The global automotive safety airbag market is projected to grow at a CAGR of 5.16% during the forecast period, reaching a total market size of US$19.264 billion in 2024 from US$14.245 billion in 2018. The rising number of road accidents worldwide is the major driver of the global automotive safety airbag market. According to the WHO (World Health Organization) latest data, around 1.3 million road accidents take place every year across the globe. In order to combat this growing number of deaths due to road accidents, governments across various countries are implementing stringent regulations and standards in order to minimize fatalities and reduce injuries due to accidents. For example, in 2017, the Indian government made it mandatory to fit at least one airbag in all passenger vehicles. Thus, improved and stricter road safety standards, especially in developing countries will continue to fuel the demand for different airbags, thus positively impacting the growth of the global automotive safety airbags market during the next five years. However, high cost and low reliability of airbags offered by aftermarket airbag installation is currently hindering the overall growth of the global automotive safety airbags market.
By Product Type
On the basis of product type, the global automotive safety airbag market is segmented as front airbag, side airbag, and others. The front airbag holds a major share in the market as most models of automobiles that come with airbags are sporting front airbags.
By Vehicle Type
By vehicle type, the global automotive safety airbag market can be segmented as passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The passenger car segment holds a significant share in the market due to more demand and production of passenger vehicles. Commercial vehicles also hold a good amount of share in the market which is projected to increase over the coming years
By End-User
By end-user, the global automotive safety airbag market can be segmented as OEMs and aftermarket. OEMs hold a significant amount of share in the market owing to the fact that most car companies sell cars with pre-installed airbags.
By Geography
Geographically, the global automotive safety airbag market is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. Asia Pacific is expected to grow at an impressive rate owing to high production as well as the sale of both passenger and commercial vehicles in the region.
Competitive Landscape
The global automotive safety airbag market is competitive owing to the presence of well-diversified international, regional and local players. The competitive landscape details strategies, products, and investments being done by key players in different technologies and companies to boost their market presence.
Segmentation
The global automotive safety airbag market has been segmented by product type, vehicle type, end-user, and geography.
By Product Type
Front Airbag
Side Airbag
Others
By Vehicle Type
Passenger Vehicle
Light Commercial Vehicle
Heavy Commercial Vehicle
By End-User
OEMs
Aftermarket
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
UAE
Others
Asia Pacific
China
Japan
South Korea
India
Others
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