Market Size of Automotive Airbag Inflator Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.76 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Airbag Inflator Market Analysis
The Global Automotive Airbag Inflator market is valued at USD 14.21 Billion in 2021 and is expected to reach USD 18.28 Billion by 2027 registering a CAGR of 3.76%, during the forecast period, (2022-2027).
During the outbreak of pandemic COVID-19, the market was hit adversely because of the disruptions caused in the supply chain as several major economies of the world were forced into lockdown and economic activities were halted during this period. All the manufacturing units and OEM plants stopped their production to adhere the social distancing norms and restrict the spread of virus. The demand for passenger vehicles also fell drastically during this period. Yet with the gradual opening up of economies the demand returned to the market and markets like China and India witnessed huge demand for passenger cars as the consumer preference changed from public transport to personal vehicles. The trend is expected to continue during the forecast period.
Over the long term, Increasing regulatory requirements regarding vehicle safety and rising awareness about customer safety, globally, are driving the automotive airbag inflator market.
Furthermore, the increase in the penetration of side-impact and curtain airbags, and vehicle production, the introduction of more bags per car, are the major factors that drive the growth of the automotive airbag inflator market.
- In May 2022, After almost a year spent developing a fix for faulty airbag inflators, General Motors is getting ready to replace faulty airbag inflators in 410,019 trucks that were recalled in July 2021.
However, Asia-Pacific is expected to lead the market by the end of forecast period, because of countries, like India and China are anticipated to record high CAGR in the automotive industry
