Press Release
Press Release
According to a new report by EMR titled, ‘Global Automotive Airbags Market Report and Forecast 2024-2032’, the global automotive airbags market attained a value of about USD 15.31 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 9.57% to reach nearly USD 34.84 billion by 2032.
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.
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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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