Automotive Airbag Inflators Market
The global automotive airbag inflators market size is projected to reach US$ 5.2 billion in 2023. 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; and the introduction of more stringent passenger safety standards are the major factors driving the demand for airbag inflators in the automotive industry. Faulty airbag inflators of Takata Corporation are further flaring up the demand for inflators in the replacement market.
Airbag inflator is that 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:
During the collision, a signal is sent to the inflator unit within the air bag control unit. The igniter starts a rapid chemical reaction generating primarily nitrogen gas to inflate the air bag.
The next five years for the automotive airbag inflators market are going to be vigorous with a plethora of opportunities for both existing as well as new players. The market for airbag has been growing at a higher pace than that of the automotive industry due to increasing awareness towards passenger safety. Both organic and 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, few major players are strategically performing M&A activities to quickly gain the leading position in the market.
The global automotive airbag inflators 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 global automotive industry 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.
Based on the type of inflators, the global automotive airbag inflators 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.
In terms of region, Asia-Pacific is likely to surpass Europe to become the largest airbag inflators market 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.
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., Takata Corporation, ZF TRW Automotive Holdings Corp., and Jinzhou Jinheng Automotive Safety System Co., Ltd. The major automotive OEMs are General Motors Company, BMW, Toyota Motor Corporation, and Ford Motor Company. Most of the airbag manufacturers manufacture inflators as well. The key airbag inflator suppliers in the automotive industry are Autoliv Inc., Takata Corporation, ZF TRW Automotive Holdings Corp., Daicel Corporation, Key Safety Systems, Inc., and Toyoda Gosei Co., Ltd. New product development, formation of long-term contracts, and execution of M&A activities are the key strategies adopted by the major players to gain a competitive edge in the market.
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 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 multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, 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.
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. This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.
The following are the key features of the report:
Driven by a number of factors like increasing awareness about vehicle safety and stringent passenger safety standards, the automotive airbag inflators market is projected to reach an estimated value of US$ 5.2 billion in 2023.
In terms of region, Asia-Pacific is likely to surpass Europe to become the largest airbag inflators market during the forecast period of 2018-23.
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.
Autoliv Inc., Daicel Corporation, Takata Corporation, ZF TRW Automotive Holdings Corp., & Key Safety Systems, Inc. are among the key players in the Automotive Airbag Inflators market.