Automotive Side Airbags Market Introduction
Automotive side airbags are inflatable devices deployed in automobiles to protect occupants or passengers and the driver from head and chest injuries in a side-impact crash. Previously, automotive side airbags were limited to premium and luxury cars. However, growing awareness about automotive safety features is increasing needs for automotive side airbags in mid-range or entry-level vehicles. Furthermore, many governing bodies across the world have imposed rules and regulations that require automotive manufacturers to provide passive safety systems, including automotive side airbags, are bolstering the growth of the automotive side airbags market.
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Automotive Side Airbags Market – Notable Developments
Autoliv, ZF Friedrichshafen, Hyundai Mobis, Toyoda Gosei Corporation, Delphi Automotive, Neaton Auto Products Manufacturing Incorporation, Takata Corporation, Nihon Plast, TRW Automotive, Jiangsu Favour & Taihang Changqing, Jinheng Automotive Safety Technology, Yanfeng Automotive Trim Systems, BYD, East JoyLong Motor Airbag, S&T Motiv, Changzhou Changrui, Ashimori Industry, and Joyson Safety Systems are among the leading players in the automotive side airbags market.
- ZF Friedrichshafen – a German car parts maker and a leading player in the automotive side airbags market – announced in November 2018, that it is designing ‘far-side’ and ‘dual contour’ airbags to cover extended passenger positions and improve occupant protection in far side crashes. The company announced that these innovative designs of automotive side airbags, which can be deployed immediately prior to a collision, are a part of its advanced external pre-crash system.
- Toyoda Gosei Corporation Ltd. – a Japanese manufacturer in the automotive side airbags market – announced, in February 2018, its collaboration with Nippon Kayaku Co., Ltd. – a Japanese explosive manufacturing company – to scale higher in the airbags business. The company is aiming to capitalize on Nippon Kayaku’s expertise in inflator manufacturing to strengthen its market position by improving supply and quality assurance systems for airbags globally.
- Takata Corporation – a Japanese manufacturer of automotive components as well as a leading player in the automotive side airbags market – was acquired by Joyson Safety Systems – an automotive safety systems manufacturer, in April 2018. Joyson Safety Systems received funding for the acquisition from a consortium led by Penske Automotive Group (PAG), a U.S.-based auto dealer, and Ningbo Joyson Electronic Corporation, a leading component supplier for global automotive manufacturers.
Automotive Side Airbags Market Dynamics
Growing Awareness about Advanced Automotive Safety Features Triggers Automotive Side Airbags Market Growth
Consumers are becoming more conscious about driver’s safety as well as safety of the vehicle with an alarming rise in road accidents. Players in the automotive side airbags market identify that the importance of passive safety systems in a vehicle has increased among consumers. Willingness to pay more of premium and advanced safety features, such as automotive side airbags, is triggering innovations in vehicle safety systems, boosting growth of the automotive side airbags market. Leading players in the automotive side airbags market are adopting advanced technologies to further improve key attributes of automotive side airbags and scale higher in the highly competitive automotive side airbags market in the upcoming years.
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Burgeoning Sales of Passenger Cars with Advanced Safety Features Boosts Market Growth – Increased Household Income Plays an Important Role
As the negative effects of the Great Recessions continue to mitigate, the global economy has been recovering to a substantial rise in the disposable income of consumers across many countries. According to the ‘OECD Growth and economic well-being Quarterly Sector Accounts’, household income per capita in OECD countries increased by 0.7% in 2018 over 2017. The automotive side airbags market is benefitting from the significant rise in consumers disposable income, as it has improved the affordability of passenger cars with advanced safety features such as automotive side airbags. Thereby, increased awareness about the importance of automotive safety features coupled with increasing discretionary spending is expected to complement growth of the automotive side airbags market.
Higher Deployment of Automotive Side Airbags in Passenger Cars – A Leading Trend in the Automotive Side Airbags Market
As the growth prospects of the parent automotive industry continue to influence growth of the automotive side airbags market, increased automotive production will continue to boost growth of the automotive side airbags market. The global automotive production picked up from over 73.2 million vehicles to more than 97.3 million vehicles during the period 2007-2017, according to the recent statistics published by the International Organization of Motor Vehicle Manufacturers (OICA).
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While the positive growth of the automotive industry continues to complement developments in the automotive side airbags market, leading market players are focusing on manufacturing automotive side airbags for passenger car, as passenger cars held a whopping 75% share in the global automotive production as well as sales. Taking into account the recent developments in the passenger car market segment, leading players in the automotive side airbags market are adopting advanced technologies to diversify their product range for high volume mid-segment passenger cars.
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