Automotive Airbags Market to Undergo Rapid Advancements During the Period 2020-2026
Automotive airbag Market manufacturers are working towards gaining technological insights and attracting mergers and acquisitions for market expansion.
Automotive Airbags Market are rapidly inflated through sensors in the direction of the areas of impacts. Continuous need to limit the risk of fatal accidents with measures taken towards transport safety and enhanced productivity of vehicles, as strictly implied regulations, has scaled the automotive airbags market forecast. Inflatable automotive airbags are potentially used to reduce the degree of injury impacts on the vehicle passengers.
Increasing large investments in R&D by manufacturers for refined capabilities and additional protection has driven developments in automotive components. Automotive airbag manufacturers are working towards gaining technological insights and attracting mergers and acquisitions for market expansion.
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According to a recent report, the global automotive airbags market size is anticipated to exceed USD 65 billion by 2026 with regard to yearly remunerations. Some of the factors influencing the industry trends are expounded below.
Deploying knee airbags for higher safety
Knee airbags are highly recommended for use to avoid injuries to the driver and front seat passenger legs during an accident. Manufacturers of vehicles are positioning the knee airbags below the dashboard to attain a higher safety rate. For instance, the generation of Toyota Fortuner from April 2016 was conferred a 5-star rating for utilizing knee airbags in Latin NCAP crash test.
The market forecast for knee automotive airbags is pegged at a CAGR of over 4% up to 2026 in terms of annual revenues.
Coated automotive airbags enhance functionality
Automotive airbags can be segmented as coated or non-coated based on the fabric use. The coated automotive airbags yield more benefits than non-coated airbags in terms of long service life, high-quality sealing features, flame and high wear resistance, as they employ silicon and neoprene as coating materials in the fabric.
For instance, WACKER has developed ELASTOSIL silicone rubber, innovative liquid grades of silicone rubbers for chest and head airbags for improving and maintaining functional safety.
Government backed initiatives in Asia Pacific
Raising awareness on vehicle safety directives has augmented automotive airbags market share in Asia Pacific. The automotive airbag demand across OEMs consistently gains momentum as companies are working on launching multiple vehicles with standardized safety precautions at varied prices.
Governments across these regions are mandating strict safety norms like compliances and crash tests, fueling industry expansion.
Large investments by airbag manufacturers
Owing to the need for safety measures for vehicle occupants, OEM automotive airbags segment leads the industry value in terms of distribution channel. Airbag manufacturing companies are keen to scale up their production rates by appreciably investing in advanced production technologies and machineries. Lectra, in November 2018, launched Focus quantum, a software suite equipped with laser cutting technology for efficient productivity.
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Automotive airbags have wide applications in passenger and commercial automobiles. The automotive airbags market for passenger vehicles is growing with various stringent government rules and regulations globally mandating installation of airbags. The vehicle manufacturers are now introducing new vehicle models frequently with 2 to 4 airbags, boosting industry expansion.
Few of the major automotive airbag companies include Mitsubishi Electric, Toyota Gosei, Ashimori Industry, ZF Friedrichshafen AG, Autoliv, Denso Corporation, Continental AG, Hyundai Mobis and Joyson.
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