Market Size of Automotive Airbags Industry
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| CAGR | > 12.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Automotive Airbags Market Analysis
The Automotive Airbag market is expected to grow registering a CAGR of more than 12% in the forecast period (2022-2027).
Owing to the global pandemic, all the sectors were severely hit, disrupting the supply chain and manufacturing of major economies. This not only hampered the vehicle sales, but also the overall airbag market in 2020. However, in 2021, the increased vehicle demand is expected to fuel the automotive airbag market.
For instance, in 2019 about 82 million units of vehicles were produced around the globe, which drastically fell to nearly 78 million units in 2020. But in 2021, due to the increased demand for cars in general, the sales increased to a little over 80 million units. Considering the situation, the demand for passenger cars is expected to increase as more people are looking to invest in their own vehicles.
Additionally, with new vehicles being produced early, governments of various countries like India, United States, and many South American countries are implementing safety regulations for passenger cars and commercial vehicles, which also include maindating airbags in vehicles.
Such government incentives and the increase in the sales of passenger cars are expected to increase the demand for airbags in globally.
