According to the TechSci Research report, titled “Light Vehicle Airbag Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F,” the Global Light Vehicle Airbag Market is projected to experience significant growth during the forecast period of 2023-2028. The increasing consumer demand for premium and luxury vehicles equipped with advanced safety features has led automakers to integrate airbags and other safety measures into their vehicles. Moreover, government regulations mandating the inclusion of at least six airbags in all vehicles have further driven the need for safer driving experiences.
The demand for enhanced safety features has also been influenced by the rise in off-roading and sporting activities worldwide. As a result, consumers are actively seeking vehicles equipped with airbags and meeting stringent safety standards. In response to these demands, automotive manufacturers from different countries have begun installing a minimum of six airbags in passenger cars and light commercial vehicles. This has led to an increase in the production capacity of airbags, favoring 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. In terms of airbag type, front airbags currently dominate the market, and their share is expected to grow significantly in the upcoming years. Automotive manufacturers are increasingly providing two airbags at the front seats of vehicles, making front airbags the most prevalent in the market. Following front airbags, knee airbags have gained traction as many automakers have adopted them after introducing front airbags. Additionally, certain European countries have mandated the installation of front and side airbags, further driving the demand for airbags in the automotive industry.
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In terms of regional segments, the Asia Pacific region currently holds the highest market share and is anticipated to experience further growth in the forecasted years. In India, the Union Ministry of Road has made it compulsory to install front airbags for the driver’s side since 1997. Furthermore, the government recently mandated the installation of at least six airbags in eight-seater vehicles, which is expected to be implemented between 2023 and early 2024 due to the high demand and shortage of airbags.
In the United States, the Intermodal Surface Transportation Efficiency Act of 1998 requires all passenger cars and light commercial vehicles sold in the country to have both side and front airbags. Automotive manufacturers in the United States have also begun incorporating knee and curtain airbags in their vehicles, responding to the increasing safety concerns among buyers. As a result, the demand for airbags has risen across different regions worldwide, contributing to the growth of the light vehicle airbag market.
Regarding vehicle types, SUV & MPV currently holds the highest market share, followed by hatchbacks and light commercial vehicles. In 2021, SUV & MPV dominated the light vehicle airbag market, and the Asia Pacific region is expected to maintain its dominance over the next five years, driven by the rising demand for advanced safety vehicles, increasing passenger car production, stringent government policies, rising income, and growing demand for light vehicle airbags in the global market.
Some of the major players operating in the global light vehicle airbag market include:
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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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TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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