Side Airbag Market: Introduction
Side airbags are safety systems which tend to inflate in order to protect the passengers inside the vehicle in case of an accident involving the side portion of the car. Side airbags are also regarded as Side-impact air bags (SAB) in some parts of the world. These safety systems inflate within fraction of a second and are designed to protect the passenger from serious injury. The side airbags come equipped with a sensor that helps them determine if the crash is severe enough for the airbags to inflate. Side airbags are categorized in three types – Torso Side Airbag, Curtain Side Airbag and combo Side Airbag.
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Side Airbag Market: Dynamics
The imposition of stringent safety regulations by the government is expected to drive the growth for the side airbag market. In the US, the National Highway Traffic Safety Administration (NHTSA) established regulations for all vehicles to adopt curtain and side airbags. Similarly, in the Asia Pacific region, the Government of India has taken an initiative to promote road safety by mandating front air bags in all the vehicles from April 2021 onwards.
The increasing number of road accidents worldwide has raised a concern among the general people and the vehicle manufacturers. As a result, vehicle manufacturers have started offering more number of airbags in their vehicles. In addition, many automobile manufacturers have been making heavy investments in the research and development of an advanced and affordable side airbag. The technological developments and increase in the awareness about safety is expected to increase the demand for side airbags.
The key restraint impacting the global side airbag market is the high replacement cost of the airbags. Similarly, the technologically advanced side airbags require a high cost of maintenance which is projected to hamper the growth of the market. In regions like United States and Canada, due to the high replacement cost, counterfeit airbag market is mushrooming all over North America which is a major restraint for the market growth.
Side Airbag Market: Segmentation
On the basis of product type, the global side airbag market is segmented into the following:
- Torso side airbag
- Curtain airbag
- Combo side airbag
On the basis of vehicle type, the global side airbag market is segmented into the following:
- Hatchbacks
- Sedans
- SUV
- Premium Cars
- Commercial Vehicles
On the basis of sales channel, the global side airbag market is segmented into the following:
- OEM
- Aftermarket
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Side Airbag Market: Regional Outlook
The side airbag market in Europe and North America is anticipated to experience remarkable growth. The primary factors for growth in these regions is the safety regulations imposed by the government agencies. Advancement in technology and growth in consumer acceptance is also a growth driver for the side airbag market in these regions.
Asia Pacific is also expected to witness a healthy growth. The rapid increase in the production and sales of vehicles in developing economies like India and China is anticipated to increase the growth of the market. Moreover, the increase in luxury vehicle sales and the growing awareness among customers regarding vehicle safety is also likely to boost the side airbag market in the APAC region.
Side Airbag Market: Key Players
Some of the key market participants in the global side airbag market, identified across the value chain include:
- Autoliv, Inc.
- ZF Friedrichshafen AG
- Toyoda Gosei Co., Ltd
- Hyundai Mobis
- Joyson Safety Systems
- Denso Corporation
- Nihon Plast Co., Ltd
- Ashimori industry Co., Ltd
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