The global airbag market is anticipated to grow at a significant CAGR of 7.3% during the forecast period. Some of the factors adding to the growth of the market include the rising number of road accidents and increased awareness of road safety among the general population. Road accident has become a significant concern globally, which increases the requirement for the implementation of strict safety regulations by different governments. According to World Health Organization (WHO), approximately 1.3 million people die each year as a result of road traffic crashes, and between 20 and 50 million more people suffer non-fatal injuries. Thus, to improve overall vehicle safety and reduce the number of crashes, airbags are widely used in vehicles to reduce the impact of accidents. Furthermore, a rise in awareness among the general population has led consumers to spend more on the vehicle's safety features. Thus, the rise in the number of fatal road accidents and the government's implementation of strict safety rules to prevent them are expected to boost the market's growth.
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The COVID-19 pandemic highly impacted the automotive industry, as a disorder in global supply chains and trade barriers all over the world consequently slowed down global vehicle production and reduced demand for vehicles across the globe. Halt in production and global shutdown led to a drop in sales of passenger vehicles. Moreover, due to stoppage of transportation and shipping services reduced demand for commercial vehicles as well.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Airbag Market Report Segment
By Type
- Front Airbag
- Side Airbag
- Curtain Airbag
- Knee Airbag
By Vehicle Segment
- Passenger Cars
- Hatchback
- Sedan
- SUV
- Commercial Vehicle
Global Airbag Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global airbag market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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