Automotive Airbags Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Due to the rise in awareness of vehicle safety among all types of vehicles, the automotive airbags market is expected to witness significant growth. As per the statistics, front airbags reduce the fatality in frontal collisions by 29% and side airbags protecting the occupant's head, can reduce the risk of fatal injuries by 37% for a hatchback or a sedan, and by more than 50% for an SUV. Many governments of countries across the globe have mandated the use of certain passive safety devices to mitigate the damage of the collision, airbags are among them.

For instance, the use of Airbags has been maintained in the United States since 1998 and in New Zealand in 2001. So, as of 2014 model year cars, all the new passenger vehicles become have to comply with side airbags federal regulations. As a result, side airbags are a standard feature in the majority of passenger automobiles.

Similarly, in India, the use of dual front airbags maintained was mandated in Q4 of 2019. Since then, all the cars produced in the above-mentioned countries have at least dual front airbags as standard.

Moreover, in countries like Canada, Germany, the United Kingdom, and other European countries, their ist's a specific rule for maintaining airbags. However, the carmakers know the need of such passive safety devices, hence all the cars come equipped with them.

Owing to the awareness and governments pushing or increased vehicle safety almost all the carmaker are offering front airbags as standard. Hence with the increase in the sales of new vehicles, across the globe, the automotive airbag market is expected to grow.

For instance, in March 2022, Ford launched its compact Hatchback Focus in United Kingdom. The car features dual frond airbags, side airbags and curtain airbags as standard across all variants.

Although the number of vehicles sold in various countries witness a slight decline in sales because of the halting of manufacturing due to the global pandamic. With time, demand for new vehicles has seen an increase over the past year.

For example, in 2019 in Australia about 800,000 units of new passenger vehicles were sold, which decreased to nearly 670,000 units. But in 2021, the sales saw a derastic increase in of about 11% to a little over 750,000 units. And among the 750,000 units of new passenger vehicles sold, more than 95% of them were equipped with at least front airbags.

Additionally, as most of the countries have maindaited at least frond airbags, the front airbag segment is expected to lead the market in the forecast period.