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).
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.
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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.
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.
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