Asia Pacific Airbag Systems Market Size

Asia Pacific Airbag Systems Market Analysis

The Asia Pacific Airbag Systems Market size is estimated at USD 42.83 billion in 2024, and is expected to reach USD 56.23 billion by 2029, growing at a CAGR of 5.92% during the forecast period (2024-2029).

• Amid the halted vehicle production activities and disrupted supply chain due to the halt in transportation activities, the automotive airbag system market witnessed a significant slump for the year 2020. However, since 2021, as vehicle sales rebound and governing bodies focus on implementing stringent safety standards, the automotive airbag system market is anticipated to witness significant growth during the forecast period.
• Over the medium term, the growing consumer trend toward safety features in vehicles is likely to enhance the demand for airbag systems in the coming years. Regulations towards consumer safety and security have made manufacturers install safety devices in cars. The government of many countries has made the usage of airbags mandatory in vehicles. For instance, In 2021, The Indian Ministry of Road Transport and Highways mandated dual airbags in all types of vehicles.
• Over the long term, installing severe vehicle safety requirements and regulations drives the market. Furthermore, increasing road accidents and the growing desire for safer driving experiences will likely boost the market's growth in the coming years.
• According to the Indian Ministry of Road Transport and Highways Research Wing, a total number of 4,12,432 road accidents have been reported in the country in 2021. Such an increase in road accidents across the region is likely to enhance the demand for airbag systems during the forecast period.