Increasing public awareness about vehicle safety is driving necessity for standard fitment in vehicles, coupled with frontal and curtain airbags. Crash tests are being implemented for manufacturers by governments, providing safety benefits to customers. Various safety standards are imposed on vehicles, based on an assessment, for occupant protection, pedestrian protection, and child protection system. These factors will propel growth of the global automotive airbag market, according to a report by Future Market Insights (FMI).
Global Automotive Airbags Market Estimated to Register 4.96% Volume CAGR through 2027
FMI’s report projects the global automotive airbag market to register a healthy 4.96% CAGR, in terms of volume, during the forecast period 2017 to 2027. Global sales of automotive airbags will reach nearly 1500 Mn units in 2017; by 2027 this number is estimated to surpass 2000 Mn units. Consumers across countries such as the U.S. and Canada are getting more knowledgeable and aware about vehicles and driving safety. This has led to rising preference for vehicles comprising all safety equipment, including all types of airbags. Government of Latin America has made it mandatory to install drivers’ and front seat airbags in every new vehicle including light trucks. This is likely to lower the number of accidents and injuries, improving safety. Such factors are expected to drive the market growth.
In addition, growth of the market is also attributed to other factors including increasing utilisation of curtain airbags, growing demand for high performance luxury vehicles, rising number of road accidents, technology advancements, advanced safety technology, and surging demand for external airbag. However, emergence and adoption of several substitute safety technologies such as advanced seatbelts, and antilock braking system are estimated to restrain growth of the market.
By product type, drivers’ airbags will remain sought-after in the market. Over 500 Mn units of drivers’ airbags are estimated to be sold in 2017. In addition, sales of side airbags are projected to exhibit highest 5.6% CAGR through 2027, followed by curtain airbags and knee airbags. Although sales of passenger airbags will register lowest CAGR in the market, these will continue to be second-most preferred product in the global automotive airbag market.
Sales of Neoprene-coated Airbags to Reach Nearly 100 Mn Units by 2017-End
Neoprene-coated airbags will remain dominant in the market during the forecast period, with sales pegged to reach nearly 1100 Mn units in 2017. Sales of silicone-coated and non-coated airbags are estimated to reach 168 Mn units and 157 Mn units respectively by 2027-end. By yarn type, nylon will continue to remain preferred in the market, expanding at 5.2% CAGR through 2027, in terms of volume.
In terms of value, passenger cars will account for highest share of the market based on vehicle type, and are expected to retain their dominance in the market. In terms of volume, sales of passenger cars are projected to reach nearly 2000 Mn units, expanding at 5% CAGR through 2027. In terms of volume, sales of mid-sized cars are estimated to exhibit highest CAGR in the market. In contrast, luxury cars will continue to account for lowest sales in the market throughout the forecast period.
OEM to Remain Preferred Sales Channel for Automotive Airbags
In terms of value as well as volume, OEM will remain preferred sales channel for automotive airbags. Sales of automotive airbags through OEM are expected to surpass 2000 Mn units by 2027-end. In terms of volume, aftermarket is projected to register 4% CAGR through 2027.
North America will continue to be the largest market for automotive airbags, followed by Western Europe and Asia Pacific Excluding Japan (APEJ). Sales of automotive airbags in North America are projected to exceed 500 Mn units by 2027-end. APEJ is anticipated to be the fastest growing market for automotive airbags, expanding at 6.1% CAGR through 2027. In contrast, Middle East & Africa (MEA) and Japan are projected to register sluggish growth in the global automotive airbag market.
Key market players identified in FMI’s report include Autoliv, Inc., Takata Corporation, Daicel Corporation, Denso Corporation, Hyundai Mobis Co. Ltd., Toyoda Gosei Co. Ltd., ZF Friedrichshafen AG, Kolon Industries, Inc., Toray Industries, Inc., Porcher Industries SA, Nihon Plast Co. Ltd., Delphi Automotive PLC, Wacker Chemie AG, Hyosung Co., Toyobo Co., Ltd., HMT (Xiamen) New Technical Materials Co., Ltd., UTT Technische Textilien GmbH & Co. KG, Key Safety Systems, PHP Fibers GmbH, Sumitomo Corporation.
Queries related to the report may be addressed to our analysts from Future Market Insights (FMI) at email@example.com
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