Airbags are made up of a flexible fabric cushion, which inflate when the vehicle collides, and protect the passengers from striking the dashboard, steering wheel, window, etc. Modern vehicle airbags are deployed with advanced sensors that activate the airbag depending upon the intensity of collision and are placed in front and side part of the vehicle.
North America dominates the target market in terms of revenue and is expected to account for highest revenue share by 2026.
Increasing incidence of road accident deaths, due to vehicle collisions and crashes, has led to an increased demand for automotive safety systems, among which automotive airbag system is an essential component, which is a key factor driving growth of the global automotive airbag market. In addition, strict safety regulations imposed by government across the globe is another factor driving growth of the target market. Deployment of pedestrian airbags in some vehicles to protect individuals when they hit or collide with a vehicle, is also expected to further drive growth of the target market to a significant extent over the forecast period.
A major factor hampering growth of the global automotive airbag market is high replacement cost of airbags. Despite being a safety device, there are chances of airbag system failures, which may lead to death or severe injury to passengers, which is also expected to impede growth of the global market to a certain extent.
The global automotive airbag market is segmented on the basis of product type, sales channel, vehicle type, and region. On the basis of region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America dominates the target market in terms of revenue and is expected to account for highest revenue share by 2026. This can be attributed to presence of major airbag safety systems manufacturers and stringent government safety regulations in the region, especially in the US. The market in Asia Pacific is expected to expand with highest CAGR during the forecast period.
Key players in the global market are Autoliv Inc., Delphi Automotive Plc, Takata Corporation, Hyundai Mobis, Denso Corporation, Robert Bosch GMBH, Daicel Corporation, Toyoda Gosei Co. Ltd., Porcher Industries SA, ZF Friedrichshafen AG, and other prominent players.