Market Insight-Global Car Airbag Market Overview 2022
The Global Car Airbag Market Size was estimated at USD 12490.00 million in 2021 and is projected to reach USD 15370.00 million by 2028, exhibiting a CAGR of 3.00% during the forecast period– Bossonresearch.com
An airbag is a part of the safety restraint system in cars rapidly filled with air when an accident occurs. They are soft pillow-like balloons consisting of a sensor, and inflation system, which are bags folded into the steering wheel, dashboard, seat, door, or roof. The primary purpose of the airbag is to cushion the driver or passenger during vehicle crashes & protect the body from striking interior objects of the vehicle such as the steering wheel or window. In the event of a collision, the sensors inside the vehicle give factual information to the airbag electronic controller unit (ECU), including collision sort, angle, and cruelty of impact. The airbag ECU’s crash algorithm determines the impression of a crash & triggers several igniting circuits to deploy one or more airbag modules within the vehicle. A modern vehicle is designed with multiple airbags situated on a different sides and the frontal location of the person driving the vehicle.
According to Bosson Research, the Global Car Airbag Market Size was estimated at USD 12490.00 million in 2021 and is projected to reach USD 15370.00 million by 2028, exhibiting a CAGR of 3.00% during the forecast period. Various advancements in vehicle passive safety systems and increased demand for safer, efficient, and convenient driving experience are driving the market for automotive airbags & seatbelts.
Figure Global Car Airbag Market Size
Source: Bossonresearch.com, 2022
Impact of COVID-19 Pandemic on the Market
Numerous regions continue to remain weak owing to their limited capacity to manage additional outbreaks of the COVID-19, Irregular and sudden lockdowns being reintroduced in various countries have negatively impacted the business. This has further impeded automaker's revenue generation. However, in Asian countries, leading automakers Hyundai and Maruti Suzuki are witnessing a steady recovery in automobile production and consignments since the unlocking. For instance, the sale of Hyundai in June was 21000 units and has been doubled in July to 42000 in India.
in addition, China’s Auto Industry Faces Severe Disruptions from Covid-19 in Shanghai
There is a massive fall in the market. For example, Autoliv, one of the largest makers of airbags announced "unprecedented" challenges in the second quarter after European and North American markets rea China’s auto market faces substantial risks in 2Q22 amid production halts and supply-chain disruptions from Covid-19 control measures, says Fitch Ratings. A recovery in major auto and parts manufacturing hubs such as Shanghai and Jilin would be critical to ease the sector’s operational difficulties in the next one to two months.
The automobile industry in the northeast and eastern China has been severely disrupted since mid-March due to strict quarantine restrictions. Shanghai’s total lockdown, which started end-March, has paralyzed the local auto sector, pressuring the auto value chain in the Yangtze River Delta and nationwide. Wholesale deliveries of passenger vehicles (PV) slumped 50% YoY in the first three weeks of April, according to the China Passenger Car Association (CPCA).
Manufacturers’ near-term challenges remain, despite the partial resumption of production from mid-April, including worker immobility, component shortages, and logistical hurdles. Automakers outside of the current epicenters also face risks in production and supply-chain disruptions if the lockdowns spread, with uncertainty in scale and duration of the restrictions. ched the threshold in April owing to the pandemic.
Drivers of the Automotive Airbag Market
The rise in traffic congestion and an increase in vehicle density in larger cities coupled with a human error during driving is anticipated to increase the probability of vehicle collision. Consumers are demanding vehicles with advanced safety features to be prepared for such unforeseen scenarios. The number of people buying cars that provide safety while compromising little on mileage is increasing globally. The rise in demand for safety in vehicles is compelling automakers to incorporate advanced safety features in their vehicles. For instance, the majority of vehicles are currently being installed with parking assistance, adaptive headlights, emergency braking, forward collision warning, and different type of airbags, among other features.
Technological advancements by market players, which enhance vehicle passenger safety, are driving the market. For instance, in March 2020, HYUNDAI MOBIS announced that it had successfully developed a roof airbag, which prevents passengers from being ejected out of the sunroof and getting injured in case of a rollover accident.
Challenges to Automotive Airbag Market
Long-term exposure to high heat and humidity can cause these airbags to explode when deployed. Such explosions have caused injuries and deaths. For instance, in the U.S., wrongful deployment of airbags has led to the death of 22 people. This, in turn, has resulted in vehicle recalls, in which automakers identify vehicles using the vehicle identification number (VIN) and check for damaged airbags.
However, such vehicle recalls affect consumer trust and hamper brand image. For instance, The National Highway Traffic Safety Administration, (NHSTA) the U.S. advised consumers to not drive 2001-2003 Honda and Acura, 2006 Ford Ranger, and Mazda B-Series vehicles, which were equipped with Takata company’s airbags. NHSTA advised replacing airbags in these vehicles, as these vehicles were at a far higher risk for an airbag explosion that could injure or kill vehicle occupants. Therefore, vehicle recalls owing to airbag malfunction are expected to hamper the market.
Market Dynamics
Key players operating in the global automotive airbag market are expanding their presence by engaging in mergers and acquisitions or establishing new facilities. For instance, In November 2020, INVISTA announced the expansion of nylon polymer manufacturing capacity in China to 190,000 tons per year with an additional capacity of 40,000 tons per year to cater to the constantly growing local demand. Increased demand for engineering polymers used in automotive, electrical & engineering markets, such as light-weighting, powertrain parts optimization, electrification, and automation are driving the demand for nylon polymers in China.
Additionally, Joyson Safety Systems has devised an ambitious plan to expand its manufacturing capacity through the construction of huge plants in four regions across the world. The upgrade and expansion of the manufacturing plant in Hungary were completed in November 2019. It is expected to be one of the world’s largest and most automatic automotive airbag factories.
Key players in the Car Airbag Market include:
Joyson Safety Systems
ZF-TRW
Toyota Gosei
Nihon Plast
Hyundai Mobis
Jin Heng
Ashimori
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