Product ID: SQSG25A2013
Report ID: SQSG25A2013 | Region: Global | Published Date: August, 2022 | Pages: 246 | Tables: 63 | Figures: 75
Automotive Airbag Market size was valued at USD 47.96 billion in 2021 and is poised to grow from USD 51.46 billion in 2022 to USD 97.02 billion by 2030, growing at a CAGR of 7.3% in the forecast period (2023-2030).
According to WHO, road traffic accident claims the lives of about 1.3 million individuals every year. Injuries that are not fatal affect between 20 and 50 million more people, many of whom develop disabilities as a result of their injuries. For individuals, their families, and entire nations, road traffic accidents result in significant economic losses. These losses are caused by the price of medical care, lost wages from the time that family members must miss from work or school to care for the injured, and the costs associated with treating those who die or become disabled as a result of their injuries. Most nations lose 3% of their gross domestic product annually to traffic accidents.
More clients are adopting mobile lifestyles, which raises the significance of technical characteristics. A lot of people used to spend a lot of time outside of their homes before nightfall, with their homes serving as a go-to centre. Many Automotive Airbags are already designed with travel in mind, and over the past several years, participation in adventure sports and other leisure activities has significantly increased, fueling the market's expansion.
US Automotive Airbag Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global automotive airbag market is segmented based on the type, vehicle type, and region. Based on the type, the global automotive airbag market is segmented as front, side, knee and curtain. Based on vehicle type, the global automotive airbag market is segmented as passenger car and commercial vehicle. Based on region, Automotive Airbag Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Automotive Airbag Market Analysis by Type
Based on the type, the automotive airbag market is bifurcated into front, side, knee, and curtain. The front type segment has the largest market share for automotive airbags and is expected to dominate the market over the forecast period. As most accidents involve head-on collisions, frontal airbags significantly lower the number of fatalities. The curtain-type segment is also anticipated to fuel the market's expansion. The risk of a passenger sitting on the side suffering a severe head injury is reduced by these airbags by roughly 50%. The installation of curtain-type airbags in commercial vehicles is another factor that will likely drive up demand. For instance, rollover side curtain airbags are now standard on Scania's next-generation trucks to protect drivers in rollover accidents.
Automotive Airbag Market Analysis by Vehicle Type
Based on vehicle type, the automotive airbag market is segmented into passenger car and commercial vehicle. The passenger car segment held the largest market share and is expected to continue to rule the industry over the coming years. The market is anticipated to grow as a result of rising passenger car sales and production in developing nations. The tightening of government regulations pertaining to passenger safety is also anticipated to fuel market expansion. Followed by commercial vehicles having a significant market share. Vehicle manufacturers have implemented vehicle safety systems to improve occupant safety as a result of the increase in crashes involving commercial vehicles. Each year, there are about 500,000 truck collisions in the US and there are about 6,000 fatal trucking accidents every year. This element is probably what will fuel the commercial vehicle segment expansion.
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Europe is expected to control the automotive airbag market share. Due to strict government regulations regarding vehicle occupant and pedestrian safety. The results of the Euro NCAP are actively promoted by France, the UK, and Sweden. Sweden is promoting its internal travel policy, which calls for vehicles used for official business to have a 5-star safety rating. The North America market share is anticipated to increase significantly over the course of the forecast period. Airbags are a requirement for passenger cars and light-duty commercial vehicles under the Intermodal Surface Transportation Efficiency Act of 1991. This is leading to an increase in the market for automotive airbags in this area. Also anticipated for Asia Pacific is a healthy growth rate. The rising vehicle production and sales in developing countries like China and India are expected to fuel market expansion in this region. The growing consumer awareness of the significance of vehicle safety systems is likely to be advantageous for the Asia Pacific market.
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Global automotive airbag market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Top Players in the Global Automotive Airbag Market
Automotive Airbag Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global automotive airbag market analysis, in terms of type, the front type segment has the largest market share for automotive airbags and is expected to dominate the market over the forecast period. As most accidents involve head-on collisions, frontal airbags significantly lower the number of fatalities. In terms of vehicle type, the passenger car segment held the largest market share and is expected to continue to rule the industry over the coming years. The market is anticipated to grow as a result of rising passenger car sales and production in developing nation.
|Market size value in 2021||USD 47.96 billion|
|Market size value in 2030||USD 51.46 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Automotive Airbag Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automotive Airbag Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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