Governments of several countries are employing strict regulations and standards for safety to minimize fatalities and reduce injuries owing to accidents, by making airbags installation mandatory in vehicles. Automotive airbag market is expected to grow at a steady rate during the forecast period due to growing demand for efficient, convenient, and safe driving experience.
The global automotive airbag market is expected to grow at a steady rate during the forecast period due to growing demand for efficient, convenient, and safe driving experience. The industry is also propelled by increase in number of road accidents and implementation of stringent safety regulations as per governments’ guidelines to avert the rise in road accidents.
Use of airbags even in the low-end and medium-end cars are offering growth opportunities for the market across the globe.
On the basis of airbag type, the automotive airbag market has been classified into curtain and side airbag, front airbag, and knee airbag.
Among these, the demand for curtain and side airbags is projected to grow significantly in the automotive airbag industry during the forecast period as these airbags are effective and provide safety to travellers in situation of rollover crash. Also, curtain and side airbags offer head and neck protection to commuters in side collision crashes.
These factors fuel the growth of the market.
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Globally, North America held the largest share in the market during the historical period. This progress is ascribed to execution of strict regulations by governments and administrations for safety of passengers.
For example, the U.S. Highway Safety Act of 1991 instructs usage of airbags and anti-lock braking system (ABS) characteristics in all passenger cars. The United States New Car Assessment Program (US NCAP) provides ratings to automobiles for safety so as to advance safety attributes in the automobiles.
However, the Asia-Pacific automotive airbag market is expected to witness the fastest growth during the forecast period. Increased vehicle production coupled with increased incorporation of airbags in these vehicles is driving the market growth in the region.
Increase in number of deaths due to growing car accidents, growing alertness about safety of automobiles, and inclination toward advanced technologies in automotive to lessen the impact of accidents are some of the drivers for the growth of the automotive airbag market. As stated by World Health Organization (WHO), in 2018, near about 1.3 million accidents happen on road every year across the globe, of which, around 93% road traffic death happens in developing countries.
In India, from October 2017, Ministry of Road Transport and Highways mandated airbags, in all new models of car and for clearance of side crash and frontal tests together with pedestrian protection tests. These factors are anticipated to drive the demand for automotive airbags over the estimated period.
Increase in cost of vehicle due to high installation cost of airbag and its replacement cost, and high barriers to exit are the major restraints for the growth of the market. In addition, a wide variety of sensors and safety technologies have changed and advanced very quickly over the last few years.
This lets manufacturers to develop new variety of high-level driver assistance features to improve crash avoidance or crash mitigation. During the coming years, automobiles are probable to be armed with algorithms, which can antedate hazards and warn or intervene drivers about them.
To some extent, this may attitude as an indirect hazard to the evolution of the automotive airbag market.
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Automotive Airbag Market Competitive Landscape
Some of the key players functioning in the global automotive airbag market are Continental AG, Robert Bosch GMBH, Autoliv Inc., DENSO Corporation, ZF Friedrichshafen AG, Aptiv PLC, Hyundai Mobis Co. Ltd., Nihon Plast Co. Ltd., and Ningbo Joyson Electronic Corp.
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