Pune, India, Feb. 14, 2022 (GLOBE NEWSWIRE) -- The global automotive airbag inflator market size is projected to reach USD 6.74 billion by 2028 and exhibit a CAGR of 6.2% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled, “Automotive Airbag Inflator Market, 2021-2028”. The market size stood at USD 4.10 billion in 2020 and USD 4.33 billion in 2021.
Industry Development
July 2021: Toyoda Gosei Co. Ltd. developed a new driver-side airbag structure for better protection of occupants.
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Growing Consumer Awareness for Vehicle Safety to Augment Market Growth
- Increasing consumer awareness for vehicle & passenger safety and rising regulatory requirements for vehicle safety are expected to boost the market growth. Additionally, the increasing demand for advanced safety system-equipped vehicles is expected to bolster the market growth.
- The escalating vehicle manufacturing and sales due to improving personal disposable income levels, growing middle-class population, and soaring urbanization are projected to be the vital factors bolstering the automotive airbag inflator market growth.
- The increasing vehicle safety regulatory requirements by governments across several nations are projected to amplify the market growth in the coming years. The production of advanced automotive airbag inflators, including dual-stage, single-stage, and hybrid inflators due to growing safety norms by governments is anticipated to boost the market growth.
- High cost of airbags, and increasing development of substitute safety technologies is expected to hamper the growth of the market. Rise in number of road accidents and the execution of strict safety regulations as per government policies can be seen as an opportunity for the market investments.
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Market Segments
On the basis of product type, the market is trifurcated into hybrid inflator, stored gas inflator, and pyrotechnic inflator. On the basis of Component Type, the market is trifurcated into Airbag Inflator Filters, Airbag Tubes, and Others. 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
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Asia Pacific to Hold the Lion’s Share
Asia Pacific is projected to emerge dominant in the global automotive airbag inflator market share. The annually increasing vehicle production in the region and the expanding automotive industry are expected to fuel the market growth in the region. Additionally, the rising demand for electric and autonomous vehicles and favorable government initiatives are predicted to augment the region’s market growth.
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.
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Major Market Players Focus on Expansions to Garner Growth
The robust product portfolio and exemplary distribution networks of major market players across developing and developed nations consolidate the market. The major market players emphasize developing advanced products to fulfill the dynamic demand in the market. For instance, in January 2021, Daicel Corporation announced its plans to establish an automotive airbag inflator production plant in Chennai, India. It will be the company’s first airbag inflator production plant in India, with approximately Rs. 230 crore investment.
List of Key Market Players
- Autoliv Inc. (Sweden)
- Joyson Safety System (U.K.)
- Robert Bosch GmbH (Germany)
- Toyoda Gosei Co. Ltd. (Japan)
- Nippon Kayaku (Japan)
- Jinzhou Jinheng Automotive Safety System Co. Ltd. (China)
- TRW Automotive (U.S.)
- Aptiv PLC (U.S.)
- Daicel Corporation (Japan)
- ARC Automotive Inc. (U.S.)
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