The coated segment of automotive airbags market will experience high growth owing to improved air inflating function. Airbags coated with chemical such as silicon offer high strength to the product thereby enhancing industry penetration. The high amount of heat is produced when the metal canister inside the airbag explodes. The silicon coating prevents the damaging of airbag due to high temperature during the explosion.
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The advances in airbags such as smart airbags with sensors, curtain, and rollover airbags are boosting the automotive airbags market over the forecast period. The automobile manufacturers are investing a high amount in R&D to advance the product, thereby increases passenger safety. The product is designed with supplementary restraint systems (SRS) to offer additional safety excepting the traditional lap-and-shoulder seatbelt used in vehicles. The newly developed front center airbag enhances safety as it deploys from the right side of a driver and provides protection against side crash.
Automotive Airbags Market for Passenger vehicle segment is dominating owing to the increasing customer’s preferences towards the safety features. The customer makes buying decision-based on safety features such as the number of airbags provided in a car for front and rear passenger. The manufacturers are also providing the side airbags and knee airbags in passenger vehicles to improve the safety features along with frontal airbags.
North America automotive airbags market will showcase significant growth during the forecast period owing to higher concentration of vehicle manufacturers including General Motors, Fiat, and Ford. The automotive airbags market is rising due to higher adoption of airbags and technological advancements. Also, the supportive U.S. government regulations encouraging the implementation of airbags for passenger’s safety is driving the business growth.
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OEM’s hold significant share in the industry owing to supportive government regulations and norms. The governments are mandating the installation of at least two airbags for passenger protection. The automotive airbags market participants are increasing the implementation of airbags in vehicles to comply with the government norms. The OEMs are producing the advance technology products to compete and increase their market share.
Growing automotive industry and rising awareness for vehicle safety across the globe is driving the automotive airbags market share over forecast timeline. Rising airbags adoption for commercial and passenger vehicles will enhance user’s safety and reduce the accidental impact. Increasing number of airbags in vehicle provides more safety and reduces the amount of damage to the driver and the passengers thereby driving the automotive airbags market demand.
Increasing demand for frontal airbags attributed to reducing the accidental impact and injury to driver and front seat passenger in frontal crashes. The frontal airbags provide protection against head contact with a dashboard and steering wheel and contribute to reducing the passenger’s fatality rate. According to National Highway Traffic Safety Administration (NHTSA) the front side airbag minimizes the passenger’s fatalities including children and adults by 32% and driver fatalities by 29%.
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Some industry participants in the automotive airbags market include Autoliv Inc., ZF Friedrichshafen AG, Toyoda Gosei, Key Safety Systems (KSS), Nihon Plast Co. Ltd, etc. The industry players are adopting strategies such as mergers and acquisition to increase their market share. For instance, in April 2018, Key Safety Systems (KSS) acquired Takata Corp which involved in manufacturing of airbags. The acquisition provides additional manufacturing capabilities to KSS and to increase its market share in the automotive airbag industry.