The global airbag market is anticipated to grow at a significant CAGR of 7.3% during the forecast period. Some of the factors adding to the growth of the market include the rising number of road accidents and increased awareness of road safety among the general population. Road accident has become a significant concern globally, which increases the requirement for the implementation of strict safety regulations by different governments. According to World Health Organization (WHO), approximately 1.3 million people die each year as a result of road traffic crashes, and between 20 and 50 million more people suffer non-fatal injuries. Thus, to improve overall vehicle safety and reduce the number of crashes, airbags are widely used in vehicles to reduce the impact of accidents. Furthermore, a rise in awareness among the general population has led consumers to spend more on the vehicle's safety features. Thus, the rise in the number of fatal road accidents and the government's implementation of strict safety rules to prevent them are expected to boost the market's growth.

Impact of COVID-19 Pandemic on Global Airbag Market

The COVID-19 pandemic highly impacted the automotive industry, as a disorder in global supply chains and trade barriers all over the world consequently slowed down global vehicle production and reduced demand for vehicles across the globe. Halt in production and global shutdown led to a drop in sales of passenger vehicles. Moreover, due to stoppage of transportation and shipping services reduced demand for commercial vehicles as well.

Segmental Outlook 

The global airbag market is segmented based on the type and vehicle segment. Based on the type, the market is segmented into the front airbag, side airbag, curtain airbag, and knee airbag. Based on, the vehicle segment the market is sub-segmented into passenger cars and commercial vehicles. The passenger vehicle segment is further segmented into a hatchback, sedans, and SUVs. The above-mentioned segments can be customized as per the requirements. Among the vehicle segment, the hatchback is the most sold vehicle globally and hence will have the largest share in the market.

Global Airbag Market Share by Type, 2021 (%)

Front Airbag Segment is anticipated to Hold a Prominent Share in the Global Airbag Market

A front airbag is mounted on the front side of the vehicle as a driver's airbag and a front passenger airbag. The front airbag is estimated to hold a prominent share in the market globally, due to the increasing deployment of the front airbag and government rules regarding airbags in passenger cars. For instance, the Ministry of Road Transport and Highways in a gazette notification announced the new rule regarding the mandatory provision of dual front airbags as standard fitment in all new vehicles from 1 April 2021. The side airbag and curtain airbag will also have a considerable market share as most of the cars in North America and Europe have side airbags and curtain airbags.

Regional Outlooks

The global airbag market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Strict safety norms, high purchasing power, a developed automotive market, and awareness of safety are the key drivers for the European and North American markets.

Global Airbag Market Growth, by Region 2022-2028

The Asia-Pacific Region is Expected to Hold a Prominent Share in the Global Airbag Market

The Asia-Pacific region is expected to hold a prominent share in the global airbag market owing to a huge potential market for vehicle production. Major countries contributing to the vehicle market such as China, Japan, India, and South Korea. Additionally, the region is also expected to have a significant growth rate. China is the largest market share of cars globally and shares about 34% of global sales. According to IEA.org, China sold 25 million cars in 2019. It is expected to be the biggest exporter of cars as the manufacturing cost is low and most of the big automotive players are increasing their investment in the country. Apart from China; Japan and India are also big market players in the airbag industry. The car market of India and Japan combined sold 8 million cars in 2019. Strict regulation related to public safety is also expected to drive the market in India.

Market Players Outlook

The major companies serving the global airbag market include Aptiv Global Operations Ltd., Daicel Corp., DENSO Corp., Joyson Safety Systems Aschaffenburg GmbH, ZF Friedrichshafen AG, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in 2019, Indorama Ventures Public Company Limited (IVL) completed the acquisition of UTT Beteiligungsgesellschaft mbH which is a leading supplier of airbag fabrics. This acquisition reinforces IVL’s position as a global leader and integrated supplier of airbag yarns and textiles. 

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global airbag market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.