Automotive Airbags Market Size
Shifting consumer preference towards safer vehicles is driving automotive airbags market size in the last few years, with numerous prominent automakers adopting new crash avoidance measures and tools. Increasing passenger vehicle production along with rising disposable income across developed and emerging nations has accelerated the product demand.
U.S. Automotive Airbags Market, By Position, 2018 & 2025, (USD Million)
Regulatory organizations such as National Automobile Dealers Association are launching safety awareness campaigns, particularly regarding the live-saving capabilities of airbags. With respect to the deployment types, the frontal segment of the worldwide automotive airbags market is registering a robust growth rate over the past few years and is expected to sustain the momentum in the forecast years.
As driver and front seat passengers are more vulnerable in case of any crash or accident, the frontal airbags are deployed as a standard feature in majority of the vehicles. Moreover, the development of innovative products with electronic control unit (ECU) to improve the efficiency of these airbags is proving beneficial for automotive airbags industry share.
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In terms of geographical expansion, the Asia Pacific region is emerging as a major growth avenue for the prominent players operating in automotive airbags industry. Over the past few years, emerging economies such as India and China are rolling out stringent regulations with respect to safety systems for vehicle occupants. These regulations apparently encompass a whole new set of safety norms which would drastically improve the existing measures to reduce the number of road fatalities.
Speaking in the similar context, it is prudent to mention that the Indian Road Transport Ministry has recently mandated the installation of airbags in all types of cars from July 1, 2019. Although a directive instructing the vehicle manufacturers to incorporate frontal airbags is in place since 2017, the new regulation makes the installation mandatory. Moreover, various other mandatory fitments are being prescribed to address the issue of over speeding and the consequences of the same. Needless to mention, all these developments are benefiting the in India industry trends as the new safety norms and regulations come into effective in the times to come.
Even though the growth prospects of automotive airbags industry appear highly promising, there exist a few major challenges that may hinder the pace of product penetration across some prominent geographies. It is quite a well-known fact that faulty airbags can cause grave injuries to the driver and the passengers sitting close to the airbags before it deploys.
This has been a serious concern with the first generation of frontal airbags, which get deployed with greater amount of force. In fact, the recent instance of the recall of Takata airbags by leading automotive firms affirms the need to revamp the way new-age airbags are manufactured as they would then be able to provide optimal level of protection in an event of a crash.
Elaborating further on the defective Takata airbags, it is being estimated that around 41.6 million vehicles equipped with 56 million faulty airbags are under recall since 2015. Recently, two of the foremost automakers, BMW and Ford, have recalled around 360,000 and 149,650 vehicles respectively on a global scale to replace the Takata airbags. Moreover, in addition to these recalls, there have been instances where the deployment of counterfeit airbags in vehicles has led to fatal accidents – a factor that has dampened the overall automotive airbags market outlook.
However, despite the challenges posed by counterfeit and defective products, the companies which are globally known as the top airbag manufacturers are being provided with a robust regulatory framework across various nations. These guidelines would certainly assist the automotive airbags market players to eliminate the shortcomings in the manufacturing procedures, which would help in increasing the pace of the product demand in the times to come. In fact, as per report estimates, the overall commercialization portfolio of the automotive airbags industry is slated to surpass USD 85 billion by 2025.
Author Name : Saif Ali Bepari