Driven by the implementation of strict occupant safety standards in cars worldwide, the global automotive airbag market is expected to grow at a CAGR of 8% till 2031, stated Transparency Market Research (TMR).
According to TMR, the next-generation market intelligence provider offering fact-based solutions to business leaders, consultants, and strategy professionals, the global automotive airbag market was valued at over $ 12.1 billion in 2020.
Another significant element driving the global automotive airbag market is improving public awareness regarding safety features. In addition, automakers include airbags as a standard feature in their automobiles to persuade more people to buy them. As a result, the global automotive airbag market is anticipated to grow even faster, the report said.
Some of the key market players in this space include Robert Bosch, Hella, Nihon Plastic Company, Calsonic Kansei Corporation (Mareli), Hyundai Mobis and Denso.
TMR finds that the next-generation sensor technology will reduce the risk of airbag injury. With the development of sensors in cars to glean data that guarantees various control units communicate better, the automotive airbag market is expected to experience a considerable shift shortly. These control units include belt tensioners, airbags, and other vehicle features that quickly detect an imminent collision.
Leading Japanese carmaker Honda has collaborated with Autoliv, a Swedish airbag producer, to reduce injuries in various collisions. The key to gaining a competitive advantage over other manufacturers in the automotive airbag industry is to invest in research and development activities. They are stepping up their efforts to put the airbag closer to the passenger to reduce the risk of airbag injuries.
Sedan makers leverage the emerging opportunities from rear seat airbags
In the automotive airbag market, rear-seat airbags are a game-changing invention, says TMR. For instance, the new Mercedes S-Class is gaining popularity due to its one-of-a-kind rear-seat airbags, which cushion passengers in the event of a frontal collision. The automotive airbag market is drawing inspiration from such advancements to expand their research into sedan-specific rear-seat airbags. Airbag manufacturers and automakers are expected to work together to provide safe sedans with improved overall ergonomics, such as inflated seat belts and the addition of kid seats. In addition, the airbag systems at the rear of the front seat see increased production by companies.
Growth drivers
Increasing vehicle density in larger cities and increased traffic congestion, and human errors while driving are expected to raise the risk of car accidents. To mitigate such unforeseeable circumstances, customers are demanding automobiles with enhanced safety measures. As a result, the increased demand for automobile safety is pressuring automakers to include sophisticated safety technologies in their vehicles.
Industry players are leading the market with technical innovations that improve vehicle passenger safety. Key industry participants are pursuing the development and design of new automotive airbag systems that considerably lower the likelihood of damage to vehicle occupants in the event of a vehicle collision.
Courtesy: Transparency Market Research. NB: Photo is representational; courtesy: Bosch.