Global Airbag Market to Reach $47.0 Billion by 2030, Growing at 5.7% CAGR Amid Rising Vehicle Safety Demand 4/4

👉🏿 An airbag is a vehicle safety device consisting of a flexible fabric envelope or cushion designed to punctually inflate during a collision and deflate after the accident. Automotive airbags are deployed with a sensor that activates the airbags according to the type and severity of the collision. Modern vehicles consist of airbag control units that monitor different parts such as wheel speed, side door, and brake pressure. Moreover, the efficiency of these airbags to decrease the impact of crashes is enhanced due to ongoing & innovative advancements in airbag technology. For instance, in 2019, HYUNDAI MOBIS revealed its new safety technology sensors combined with two separate ECUs (electronic control units) for airbags and electronic seatbelts into a single unit for enhanced protection of passengers in different driving situations.

👉🏿 According to a new report published by Allied Market Research, titled, "Airbag Market," by Module, by Type, by Vehicle Type, by Material, by Sales Channel: Global Opportunity Analysis and Industry Forecast, 2020-2030," The airbag market was valued at $27.6 billion in 2020, and is estimated to reach $47.0 billion by 2030, growing at a CAGR of 5.7% from 2021 to 2030.

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👉🏿 In addition, the airbag market has witnessed significant growth in recent years owing to rise in disposable income level, which influences individuals to invest more in safety features within the vehicle. The companies that operate in the market have adopted partnerships, product launches, and R&D to increase their market share and expand their geographical presence. For instance, in August 2021, Continental AG developed new comprehensive functions & E/E architecture in its airbag control unit that provide even more protection for occupants by reducing the risk of injury in the event of a crash and thus make a substantial contribution to Vision Zero. Moreover, the coalition of crash sound sensors in airbags is one of the crucial trends that are anticipated to gain traction in the commercial vehicle airbag systems market during the forecast period.

👉🏿 Factors such as a rise in consumer awareness toward vehicle safety features, growth in the automotive sector, and competition among OEMs are expected to drive the growth of the airbag market. In addition, the rise in the number of fatal road accidents and the government's implementation of strict safety regulations to prevent them are anticipated to boost the market's growth. However, advanced technological features that increase car prices and high replacement costs restrain the market growth. Furthermore, the introduction of airbags in two-wheelers and low production costs in developing nations provide lucrative growth opportunities for the market players.

The inflator segment dominated the market

👉🏿 By module, the inflator segment held the largest share in 2020, accounting for more than half of the global airbag market. In addition, the segment is estimated to register the highest CAGR of 6.1% during the forecast period, due to rise in application of inflator-based airbags in vehicles to ensure the safety of passengers. The report includes an analysis of the air bag segment.

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The commercial vehicle segment to portray the highest CAGR through 2030

👉🏿 By vehicle type, the commercial vehicle segment is projected to manifest the highest CAGR of 9.3% from 2021 to 2030, due to rise in government norms toward introducing airbags in commercial vehicles. However, the passenger vehicle segment held the largest share in 2020, accounting for more than 90% of the global airbag market, due to rise in availability of passenger cars across the globe.

Europe, followed by Asia-Pacific and North America, to manifest the highest CAGR by 2030

👉🏿 By region, the market across Europe, followed by Asia-Pacific and North America, is anticipated to showcase the highest CAGR of 6.5% during the forecast period, owing to increase in government norms for ensuring safety of vehicles in the region. However, the global airbag market across Asia-Pacific dominated in 2020, accounting for nearly half of the market, owing to rise in production of vehicles across the region.

👉🏿 The key players operating in the global airbag market are Autoliv Inc., Hyundai Mobis, Joyson Safety Systems, Toray Industries, Inc., Daicel Corporation, Kolon Industries, Inc., Rane Group, Neaton Auto Products Manufacturing, Inc., Toyoda Gosei Co., Ltd., and ZF Friedrichshafen AG.

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KEY FINDINGS OF THE STUDY

By type, the knee airbag segment is expected to register a significant growth during the forecast period.
Depending on vehicle type, the commercial vehicle segment is anticipated to exhibit significant growth in the near future.
On the basis of material, the polyester fiber segment is projected to lead the global airbag market owing to higher CAGR.
On the basis of sales channel, the aftermarket segment is projected to lead the global airbag market owing to higher CAGR.
Europe is anticipated to register the highest CAGR.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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