding airbag installations are anticipated to drive the growth of the global airbag market. For instance, in January 2022, the Ministry of Road Transport and Highways approved a draft notification to make six airbags mandatory in cars with a passenger capacity of eight people. According to the draft notification, M1 category vehicles manufactured post-October 2022, will be fitted with two curtain airbags and front side airbags. In addition, several major players are mandating airbags in order to comply with safety regulations as well as to ensure passenger safety, which in turn is driving the growth of the global airbag market. For instance, in February 2022, Mahindra updated Bolero SUV with dual airbags as standard. Thus, such stringent regulations are anticipated to fuel the demand for the global airbag market.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028

• Segment Covered-
o By Module
o By Type
o By Material
o By Vehicle Type
o By Distribution Channel

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Autoliv Inc., Daicel Corp., and Hyundai Mobis Co.Ltd., among others

Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

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Global Airbag Market Report by Segment

By Module
• Inflator
• Airbag

By Type
• Front Airbag
• Knee Airbag
• Side Airbag
• Curtain Airbag

By Material
• Polyester Fiber
• Nylon and
• Others

By Vehicle Type
• Passenger Vehicle
• Commercial Vehicle

By Distribution Channel
• OEM
• Aftermarket

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This release was published on openPR.