Automotive Airbag Market - 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)

Automotive Airbag Market - 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)

The global automotive airbag market has achieved a significant milestone, surpassing a valuation of US$ 10 billion in the year 2022. The market is now poised for robust growth, fuelled by increasing sales of passenger vehicles, stringent vehicle safety guidelines, and growing emphasis on road safety by governments worldwide. The market is expected to observe a strong growth trajectory by the end of this decade, reaching new heights by 2030.

Rising Passenger Vehicle Sales Drive Market Growth:
The demand for automotive airbags has been boosted by the increasing production and consumption of passenger vehicles worldwide. Developing countries like India and China have witnessed a notable trend of people under 30 years of age switching from bikes to cars, supported by growing consumer affluence, rising spending power, increased road commute, and easy availability of car loans. Furthermore, there is a growing focus on ensuring the safety of passengers and drivers, further augmenting the demand for automotive airbags in the market.

Stringent Safety Guidelines and Government Focus on Road Safety:
Governments across the globe are actively directing automotive manufacturers to enhance safety features in vehicles to reduce accidents and safeguard drivers and passengers. The inclusion of airbags has become mandatory in many countries, driving the adoption of automotive airbags by OEMs. For instance, India's Ministry of Road Transport and Highways mandated the inclusion of dual front airbags as standard fitment in all new vehicles from April 1, 2021, to improve safety.

Coated Airbags Preferred and Silicon Coating in High Demand:
The global automotive airbag market currently witnesses a preference for coated airbags made from fabrics like nylon and polyester. Among the coatings, silicon coating is sought after due to its higher strength, easy recyclability, and ability to dissipate heat generated during airbag deployment, reducing the risk of injuries. Silicon-coated airbags deflate easily once fully inflated, making them more effective and widely adopted in North American and European automotive markets.

Asia Pacific Offers Lucrative Growth Opportunities:
Asia Pacific stands as the largest producer of vehicles globally, with strong presence of leading manufacturers and numerous country-level producers. The region has witnessed significant adoption of electric vehicles, with China emerging as the largest consumer. With growing demand for vehicles in countries like India, China, Vietnam, and Thailand, many market players are shifting their production bases to take advantage of cheap labor, easy access to raw materials, and favorable FDI regulations.

Supportive Role of Asian Governments:
The growth of the global automotive airbag market is further supported by Asian governments' emphasis on maximizing driver and co-passenger safety. The introduction of mandatory airbag rules by the government of India is an example of such support, promoting the adoption of automotive airbags in the region.

Key Players:
Key players in the global automotive airbag market include Joyson Safety Systems (US), Autoliv (Sweden), Toyota Gosei (Japan), ZF Friedrichshafen (Germany), Denso (Japan), and Hyundai Mobis (South Korea).
With the growing focus on road safety and the increasing demand for passenger vehicles, the global automotive airbag market is poised for strong growth in the coming years, meeting the safety needs of consumers worldwide.

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