Global commercial vehicle automotive airbag market is anticipated to witness a CAGR of 8.98% in the forecast period 2024-2031, growing from USD 8.52 billion in 2023 to USD 16.95 billion in 2031. An increase in production and sales of automobiles, growing awareness concerning consumer safety, stringent government regulations to improve road safety, and rapid establishment of automotive manufacturing facilities are projected to drive the global commercial vehicle automotive airbag market growth in the forecast period.
In addition, a rising aim of producing luxury and premium vehicles and an increasing number of road accidents have promoted the integration of airbags in commercial vehicle automotive. Government norms and regulations have compelled manufacturers to install different safety features in commercial vehicles and increasing the demand for airbags. Furthermore, different countries have made using airbags and seat belts compulsory, coupled with manufacturers introducing new products that can address the requirements of government regulations.
The rapid trend of transformation in global automotive industry and a growing desire for a safer, more convenient, and more efficient driving experience has propelled the growth of the global commercial vehicle automotive airbag market. The manufacturers are introducing efficient and high-quality airbags and continuously investing in research and development activities to launch new and advanced products in the global market. Moreover, the leading market players are working on advanced seatbelts and innovative airbags to fulfill government regulations that have contributed to global commercial vehicle automotive airbag market size. For instance, in March 2023, Hyundai Mobis announced different advancements, including curtain airbags, face-to-face protection airbags, and omnidirectional airbags coupled with Brain Injury Prevention Airbag to receive an ideal score in Brain Injury Criteria in a new crash test conducted by the US National Highway Traffic Safety Administration.
Technological Innovations and Growing Sales of Commercial Vehicles Pushes the Market Growth
Significant innovation and advancements in airbag technology are propelling the market growth. Modern commercial vehicles have sensors, smart deployment systems, and AI-driven algorithms. These technologies analyze collision severity and adjust airbag deployment, accordingly, confirming maximum protection for occupants without causing unnecessary harm. In addition, emerging innovations, including rollover protection systems, side curtain airbags, and pedestrian airbags, are improving safety in commercial vehicles.
Therefore, due to an advancement in airbag technology coupled with an integration of safety features, the sales of commercial vehicles are rising. In addition, the increase in services of transportation and logistics, construction, and e-commerce industries propel the demand for commercial vehicles which further drove the demand for commercial vehicle automotive airbags. Also, the manufacturers are establishing new manufacturing facilities and collaborating to meet rising consumer demands.
For instance, Autolive, Inc. and NIO Inc., announced a collaboration to work on an advanced airbag concept that confirms all-inclusive protection for different seating positions. The strategic agreement will bring innovation and safety to the market that will reshape the future.
Trends of Customization and Energy-Efficient Airbags Propel Growth of Global Market
The trends of energy-efficient airbags and customization are playing an important role in propelling the growth of global commercial vehicle automotive airbag market growth. In the automotive market, the availability of commercial vehicles varies from delivery vans to heavy-duty trucks. Hence, the integration of airbag systems in delivery vans might be more precise for driver’s protection while in long-haul trucks the airbags installed for mitigating injuries during high-speed highway fatalities. For different industries, there is a specific commercial vehicle with specialized solutions where unique safety requirements prevail.
Hence, manufacturers work according to automakers’ requirements and produce airbag systems that offer optimal safety. In addition, energy-efficient airbags in commercial vehicles contribute to sustainability and aid in enhancing the complete efficiency of commercial vehicles, especially in hybrid vehicles. Manufacturers are investing in producing new and advanced airbags according to automakers’ requirements to offer protection.
For instance, in April 2024, ZF Friedrichshafen AG announced an investment in a research and development center and an automotive airbag production base in Wuhan to serve OEMs more smoothly globally. It will combine the production of advanced airbags and the integration of expert teams and management for airbag development according to the automaker’s requirements.
Government Compliance Policies Drive the Market Growth
Stringent rules and regulations and safety norms to decrease road accidents drive the market growth more significantly globally. International organizations and government agencies are imposing different standards to decrease road accidents, driving the demand for commercial vehicle airbags. Integration of airbags plays an important role in addressing these safety regulations, and manufacturers are continuously aiming on offering advanced safety solutions comprising airbags and seatbelts in commercial vehicles. Growing awareness regarding road safety, and a rising integration of vehicle safety technologies including airbags propel the growth of global commercial vehicle automotive airbag market demand. In addition, the governments of different countries observed a reduction in the number of road accidents due to the rapid integration of advanced and high-quality airbags in commercial vehicles.
For instance, in January 2024, the Ministry of Heavy Industries announced an expansion of the Production Linked Incentive Scheme for automotive components and automobiles by one year to increase the production of automotive components such as Advanced Automotive Technology Products, including airbags, to ensure the safety of the vehicle and drivers.
Increase in Production of Frontal Airbags Fosters Market Growth
The frontal airbags are dominating the commercial vehicle automotive airbag market share as they are designed to inflate in moderate to severe frontal fatalities to safeguard the chest and head from contacting hard structures within the vehicle. Manufacturers are efficiently producing front airbags to address the safety regulations of the respective government. Moreover, an increase in safety concerns and a rapid customization trend are driving the demand for frontal airbags. Also, an increase in disposable income, regulations towards consumer safety and security, a growing aim of forming partnerships with major automakers, and producing high-quality frontal airbags are the key drivers to boost the demand for frontal airbags in global commercial vehicle automotive airbag market. Furthermore, manufacturers of airbags are collaborating to foster innovation and develop several new products with sustainable materials.
For instance, in September 2023, Autolive, Inc., a worldwide manufacturer of commercial vehicle automotive airbags based in China announced a collaboration with Great Wall Motor to address opportunities and strengthen its position with Chinese OEMs. The collaboration includes producing new products with eco-friendly materials, using bio-PET as the basic fabric for airbag cushions, and bio-leather covering on steering wheels.
Asia-Pacific Leads the Global Commercial Vehicle Automotive Airbag Market
Asia-Pacific dominates the market growth significantly due to increase per capita income, rising production of commercial vehicles, and strict safety regulations for automobiles. Due to some safety standards, across the emerging countries of APAC, airbags must be mandatory on commercial vehicles. The economic development in emerging countries of the region is introducing opportunities for the development of the commercial vehicle automotive airbag market. In addition, a significant increase in population and rapid urbanization are key drivers propelling the demand for commercial vehicles, further raising the demand for commercial vehicle automotive airbags. The rising consumer awareness, vehicle production, and sales in emerging countries, such as India and China, are projected to drive market growth in the forecast period.
For instance, in November 2023, Toyoda Gosei Co. announced the establishment of a new airbag plant in South China to increase the production capacity for its mainstay safety systems within China, where the automotive market is constantly rising. The new facility helps to address the growing demand for airbags.
Future Market Scenario (2024 – 2031F)
1. Integration of advanced safety sensors in commercial vehicles and a rapid trend of automated driving, drives the demand for airbags.
2. Continuous advancement in airbag technology, and stringent safety regulations and standards are projected to create different market growth opportunities for market players.
3. Growing sales of commercial vehicles and increase in insurance premium incentives coupled with investment in vehicles by operators, increasing the adoption of airbag-equipped commercial vehicles.
4. Personalized Airbag solutions and usage of efficient raw material influence the growth of global commercial vehicle automotive airbag market.
Report Scope
“Commercial Vehicle Automotive Airbag Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global commercial vehicle automotive airbag market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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