Growth in Automotive Sector Expected to Drive World Airbag Market over the Forecast Period: Ken Research
An airbag is a part of the safety control system in vehicles, which quickly fill with air when an accident happens. It is used in vehicles to reduce the impact of collisions, accidents, or crashes. It is consisting of three main components for instance bag itself, inflation system and sensor. Bag is made of thin & nylon fabric and folded into steering wheel or dash board. The bag & inflator are enclosed together in the airbag module. In addition, sensor is located in the passenger compartment of a vehicle & towards the front, so if an accident occurs it is quickly detected. Most commonly used type of sensor is electro mechanical ball-and-tube design.
The key benefits are helps to prevent forced ejection, reduced risk of serious head trauma, increase in protection from slamming into the hard steering wheel and lowers insurance premiums. Apart from benefits, some of the risks are talcum powder residue, deployment ignition and inflation force.
According to study, “World Airbag Market Research Report 2024(Covering North America, Europe, China, South East Asia, Japan and India)” the key companies operating in the world airbag market are Autoliv, TRW (ZF) Automotive, Takata Corp., Ningbo Joyson Electronic Corp., Toyoda Gosei Corp., Nihon Plast Co. Ltd., Hyundai Mobis, Ashimori Industry Co., Ltd., Key Safety Systems, Neaton Auto Products Manufacturing Incorporation, Continental AG, Robert Bosch GmbH, East Joy Long, Delphi Automotive, Ashimor, Jinheng.
Based on type, airbag market is segmented into side airbag, front airbag, curtain airbag (head, torso and combo) and knee airbag. Based on element, market is segmented into inflation systems, crash sensors, and bags. Based on module type, market is segmented air bag and into inflator or gas generator segments. Based on yarn type, market is segmented into polyester and nylon. Based on coating or fabric type, market is segmented into non-coated, silicon coating, neoprene coating and others. Based on technology, market is segmented into pedestrian airbag, fuzzy logic software for airbag, smart airbag, and occupant sensor system. Based on distribution channel, market is segmented into aftermarket and OEM. OEM accounted for a substantial share due to increase in demand of new generation vehicles. In addition, based on application, market is segmented into commercial vehicle hatchbacks & sedans, premium vehicle and SUV & crossovers.
The airbag market is driven by growth in automotive sector & competition among car manufacturers, followed by rise in consumer awareness towards vehicle safety features, increase in disposable income, stringent government regulations, rise in use of advanced technology in automotive safety, and increase in number of road accidents. However, high replacement cost and advanced technological features that increase car prices may impact the market. Moreover, introduction of airbag in new segment (two wheelers) and low cost of production in developing nations are key opportunities for market.
Based on geography, North-American region holds major share, followed by European region in airbag market owing to increase in technological advancements in passive protection components of vehicles in the region. China, India and Japan countries are expected to witness higher growth rate due to easy finance availability & frequent launch of new vehicle models and rise in demand for safer vehicles over the forecast period.
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Ankur Gupta, Head Marketing & Communications