by The global airbag market is poised for significant growth as consumers increasingly prioritize vehicle safety features and governments around the world enact stringent regulations to enhance road safety. In a world with a growing number of vehicles on the road and a corresponding increase in accidents, airbag systems have become essential in safeguarding lives during unexpected crashes.
Airbags play a crucial role in preventing head, neck, chest, and face injuries that may otherwise result from accidents. The rising production of passenger vehicles and heightened consumer awareness of vehicle safety contribute to the growing demand for airbags. According to the World Health Organization, approximately 1.25 million people lose their lives annually in road accidents, further underscoring the need for enhanced vehicle safety measures.
Government Regulations Drive Adoption
Governments worldwide are recognizing the importance of ensuring the safety and security of their citizens on the road. For example, the Indian government has mandated the installation of airbags in all cars, including the cheapest models. After successfully implementing the mandatory fitment of two airbags for front-seat occupants, the government is expediting the installation of four more airbags for rear-seat passengers. Road accident data from the National Crime Records Bureau revealed that approximately 13% of total road fatalities in India were car occupants, highlighting the critical role of airbags in saving lives.
Advanced Safety Systems Gain Traction
Automobile manufacturers are increasingly offering vehicles equipped with advanced safety systems, such as side airbags (SABs), to minimize chest injuries in side-impact collisions. For instance, Autoliv Inc. introduced a front-center airbag designed to reduce the risk of head, shoulder, and chest trauma in side-impact crashes.
Technological advancements in vehicle airbags, including pedestrian airbags, rear-seat airbags, external airbags, and roof airbags, are expected to drive market expansion. Key market players are continuously investing in research and development to introduce innovative products, with government safety regulations supporting mass production through tax rebates and subsidies.
Passenger Vehicles Lead Growth
The passenger vehicle segment is projected to experience the fastest growth in the airbag market. This growth is driven by increased sales and production of passenger cars, particularly in developing countries. The total number of airbags installed in sedans, utility vehicles, and hatchbacks far surpasses those in commercial vehicles. However, the commercial vehicle segment is also growing as manufacturers seek to enhance occupant safety in response to an increasing number of commercial vehicle accidents.
Asia Pacific Emerges as a Key Market
Asia Pacific is anticipated to be the fastest-growing region for the airbag market. Stringent safety standards implemented in countries like China, India, Malaysia, and Thailand are expected to drive demand. The region boasts a significant share of the global vehicle airbag market due to the presence of numerous vehicle manufacturers and major airbag producers. In 2021, India saw a substantial increase in passenger car sales, and manufacturers are responding by increasing the deployment of airbags to improve driver and passenger safety.
North Americas Regulatory Environment
In North America, the airbag market is thriving due to rigorous safety regulations enforced by government agencies such as the National Highway Traffic Safety Administration (NHTSA). These regulations mandate the inclusion of airbags in light-duty commercial vehicles and passenger cars. Technological advancements in North America enable key players to develop and introduce new airbag products to the market.
Competitive Landscape
Several key players dominate the airbag market, including Hyundai Mobis Co Ltd., Autoliv Inc., Rane Group, Daicel Corporation, Joyson Safety Systems, ZF Friedrichshafen AG, Kolon Industries Inc., Toyoda Gosei, Toray Industries, and Neaton Auto Products Manufacturing.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/airbag-market
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This press release first seen on Brilad
COMTEX_441955498/2840/2023-10-16T03:28:00
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.