Market Size of China Airbag Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Airbag Systems Market Analysis
The China Airbag Systems Market was valued at USD 12.58 Billion in 2021 and is projected to grow to 19.41 Billion by 2027, registering a CAGR of 7.5% in terms of revenue during the forecast period.
The COVID-19 pandemic had a massive impact on the market studied as lockdowns and trade restrictions have led to supply chain disruptions and a halt of vehicle production across the country. However, as restrictions eased, players started focusing on mitigating such risks and developments to create momentum in the market during the forecast period. By 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, Increasing regulatory requirements regarding vehicle safety and rising awareness about customer safety are driving the China automotive airbag 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 China automotive airbag inflator market.
There are very strict norms for passenger car safety in China for a very long time, also car buyers are aware and concerned about road safety, so they prefer cars that are high on safety norms and ratings. China is also the leading manufacturer in vehicle sales, which is expected to go up in sales in 2025. With government regulations in place and customer demand for vehicle safety, the Brazilian airbag system market is expected to grow.
