Asia Pacific Airbag Systems Market Size (2024 - 2029)

The Asia Pacific airbag systems market is projected to experience significant growth over the forecast period, driven by an increasing emphasis on vehicle safety and stringent regulatory requirements. The market's expansion is supported by a rebound in vehicle sales and the implementation of mandatory safety features, such as airbags, by governments in various countries. The rising incidence of road accidents and the growing consumer demand for enhanced safety measures are key factors contributing to the market's growth trajectory.

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Market Size of Asia Pacific Airbag Systems Industry

Asia Pacific Airbag Systems Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 42.83 Billion
Market Size (2029) USD 56.23 Billion
CAGR (2024 - 2029) 5.92 %
Market Concentration High

Major Players

Asia Pacific Airbag Systems Market Major Players

*Disclaimer: Major Players sorted in no particular order

Asia Pacific Airbag Systems Market Analysis

The Asia Pacific Airbag Systems Market size is estimated at USD 42.83 billion in 2024, and is expected to reach USD 56.23 billion by 2029, growing at a CAGR of 5.92% during the forecast period (2024-2029).

  • Amid the halted vehicle production activities and disrupted supply chain due to the halt in transportation activities, the automotive airbag system market witnessed a significant slump for the year 2020. However, since 2021, as vehicle sales rebound and governing bodies focus on implementing stringent safety standards, the automotive airbag system market is anticipated to witness significant growth during the forecast period.
  • Over the medium term, the growing consumer trend toward safety features in vehicles is likely to enhance the demand for airbag systems in the coming years. Regulations towards consumer safety and security have made manufacturers install safety devices in cars. The government of many countries has made the usage of airbags mandatory in vehicles. For instance, In 2021, The Indian Ministry of Road Transport and Highways mandated dual airbags in all types of vehicles.
  • Over the long term, installing severe vehicle safety requirements and regulations drives the market. Furthermore, increasing road accidents and the growing desire for safer driving experiences will likely boost the market's growth in the coming years.
  • According to the Indian Ministry of Road Transport and Highways Research Wing, a total number of 4,12,432 road accidents have been reported in the country in 2021. Such an increase in road accidents across the region is likely to enhance the demand for airbag systems during the forecast period.

Asia Pacific Airbag Systems Industry Segmentation

An automotive airbag system is a passive system that is installed in the steering wheel of the vehicle that protects occupants from hitting the vehicle interior or objects outside the vehicle during a collision.

The Asia-Pacific airbag system market is segmented into airbag type, vehicle type, sales channel, and country. Based on the airbag type, the market is segmented into curtain, front, knee, side, and other. Based on the vehicle type, the market is segmented into passenger, commercial, busses, and trucks. Based on the sales channel, the market is segmented into OEM and aftermarket. Based on geography, the market is segmented into China, India, Japan, South Korea, and the Rest of Asia-Pacific.

For each segment, the market sizing and forecast have been done based on the value (USD).

Airbag Type
Curtain
Front
Knee
Sire
Other Airbag Types
Vehicle Type
Passenger Vehicles
Commercial Vehicles
Busses
Trucks
Sales Channel
OEMs
Aftermarket
Geography
China
Japan
India
South Korea
Rest of Asia-Pacific
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Asia Pacific Airbag Systems Market Size Summary

The Asia Pacific airbag systems market is poised for substantial growth over the forecast period, driven by increasing vehicle sales and stringent safety regulations. The market experienced a downturn in 2020 due to disruptions in vehicle production and supply chains, but has since rebounded as demand for vehicles has surged and regulatory bodies have intensified their focus on safety standards. The growing consumer preference for safety features in vehicles, coupled with mandatory airbag installations in several countries, is expected to significantly boost market demand. The rise in road accidents further underscores the need for enhanced vehicle safety measures, propelling the adoption of airbag systems across the region.

China and India are key players in this market, with China benefiting from government support and a strong presence of automotive manufacturers, while India is capitalizing on its status as a major automobile exporter. The expansion of manufacturing facilities and strategic partnerships among major players like ZF Friedrichshafen AG, Autoliv Inc., and others are set to drive market growth. Innovations such as curtain and pedestrian airbags are gaining traction, contributing to the market's expansion. The presence of low-cost skilled labor, robust R&D centers, and favorable government policies in India further bolster the market's prospects, making it a preferred location for automotive and auto-component manufacturers.

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Asia Pacific Airbag Systems Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Stringent Safety Standards Implemented by Governing Bodies

      2. 1.1.2 Others

    2. 1.2 Market Restraints

      1. 1.2.1 Volatility in Raw Material Price

      2. 1.2.2 Others

    3. 1.3 Porters Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value - USD Billion)

    1. 2.1 Airbag Type

      1. 2.1.1 Curtain

      2. 2.1.2 Front

      3. 2.1.3 Knee

      4. 2.1.4 Sire

      5. 2.1.5 Other Airbag Types

    2. 2.2 Vehicle Type

      1. 2.2.1 Passenger Vehicles

      2. 2.2.2 Commercial Vehicles

      3. 2.2.3 Busses

      4. 2.2.4 Trucks

    3. 2.3 Sales Channel

      1. 2.3.1 OEMs

      2. 2.3.2 Aftermarket

    4. 2.4 Geography

      1. 2.4.1 China

      2. 2.4.2 Japan

      3. 2.4.3 India

      4. 2.4.4 South Korea

      5. 2.4.5 Rest of Asia-Pacific

Asia Pacific Airbag Systems Market Size FAQs

The Asia Pacific Airbag Systems Market size is expected to reach USD 42.83 billion in 2024 and grow at a CAGR of 5.92% to reach USD 56.23 billion by 2029.

In 2024, the Asia Pacific Airbag Systems Market size is expected to reach USD 42.83 billion.

Asia Pacific Airbag Systems Market Report Snapshots

Asia Pacific Airbag Systems Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)