Airbag Electronics Market Size, Share, Growth, and Industry Analysis by Type (Compact Cars, Mid-Sized Cars, Premium Cars, Luxury cars, Light Commercial Vehicles, and Heavy Commercial Vehicles) By Application (OEM and Aftermarket) Regional Forecast (2022-2028)

REPORT OVERVIEW

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The global and United States airbag electronics market size was USD 53 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with airbag electronics experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 65 million in 2028, exhibiting a CAGR of 3.7% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Airbag electronics systems monitor sensor information and manage various actuators to reduce the risk of passenger injury during collisions. The airbag control unit receives a signal from the crash sensor, which is an accelerometer. The airbag is released at 200 mph by this control unit, which under some circumstances may be dangerous. Multiple inflators are used in adaptive airbag electronics systems to create either low-level or high-level deployments. Based on elements including seat position, passenger size, crash severity, and seat belt use, these systems can modify the airbag pressure.

Modern airbag electronics are required due to growing worries regarding enhancing vehicle safety measures. The airbag electronics control modules used to manage airbag deployment in automobiles are being upgraded by OEMs. The effectiveness of airbag electronics in modifying the safety of vehicles and their occupants is being increased by the integration of new technologies, including IoT and sophisticated sensors. The technology utilized to build airbag electronics has undergone disruptive changes as a result of ongoing innovation in airbag development. The advancement of airbag electronics is being influenced by improvements in airbag design. Key elements of airbag electronics include crash sensors, igniters, inflating equipment, weight sensors built into passenger seats, seat occupancy detectors, and ultrasonic sensors. To create airbag electronics that can instantly release airbags and stop injuries in the event of a collision, smart airbag technologies are being included.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

Every market, including the one in the car industry, was unclear as a result of the COVID 19 crisis. The reduction in global car demand, which was caused by assembly-plant closures and widespread production disruptions, indirectly impacted the global and United States airbag electronics market. Complete lockout and the brief stoppage of industries resulting in constrained transit. The COVID 19 health crisis compelled the automotive sector to prioritize import substitution with production operations and supply chains while searching for alternate suppliers.                                                                                                                            

LATEST TRENDS

"Demand for Silicone-Coated Airbags to Boost Market Growth"

To apply neoprene to the cloth, a solvent has to be used because it is a very thick material. With its qualities like thermal resistance, slide, and protection, silicone increases the effectiveness of the airbag inflating process. The silicone coating on the airbag electronics helps shield the material from heat and shields passengers from burns. Since silicone is chemically inert and compatible with nylon fabric, it serves as a barrier against moisture. Additionally, because the silicone coating is so durable over time, it keeps airbag electronics from getting stuck and guarantees flawless deployment even after many years. As a result, the demand for silicone-coated airbag electronics is anticipated to increase significantly shortly.

Segmentation

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• By Type Analysis

As per the type, the market is classified as follows: Compact Cars, Mid-Sized Cars, Premium Cars, Luxury cars, Light Commercial Vehicles, and Heavy Commercial Vehicles. The compact cars segment will dominate the market share through 2028.

• By Application Analysis

Based on the application, the market is segmented as follows: OEM and Aftermarket. The biggest sales channel in the global airbag electronics market will be OEMs. The OEMs segment will capture the maximum market share during 2022-2028.

DRIVING FACTORS

"Growing Electric Automobiles to Facilitate Market Development"

A significant driver for the global and United States airbag electronics market size systems is the growing market for electric and hybrid automobiles. The country's market for electric vehicles has experienced rapid expansion. Due to lower battery costs and technological advancements like expanded storage capacity that have increased consumer adoption, it is anticipated that the number of electric car sales in the nation would rise. Over half of the states in the nation use rebates, tax exemptions, and tax credits to promote the sales of electric vehicles. By heavily investing in the development of vehicle safety systems, major electric car manufacturers are looking into new ways to make their vehicles even safer by implementing airbag electronics in the vehicles.

"Government Regulations on Safety Precautions to Promote Industry Progress"

People are becoming more conscious of their surroundings and are becoming more cautious, which is what is causing the global and United States airbag electronics market to expand. Airbag electronics have expanded as a result of government regulations regarding safety precautions and public awareness campaigns about the importance of motorcycle safety equipment. The rising protective gear awareness and the development of airbag jackets have a positive impact on the global and United States airbag electronics market. The airbag electronics market has been expanding year over year as a result of the rising demand for high-end motorcycles worldwide. Additionally, consumers' increasing preference for and desire to purchase quality motorcycles have significantly boosted the market for airbag electronics market growth globally.

RESTRAINING FACTORS

"Possibility of Fake Airbags to Hinder Market Growth"

For every occupant and crash, the front airbags would only deploy in one way. The protection and sophistication of today's airbags far surpass those of the past and were nonetheless useful. Nowadays, many cars feature 10 or more airbags strategically placed throughout the inside, including seatbelt, knee, center, and rear curtain airbags. Nothing less than lifesaving results can be said about them. Customers who purchase airbag-equipped cars have grown to appreciate the extra safety and have come to rely on the airbags’ flawless operation. The possibility of fake airbags is quite concerning because of this. Airbag fakes are a widespread and expanding concern for the global and United States airbag electronics market share.

REGIONAL INSIGHTS

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"Increase in Demand to Propel Market Progress in North America"

Due to its characteristics, such as less weight, reduced stiffness, improved performance, and lower costs, silicon-coated airbags have dominated the market in the United States, leading many airbag producers to transition from neoprene coating to silicon coating. Due to the expansion of the automobile sector, rising demand for high-end motorbikes, and government rules requiring safety equipment in vehicles, North America is the region with the fastest-growing motorcycle airbag market among all other regions.

KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Autoliv (Sweden)
• Denso Corporation (Japan)
• Key Safety Systems, Inc. (US)
• Takata Corporation (Japan)
• Toyoda-Gosei Co., Ltd. (Japan)
• TRW Automotive Holdings Corp. (US)
• Ashimori (Japan)
• Hyundai Mobis (South Korea)
• Ningbo Joyson Electronic (China)
• Nihon Plast (Japan)

REPORT COVERAGE

The report covers overall market aspects, including the market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.