Press release
Automotive Airbag Market to Receive Overwhelming Hike in Revenues By 2031 | TMR Study
The purpose of the airbag is to provide a vehicle occupant with a soft cushioning and restraint during a collision. It can reduce injuries caused due to the flailing occupant colliding with the interior of the vehicle. The Federal government has required automakers to install driver and passenger airbags for frontal impact protection in all cars, light trucks, and vans since the 1999. Front airbags are designed to inflate in moderate to severe frontal crashes in order to prevent a person's head and chest from colliding with hard surfaces or structures in the vehicle. In March 2020, HYUNDAI MOBIS announced that it had successfully developed a roof airbag that prevents passengers from being ejected out of the sunroof and getting injured in case of a rollover accident.Rise in transportation activities among the population, globally, is expected to boost the demand for vehicles globally. Steady rise in employment, business investment, and industrial productivity has significantly contributed to the gross domestic product (GDP) and real disposable income. This increase in per capita income, along with growing industrialization has boosted the sale of passenger vehicles and commercial vehicles across the globe for transportation of people and goods.
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Moreover, enactment of stringent emission regulations by government authorities in order to curb air pollution hampered the global vehicle production in 2019 and the Coronavirus pandemic also negatively affected the production of vehicles across the globe in 2020. However, an increase in the demand for electric vehicles is expected to offer significant opportunities for players operating in the automotive airbag market.
Government Funding to Enhance Vehicle Safety to Boost Global Automotive Airbag Market
Government initiatives such as funding of several projects to enhance passenger safety are anticipated to fuel the global automotive airbag market. For instance, automakers come together within the European Council for Automotive R&D - EUCAR to co-ordinate proposals for EU funded research. In 2017, the European Commission funded the airbag valve technology, including personalized safety airbags (I-Valve) project with an aim of developing superior safety technologies for automobiles. The valve modifies airbag deployment intensity as per vehicle speed, passenger height and position, and point of collision.
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The industry has also witnessed the development of new products and technologies, including pedestrian airbags, smart airbags, and occupant sensor systems to cater to a rise in the demand for more innovative and safer airbags. For instance, in July 2021, Toyoda Gosei Co., Ltd. developed its driver-side airbag with a new innovative donut-shaped structure to cradle and hold the head & reduce rotation of the driver during frontal collisions and mitigate the impact on the driver's head & chest. Thus, the increased sophistication of systems & competitive dynamics and development of rollover & side impact systems compel large-scale vehicle manufacturers on promoting usage of airbags, including occupant sensing systems and anticipatory crash technologies.
In terms of component, the global automotive airbag market has been classified into airbag inflator, diagnostic monitoring unit, crash sensor, and others. The diagnostic monitoring unit segment held a key share of 44.3% of the global market in 2021. The segment is estimated to maintain its position in the market and grow at a CAGR of more than 6.1% during the forecast period. It is also known as an airbag module, which is responsible for receiving information from the collision sensor. This information is then relayed to the airbag sensors and the airbags are deployed during an impact. In the automotive airbag assembly, the average cost of the diagnostic monitoring unit is higher as compared to the cost of other components, consequently contributing to the segment to account for a large share, in terms of revenue. This, in turn, is likely to propel the diagnostic monitoring unit segment during the forecast period.
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The global automotive airbag market is fragmented with a high number of manufacturers controlling the market share and key companies possessing the potential to increase the pace of growth by the way of adoption of newer technologies and consistent changes in their vehicles.
Diversification of product portfolios and mergers & acquisitions are strategies adopted by key players. Some of the prominent manufacturers identified in the automotive airbag market across the globe are Aptiv Inc., Autoliv Inc., Calsonic Kansei Corporation (Mareli), Continental AG, Delphi Automotive, Denso Corporation, Hella GmbH & Co. KGaA, Hyundai Mobis Co. Ltd, INVISTA, Joyson Safety Systems, Magna International, Nihon Plastic Company Co. Ltd, Robert Bosch GmbH, Takata Corporation, Toyota Gosei, Valeo SA, and ZF Friedrichshafen.
Each of these players has been profiled in the automotive airbag market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
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