Market Size of North America Airbag Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3.40 Billion |
| Market Size (2029) | USD 4.5 Billion |
| CAGR (2024 - 2029) | > 5.77 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Airbag Systems Market Analysis
The North America Airbag Systems Market size is estimated at USD 3.40 billion in 2024, and is expected to reach USD 4.5 billion by 2029, growing at a CAGR of greater than 5.77% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market during the first half of 2020 due to lockdowns and shutdowns of manufacturing units. The market also faced difficulties across the supply chain as the sources of raw materials and components were located at varied locations. However, as restrictions eased, demand started restoring back to pre-pandemic levels, most of which were supported by key players and their active presence in the market.
The North American airbag systems market is a significant segment of the automotive industry, primarily driven by the demand for enhanced passenger safety features in vehicles. Airbags have become an essential component of modern vehicles, protecting occupants during a collision by mitigating the force of impact. The North American airbag systems market comprises the United States and Canada and is expected to grow moderately over the forecast period.
The stringent government regulations regarding vehicle safety have significantly driven the North American airbag systems market. The National Highway Traffic Safety Administration (NHTSA) is responsible for setting safety standards for vehicles and has mandated the installation of airbag systems in all new passenger cars and light-duty trucks. The increasing number of road accidents and fatalities has also contributed to the growth of the market, as consumers are becoming more aware of the importance of safety features in vehicles.
- Major players such as Autoliv, Takata, TRW Automotive, and Continental AG dominate the North American airbag systems market. These companies invest heavily in research and development to improve the performance and safety features of airbag systems. In addition, they are also focusing on expanding their product portfolio to meet the diverse needs of customers. The market is highly competitive, and the players often engage in mergers and acquisitions to expand their market presence.
- In conclusion, the North American airbag systems market is expected to grow at a moderate rate due to the high demand for safety features in vehicles. The stringent government regulations, increasing awareness about safety, and the presence of major players in the market are expected to drive the growth of the market. The players in the market are investing in research and development to maintain their market position and expand their product portfolio.
