According to the TechSci Research report, ” Light Vehicle Airbag Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F”, the Global Light Vehicle Airbag Market is anticipated to grow at a brisk rate in the forecast year 2023-2028. The growing demand for premium and luxury vehicles with advanced safety features has compelled automakers to include airbags and other safety requirements in their vehicles. Additionally, the government has strict safety regulations for automakers and mandate all vehicles to be equipped with at least six airbags. The necessity for a safer drive has also increased due to the development in off-roading and sporting activities across the nation, and consumers have begun to choose vehicles that are airbag-equipped and meet all other safety standards. By seeing all these demands, automotive manufacturers across different countries have started to install minimum six airbags in the passenger cars and light commercial vehicles, by this, the production capacity of airbags have increased, and all these factors favour the light vehicle airbag market.
The Global light vehicle airbag market can be segmented based on vehicle type, airbag type, demand category, yarn type, region, and company. Based on airbag type, front airbag dominates the market in the year 2022, and it is anticipated that this will grow with decent share in the coming year. The automotive manufacturers are mandatorily giving two airbags at the front of the two seats in the vehicle, hence, front airbags have highest market share. This is followed by knee airbags as many automotive manufacturers have started implementing knee airbags after front airbags. As some of the European country’s government has made it compulsory to install the front and side airbags, due to this high demand of airbags has generated in the automotive industry.
In the regional segments, Asia Pacific region has the highest market share, and it is anticipated to grow in the forecasted years. In India the Union Ministry of Road has made it compulsory to install front airbag at the driver side since 1997. And recently in 2019, the government has made it mandatory to install at least six airbags in the eight-seater vehicle. Due to the shortage of the airbags and high demand, this rule will be implemented by the year 2023 to early 2024.
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In United States according to the Intermodal Surface Transportation Efficiency Act of 1998, all the passenger cars and light commercial vehicle which are sold in the country to have both side and front airbags. And nowadays automotive manufacturers in United States have started to install the knee and curtain airbags in the vehicles, as the rising concern for the safety among the buyers in United States. By this, the demand of airbags in different regions across the globe have increased and it is anticipated to grow the light vehicle airbag market across the globe.
In the vehicle type segment, SUV & MPV has the highest market share followed by the hatchback and light commercial vehicle. In 2021, in the vehicle type segment SUV & MPV had the highest market share followed by the hatchback and light commercial vehicle in the light vehicle airbag market. The Asia Pacific region is expected to maintain its dominance over the next five years with a highest market share. Rising demand for the advanced safety vehicles, increasing passenger car production, stringent government policies, rising income, and growing demand have increased sales of light vehicle airbags in the global light vehicle market.
Some of the major players operating in the global light vehicle airbag market include:
- Autoliv Inc
- ZF Friedrichshafen AG
- Toyoda Gosei co. Ltd
- Robert Bosh Gmbh
- Denso Corporation
- Hyundai Mobis Co. Ltd
- Hella GmbH & Co. KGaA
- Takata Corporation
- Aptiv Inc
- Joyson Safety Systems
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“Many companies are investing in research and development of airbags due to which more advanced airbags are being introduced in the market. Also rising demand for the advanced safety vehicles, increasing passenger car production, stringent government policies, are resulting in increased demand for light vehicle airbags market during the forecast period., “said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Light Vehicle Airbag Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Vehicle Type (Hatchback, SUV & MPV, Sedan, LCV), By Airbag Type (Front Airbag, Knee Airbag, Side Airbag and Curtain Airbag), By Demand Category (OEM, and Aftermarket), By Yarn Type (Nylon Type, Polyester Type), By Region, and Competition” has evaluated the future growth potential of global light vehicle airbag market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global light vehicle airbag market.
Report Scope:
In this report, the Light Vehicle Airbag Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Global Light Vehicle Airbag Market, By Vehicle Type:
- Hatchback
- SUV & MPV
- Sedan
- LCV
- Global Light Vehicle Airbag Market, By Airbag Type:
- Front Airbag
- Knee Airbag
- Side Airbag
- Curtain Airbag
- Global Light Vehicle Airbag Market, By Demand Category:
- OEM
- Replacement
- Global Light Vehicle Airbag Market, By Yarn Type:
- Nylon Type
- Polyester Type
- Global Light Vehicle Airbag Market, By Region:
- Europe
- Germany
- Spain
- Russia
- France
- United Kingdom
- Slovakia
- Italy
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Thailand
- Malaysia
- Vietnam
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- Saudi Arabia
- Turkey
- South Africa
- Egypt
- Europe
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