Automotive Airbags Market Analysis and Demand with Forecast Overview to 2026
Global automotive airbags market is anticipated to depict a CAGR of 5.1% through 2026, having recorded a valuation of USD 59.5 billion in 2019. By 2026, the market is expected to hit a remuneration of USD 65 billion.
Continuous need to limit the risk of fatal accidents with measures taken towards transport safety and enhanced productivity of vehicles, as strictly implied regulations, has scaled the automotive airbags market forecast. Inflatable automotive airbags are potentially used to reduce the degree of injury impacts on the vehicle passengers. The airbags are rapidly inflated through sensors in the direction of the areas of impacts.
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Increasing large investments in R&D by manufacturers for refined capabilities and additional protection has driven developments in automotive components. Automotive airbag manufacturers are working towards gaining technological insights and attracting mergers and acquisitions for market expansion.
Knee airbags are highly recommended for use to avoid injuries to the driver and front seat passenger legs during an accident. Manufacturers of vehicles are positioning the knee airbags below the dashboard to attain a higher safety rate. For instance, the generation of Toyota Fortuner from April 2016 was conferred a 5-star rating for utilizing knee airbags in Latin NCAP crash test. The market forecast for knee automotive airbags is pegged at a CAGR of over 4% up to 2026 in terms of annual revenues.
Automotive airbags can be segmented as coated or non-coated based on the fabric use. The coated automotive airbags yield more benefits than non-coated airbags in terms of long service life, high-quality sealing features, flame and high wear resistance, as they employ silicon and neoprene as coating materials in the fabric. For instance, WACKER has developed ELASTOSIL silicone rubber, innovative liquid grades of silicone rubbers for chest and head airbags for improving and maintaining functional safety.
According to the regional outlook, Asia Pacific is recognized as a promising market for automotive airbag companies. Forecasts claim that the regional market could register a compound annual growth rate of more than 5.5% by 2026. This growth can be attributed to rising awareness among local population about the importance of vehicle safety and surging presence of automobile companies. Notably, automotive OEMs are working on unveiling new vehicles with better safety standards with an affordable prices point. Federal bodies in APAC are meanwhile mandating compliance with strict safety norms and crash tests to enhance passenger safety.
Companies operating in the global automotive airbags market are constantly focusing on forming strategic alliances through collaboration and mergers to gain a technological edge over competitors. Manufacturers are investing in new product innovations to improve their system’s functionality. Citing an instance, earlier in June 2020, luxury automaker Acura developed the world’s first front seat airbag that wraps around the driver’s head to lower severe brain trauma. Evidently, the upcoming 2021 Acura TLX sports sedan would feature this new airbag.
Companies like Autoliv, Ashimori Industry, Denso Corporation, Continental AG, Joyson, Hyundai Mobis, Toyota Gosei, ZF Friedrichshafen AG, and Mitsubishi Electric are also leading the airbag industry landscape with their pioneering products.
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Some Point from Table of Contents;
Chapter 5. Automotive Airbags Market, By Fabric
5.1. Global automotive airbags market share by fabric, 2019 & 2026
5.2. Coated
5.2.1. Global market estimates and forecasts, 2016-2026
5.2.2. Market estimates and forecast, by region, 2016-2026
5.3. Non-coated
5.3.1. Global market estimates and forecasts, 2016-2026
5.3.2. Market estimates and forecast, by region, 2016-2026
Chapter 6. Automotive Airbags Market, By Vehicle
6.1. Global automotive airbags market share by vehicle, 2019 & 2026
6.2. Passenger
6.2.1. Global market estimates and forecasts, 2016-2026
6.2.2. Market estimates and forecast, by region, 2016-2026
6.3. Commercial
6.3.1. Global market estimates and forecasts, 2016-2026
6.3.2. Market estimates and forecast, by region, 2016-2026
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