Automotive Airbag Market Future Scenario, Key Insights, Top Companies by year 2033
ESOMAR-certified consulting firm Future Market Insights’ report on global automotive airbag market project a steady growth at 4.4% CAGR over the forecast period of 2023 to 2033. The market revenue is anticipated to reach a value of US$ 12.2 billion in 2023 and increase to US$ 35 billion by 2033. 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
- By vehicle type, passenger cars will emerge as primary automotive airbag end-users, accounting for 77% market share.
- In terms of sales channel, original equipment manufacturers segment is likely to emerge as the most lucrative segment
- In terms of yarn type, Nylon-based airbags are the most preferred choice due to their better physical properties as compared to the polyester based airbags
- Neoprene coated airbags will account for more than 70% of global market share during the forecast period
- Japan and South Korea will collectively account for over 16% of global market share over the forecast period
- Germany and the U.K. are anticipated to lead the Europe’s automotive airbag market, exhibiting the growth at 3.50% CAGR
“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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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
By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Product Type:
- Driver Airbag
- Passenger Airbag
- Side Airbag
- Curtain Airbag
- Knee Airbag
- Other Airbags
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By Coating Type:
By Yarn Type:
By Sales Channel:
- Original Equipment Manufacturers (OEMs)
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific excluding Japan
- Middle East and Africa (MEA)