Global Automotive Airbags Market to Grow at a CAGR of 9.57% During 2022-2027, Driven by the Rising Vehicle Ownership

Geographically, the Asia Pacific region is one of the significant markets for automotive airbags. This can be attributed to the increasing production of vehicles across developing countries in the region, including China and India, which, in turn, is surging the installation of automotive airbags. With the rising disposable incomes and the increasing car ownership, the utilisation of automotive airbags is increasing and driving the market. The growing sales of luxury vehicles among the affluent class in the region are also expected to boost the market growth of automotive airbags. Further, advancements in airbag technology to prevent fatalities and injuries in front-end collisions is anticipated to propel the growth of the market in the forecast period.

In February 2022, Autoliv Inc. (NYSE: ALV), one of the leading companies in the market, collaborated with Nuro to provide exterior airbags to the latter’s autonomous vehicles. The collaboration ensures optimal safety of Nuro’s production-grade and third-generation autonomous vehicle delivery. The airbags cover the front of the vehicle when inflated to protect road users like motorcyclists, pedestrians, and cyclists, among others. Through the collaboration, the company also showcases its innovations to develop advanced safety products for new markets while offering the highest standard of road safety. As Nuro is one of the first companies to receive a deployment permit from the California Department of Motor Vehicles and launch the first commercial autonomous vehicle in the state, the collaboration enhances the company’s offerings of automotive safety solutions. Such developments are expected to bolster the market growth in the forecast period.

Market Analysis by Airbag Type, Vehicle Type, Sales Channel and Region:

• The market, on the basis of airbag type, can be segmented into knee, front, and curtain and side, among others.
• Based on vehicle type, the industry can be divided into passenger cars and commercial vehicle, among others.
• The major sales channels for automotive airbags includes OEM and aftermarket.
• The regional markets for automotive airbags include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Technological advancements and innovations in automotive airbags to enhance the safety and performance of automobiles are driving the market growth.
• The introduction of various stringent government regulations to boost road safety is mandating the integration of automotive airbags in new vehicle models, which is augmenting the growth of the market.
• With the growing demand for fuel and cost-efficient vehicles, automotive airbags with lightweight and enhanced flexibility are increasingly preferred, hence invigorating the industry’s expansion.
• The rising investments by the key players to boost new developments and innovations in airbags are predicted to aid the market growth in the forecast period.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for automotive airbags for the periods (2017-2021) and (2022-2027).
• The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the airbag types, vehicle types, sales channels, and major regions of automotive airbags.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global automotive airbags market are Joyson Safety Systems Aschaffenburg GmbH, Autoliv Inc., TOYODA GOSEI Co., Ltd., and ZF Friedrichshafen AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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