Automotive Airbags Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Automotive Airbags Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Automotive Airbags Market

The Automotive Airbags market size was valued at USD 15.68 billion in 2023, and the market is now projected to grow from USD 16.33 billion in 2024 to USD 27.74 billion by 2032, exhibiting a CAGR of 4.23% during the forecast period of 2024-2032.

As a result of COVID-19 epidemic, the automotive airbags market was affected due to supply chain interruptions and reduced vehicle production. The recent decrease in vehicle buying emanated from lockdowns and economic uncertainty. However, we anticipate that the automotive airbag market growth will soon involve the effects of coronavirus disease which had led to decline in its demand. This is because economies are recovering while at the same time automobile demand is rebounding through this waivering sector.

Increased demand for automotive airbags is driven by rising concerns over vehicle safety. The automotive airbags market share is growing as consumers and regulators commit to safety features, hence leading to enhanced airbag technology by manufacturers for greater efficiency in passenger protection against higher safety standards.

To improve passenger safety, the leading companies are developing airbag technology. In June 2023, Autoliv unveiled a new module for the passenger airbag system which uses Bernoulli’s principle to achieve more efficient inflation of larger bags. Expected in Q3, this solution minimizes both product development cycle time and expenditure and will be demonstrated during Financial Analyst Conference by Autoliv.

Comprehensive Automotive Airbags Market

The Automotive Airbags market is growing at an exponential rate due to its market segmentation. These segmentations are methodically segregated by Type Analysis, by Vehicle Type Analysis, by Component Analysis. The Type Analysis includes frontal airbag, side airbag, and others. The Vehicle Type Analysis includes hatchback/sedan, SUV, LCV, and HCV. The Component Analysis includes airbag inflator, impact sensors, indicator lamp, and others.

The Asia Pacific region lead the Automotive Airbags market by benefitting a market size of USD 9.54 billion in 2023 due to the companies produce millions of vehicles each year, which leads the region to the demand for the Asia Pacific market.

The top players in the market play a crucial role in the Automotives industry assuring industrial prospectus development and setting market standards. These players include, Autoliv Inc (Sweden), Joyson Safety System (U.S.), Robert Bosch GmbH (Germany), Toyoda Gosei Co. Ltd (Japan), Hyundai Mobis Co. Ltd (South Korea), Denso Corporation (Japan), Hyundai Mobis Co. Ltd (South Korea)Magna International (Canada), Aptiv PLC (Ireland), Magna International (Canada), Valeo SA (France), ZF Friedrichshafen AG (Germany) these market players provide a competitive landscape.

In June 2023, Autoliv China and NIO Inc. have entered into an agreement for joint research that focuses on a novel kind of protective equipment which gives full cover to people occupying all possible seats. Progress that has been made by these two companies will increase the level of protection during driving process as well as make car cabin more versatile. Last but not least, the program includes use bio-materials in airbags pillows and safety belts straps.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 6.8% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Type

Frontal Airbag

Side Airbag

Others

By Vehicle Type

Hatchback/Sedan

SUV

LCV

HCV

By Component

Airbag Inflator

Impact Sensors

Indicator Lamp

Others

By Region

North America (By Type, Vehicle Type, and By Component)

- U.S. (By Vehicle Type)

- Canada (By Vehicle Type)

- Mexico (By Vehicle Type)

Europe (By Type, Vehicle Type, and By Component)

- U.K. (By Vehicle Type)

- Germany (By Vehicle Type)

- Spain (By Vehicle Type)

- Rest of Europe (By Vehicle Type)

Asia Pacific (By Type, Vehicle Type, and By Component)

- China (By Vehicle Type)

- India (By Vehicle Type)

- Japan (By Vehicle Type)

- South Korea (By Vehicle Type)

- Rest of Asia Pacific (By Vehicle Type)

Rest of the World (By Type, Vehicle Type, and By Component)