Light Vehicle Airbag Market to be Dominated by SUV & MPV by 2028
The rising concern for the safety among the buyers and
government regulation is driving the Global Light Vehicle Airbag Market.
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.
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TOC on "Global 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.
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.
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