Automotive Airbag Inflators Market Size to reach US$ 5.2 billion in 2023
January 29, 2020
Automotive airbag inflators market is projected to reach US$ 5.2 billion in 2023.
The airbag inflator market is driven by a host of drivers, some of which are noted below.
- Expected growth in automotive production, especially in Asia-Pacific and rest of the world
- Increasing awareness about the vehicle safety across the globe
- Introduction of more bags per car
- Introduction of more stringent passenger safety standards
Apart from the above drivers, the faulty airbag inflators of Takata Corporation are further flaring up the demand for inflators in the replacement market.
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Automotive Airbag Inflators Market Insights:
By Vehicle Type:
The airbag inflator market is segmented based on the vehicle type as Small Car, Mid-size Car, Large Car, MPV & LCV, SUV, and Others. Compact cars, SUVs, MPVs, and LCVs are expected to offer robust growth opportunities for airbag inflators in the coming years. Increasing demand for compact cars (hatchbacks) and SUVs in the major Asian countries, such as China and India, and highly congested cities of the developed economies are the major drivers of the demand for inflators in these vehicle types. The introduction of more stringent passenger safety standards further elevates the demand for airbags and their inflators in these vehicle types.
By Inflator Type:
Based on the type of inflators, the airbag inflator market is segmented as Pyrotechnic Inflators, Stored Gas Inflators, and Hybrid Inflators. Pyrotechnic inflator is projected to remain the most dominant inflator type in the market during the forecast period, driven by its higher usage in frontal airbags. Hybrid inflators and stored gas inflators are likely to witness higher growth rates during the same period. Hybrid inflators offer numerous advantages over pyrotechnic inflators, such as a greater performance tailoring, lower exhaust gas temperature, reduced gaseous and airborne particulates, and greater bag fill capability.
By Region:
In terms of region, Asia-Pacific is likely to surpass Europe to become the largest market for airbag inflators during the forecast period. China, Japan, and South Korea are likely to remain the major markets for airbag inflators in the region, whereas India is likely to be the new growth engine of the growing region’s demand for airbag inflators. China is the world’s largest light vehicle manufacturer. With its CNAP (China’s New Car Assessment Program) initiatives, the Chinese government has mandated the usage of seatbelts and frontal airbags. The number of airbags in vehicles in China is expected to reach the same level as in Europe and the USA. This has been possible due to a lot of promotional initiatives taken by the government, such as advertisements and highway hoardings.
Europe and North America are also likely to generate favorable growth opportunities in the coming years. The overall penetration of airbags is comparatively very high in North America and Europe as compared to that of Asia-Pacific, owing to the stringent passenger safety standards.
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