IMARC Group, a leading market research company, has recently released a report titled “Airbag Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global airbag market trends, size, share, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How Big is the Airbag Market?
The global airbag market size reached US$ 29.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 48.1 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028.
What is an Airbag?
An airbag refers to a vehicle occupant-restraint system that is designed to inflate and deflate promptly and protect occupants during a collision. As the vehicle is decelerated to slow down the passenger’s forward motion, an airbag receives signals from sensors. It aids in reducing the impact of the accident and prevents driver fatalities and severe head injuries in frontal crashes. An airbag also helps in minimizing chest injuries in side-impact collisions. It provides side-curtain and knee airbags to significantly lower the risk of damages on the hips, knees, and thighs.
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What are the Growth Prospects and Trends in the Airbag Industry?
The inflating income levels of consumers and elevating levels of urbanization are leading to an increase in the sales of passenger vehicles across the globe, which is primarily driving the airbag market. Furthermore, several government bodies are mandating the installation of airbags in vehicles to minimize road traffic injuries, which is also catalyzing the product demand. Moreover, the increasing use of commercial trucks to transport cargo, ranging from food products to heavy machinery, and the rising focus of various manufacturers towards introducing airbags for heavy-duty trucks is further propelling the market growth. Additionally, the introduction of advanced airbags, such as a front center for far side-impact, is also expected to fuel the global airbag market over the forecasted period.
Who are the Key Players Operating in the Airbag Market?
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Autoliv Inc.
- Continental AG
- Daicel Corporation
- DENSO Corporation
- Hyundai Motor Group
- Joyson Safety Systems (Ningbo Joyson Electronic Corp.)
- Neaton Auto Products Manufacturing Inc. (Nihon Plast Co. Ltd.)
- Robert Bosch GmbH
- TOYODA GOSEI Co. Ltd.
- ZF Friedrichshafen AG.
What is Included in Market Segmentation?
The report has categorized the market based on type, module, vehicle type and sales channel.
Breakup by Type:
- Frontal Airbag
- Knee Airbag
- Side Airbag
- Curtain Airbag
- Others
Based on Module:
- Inflator or Gas Generator
- Air Bag
- Crash Sensors
Analysed by Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
Breakup by Sales Channel:
- Original Equipment Manufacturers
- Aftermarkets
Regional analysis:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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