Wearable air bag was valued USD 11.9 billion in 2020 and is poised to amplify at a CAGR of 7.2% over 2022-2030, thereby amassing a valuation of USD 22.7 billion by end of the assessment timeline.
In vehicles, an airbag is a component of the safety restraint system that is quickly inflated with air in the event of an accident. They are sensor- and inflation-equipped soft pillows-shaped balloons that can be folded into the steering wheel, dashboard, seat, door, or roof. The airbag's main function is to cushion the driver or passenger during car crashes and shield the body from hitting interior car elements like the steering wheel or windows. The airbag electronic controller unit (ECU) receives factual information about the collision from the vehicle's internal sensors, including the collision's kind, angle, and force of impact.
An airbag The crash algorithm in the ECU detects the impression of a collision and activates a number of igniting circuits to deploy one or more airbag modules within the car. The frontal position of the driver and several airbags, each on a different side, are features of contemporary automobile design.
Market Overview:
Every market, including the automotive industry, is plagued by uncertainty because to the COVID-19 situation. The fall in worldwide demand for automobiles has been attributed to assembly plant closures and significant pauses in manufacturing, which has indirectly impacted the airbag business. Governments in several areas declared a complete lockdown and the temporary closure of industry, which resulted in border restrictions that impeded the movement of transportation and logistics services. The COVID-19 health crisis compelled the automotive sector to prioritise import substitution with their production activities and supply chain and hunt for alternative suppliers. However, with a growth in the sales of passenger automobiles, which results in a rise in demand for the airbag market, the overall service activities of market players have seen a steady and beneficial rebound in the following months. According to the current situation, the globe is slowly returning to normal. With new restrictions and laws, a major rebound in product sales across the retail sector may favourably impact the airbag market because of recent technological advancements pertaining to vehicle safety.
The automotive industry's expansion, rising consumer awareness of vehicle safety features, and OEM competitiveness are some of the factors projected to fuel the airbag market's expansion. Additionally, it is projected that the market will develop faster due to the rise in deadly traffic accidents and the government's installation of severe safety rules to prevent them. High replacement costs and new technical features that raise car prices, however, limit market expansion. Additionally, the addition of airbags to two-wheelers and low production costs in developing countries provide market participants significant growth prospects.
Segmental assessment of the market:
By Position
- Frontal
- Side
- Side curtain
- Knee
By Fabric
- Coated
- Non-Coated
By Vehicle
- Passenger vehicles
- Commercial vehicles
By Distribution Channel
- OEM
- Aftermarket
Prominent Market Players:
Robert Bosch GmbH, Continental AG, Denso Corporation, Delphi Automotive, Valeo SA, ZF Friedrichshafen, Magna International, INVISTA, Joyson Safety Systems, Autoliv Inc., Hyundai Mobis Co. Ltd., Hella GmbH & Co. KGaA, Takata Corporation, Toyota Gosei, Aptiv Inc., Calsonic Kansei Corporation, and Nihon Plastic Company Co. Ltd.
Notably, ZF Friedrichshafen announced the acquisition of a large stake in Rane Group which in turn to help the company in diversifying its product portfolio.
Key questions answered in this report:
- What is the growth rate projection for Global Wearable Air Bag Market?
- What are the growth determinants of Global Wearable Air Bag Market?
- Which are the major segments present in the Global Wearable Air Bag Market?
- Which distribution channel segment leads the Global Wearable Air Bag Market?
- Which is the fastest growing region in the Global Wearable Air Bag Market?
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