Airbag Market to Garner $47.0 Bn, Globally, by 2030 at 5.7% CAGR: Allied Market Research

Rise in consumer awareness about vehicle safety features, increase in number of road accidents, and rapid growth of the automotive sector coupled with competition among car manufacturers drive the global airbag market.

PORTLAND, Ore., April 18, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Airbag Market by Module (Inflator, Air bag), by Type (Front Airbag, Knee Airbag, Side Airbag, Curtain Airbag), by Vehicle Type (Passenger Vehicle, Commercial Vehicle), by Material (Polyester Fiber, Nylon, Others), by Sales Channel (OEM, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020-2030" As per the report, the global airbag industry was accounted for $27.6 billion in 2020, and is expected to reach $47.0 billion by 2030, growing at a CAGR of 5.7% from 2021 to 2030.

Major determinants of the market growth

Increase in consumer awareness toward vehicle safety features, surge in number of road accidents, and growth of the automotive sector along with competition among car manufacturers have boosted the growth of the global airbag market. However, high replacement cost and advanced technological features that increase car prices hinder the market growth. On the contrary, introduction of airbags in two-wheelers and low production cost in developing nations would unlock new opportunities in the future.

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Covid-19 scenario:

• The Covid-19 pandemic created uncertainty in the market, especially in the automotive sector. The closure of large-scale manufacturing facilities reduced the demand for automobiles. This impacted the demand for airbags.
• The pandemic forced the automotive industry to look for alternate sources and prioritize import of raw materials. Moreover, the prolonged lockdown disrupted the supply chain.
• However, as the world recovers from the pandemic, the demand for passenger cars is likely to increase in the future.  

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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.

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.

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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.

Major market players

• Autoliv Inc.
• Joyson Safety Systems
• Hyundai Mobis
• Daicel Corporation
• Toray Industries, Inc.
• Rane Group
• Kolon Industries, Inc.
• Toyoda Gosei Co., Ltd.
• Neaton Auto Products Manufacturing, Inc.
• ZF Friedrichshafen AG.

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