Automotive Airbag Inflators Market Growth Analysis | 2018-2023

Market Insights

The automotive airbag inflators market was estimated at USD 4.2 billion in 2017 and is likely to grow at a CAGR of 4.2% during 2018-2023 to reach USD 5.2 billion in 2023.

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What is an airbag inflator?

An airbag inflator is part of an automobile’s airbag inflator system which generates gas to inflate the airbags. An airbag is the most important safety device in an automobile. There are different types of airbags installed in an automobile, such as driver bags, passenger bags, side bags, curtain bags, knee bags, and roll-over bags. An inflator inflates the bag with gas in about 0.02 seconds, less than a blink of an eye.

The functions of an airbag inflator are:

• Provide adequate storage for inflation material.
• Respond to the signal provided by sensors by injecting gas into the airbag in case of a collision or a crash.

During the collision, a signal is sent to the inflator unit within the airbag control unit. The igniter starts a rapid chemical reaction generating primarily nitrogen gas to inflate the airbag.

Market Dynamics

The automotive airbag inflator market is driven by a host of drivers, some of whom are noted below.

• Expected growth in automotive production, especially in Asia-Pacific and the rest of the world.
• Increasing awareness about 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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Segments Analysis

The next five years for the airbag inflators market are going to be vigorous with a plethora of opportunities for both existing as well as new players. The airbag market has been growing at a higher pace than that of the automotive industry due to increasing awareness of passenger safety.

By Vehicle Type

The 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. The increasing demand for compact cars (hatchbacks) and SUVs in 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 inflators in these vehicle types.  

By Inflator Type

Based on the type of inflators, the market is segmented as Pyrotechnic Inflators, Stored Gas Inflators, and Hybrid Inflators. The 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 greater performance tailoring, lower exhaust gas temperature, reduced gaseous and airborne particulates, and greater bag-fill capability.

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Regional Insights

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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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented in the following ways.

By Vehicle Type

• Compact Car
• Mid-Size Car
• Large Car
• MPV & LCV
• SUV
• Others

By Airbag Type

• Front Airbag
• Side Airbag
• Knee Airbag
• Curtain Airbag

By Inflator Type

• Pyrotechnic Inflators
• Stored Gas Inflators
• Hybrid Inflators

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Key Players

The supply chain of this market comprises raw material manufacturers, inflator manufacturers, distributors, airbag manufacturers, and OEMs. 

Some of the airbag manufacturers are-

• Autoliv Inc.
• ZF TRW Automotive Holdings Corp.
• Jinzhou Jinheng Automotive Safety System Co., Ltd. 

The major automotive OEMs are-

• General Motors Company
• BMW
• Toyota Motor Corporation
• Ford Motor Company

Most airbag manufacturers manufacture inflators as well. The key airbag inflator suppliers in the automotive industry are-

• Autoliv Inc.
• ZF TRW Automotive Holdings Corp.
• Daicel Corporation
• Key Safety Systems, Inc.
• Toyoda Gosei Co., Ltd. 

Both, organic as well as inorganic growth routes are strategically being evaluated by the major players for a larger pie in the market. On one side, some of the major players are incessantly expanding their existing capacities of airbag inflators in order to meet the growing demand from both OE as well as replacement market, whereas, on the other side, a few major players are performing M&A activities to quickly gain the leading position in the market.

Research Methodology

For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

We leverage a multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentations, white papers, and articles to gather the data.

More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.

Report Features

This report studies the airbag inflators market over the trend period of 2012 to 2017 and the forecast period of 2018 to 2023. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

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Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the component types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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