Airbag Market Expected to Worth $47.0 Billion Globally by 2030 at a CAGR of 5.7%: Allied Market Research
Rising consumer awareness of vehicle safety features, rising number of road accidents and rapid growth in the automotive sector, coupled with competition among automakers, are driving the global airbag market.
PORTLAND, Oregon., April 18, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “Airbag Market by Module (Inflator, Airbag), by Type (Front Airbag, Knee Airbag, Side Airbag, Curtain Airbag), by Vehicle Type (Passenger Vehicle, Utility Vehicle), by Material (Polyester Fiber, Nylon, Others), By Sales Channel (OEM, Aftermarket): Global Opportunities Analysis and Industry Forecast, 2020-2030 » According to the report, the global airbag industry was represented $27.6 billion in 2020, and should reach $47.0 billion by 2030, growing at a CAGR of 5.7% from 2021 to 2030.
Key Drivers of Market Growth
Rising consumer awareness about vehicle safety features, increasing number of road accidents and growing automotive sector along with competition among automakers have boosted the growth of the global airbag market. However, high replacement cost and advanced technological features that increase car prices are hampering the growth of the market. On the contrary, the introduction of airbags in two-wheelers and the low production costs in developing countries would open up new opportunities in the future.
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The Covid-19 pandemic has created uncertainty in the market, especially in the automotive sector. The closure of large-scale manufacturing facilities has reduced demand for automobiles. This has had an impact on the demand for airbags.
The pandemic has forced the automotive industry to look for alternative sources and prioritize the import of raw materials. Additionally, the prolonged lockdown has disrupted the supply chain.
However, as the world recovers from the pandemic, the demand for passenger cars is expected to increase in the future.
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The inflator segment dominated the market
By module, the inflator segment held the largest share in 2020, accounting for more than half of the global airbag market. Furthermore, the segment is estimated to register the highest CAGR of 6.1% during the forecast period, owing to the increase in the application of inflator airbags in vehicles to ensure the safety of passengers. passengers. The report includes an analysis of the airbag segment.
Commercial Vehicles Segment to Show Highest CAGR through 2030
By vehicle type, the commercial vehicle segment is expected to show the highest CAGR of 9.3% from 2021 to 2030, due to the increase in government standards regarding the introduction of airbags in commercial vehicles. However, the passenger vehicle segment held the largest share in 2020, accounting for more than 90% of the global airbag market, owing to the increase in the availability of passenger cars across the globe.
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Europefollowed by Asia Pacific and North Americato manifest highest CAGR by 2030
By region, the market across Europefollowed by Asia Pacific and North America, is expected to register the highest CAGR of 6.5% during the forecast period, owing to the increase in government standards to ensure vehicle safety in the region. However, the global airbag market through Asia Pacific dominated in 2020, accounting for almost half of the market, owing to the increase in vehicle production in the region.
Main market players
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SOURCE Allied Market Research