Airbag Sensor Market Size To Surpass $15.87 Billion By 2030 | Exhibiting CAGR of 5.44%
Airbag Sensor Market to be Worth USD 15.87 Billion by 2030; Introduction of New Road and Traffic Laws by Various Nations to Drive Market Growth
Pune, India, Oct. 30, 2023 (GLOBE NEWSWIRE) — The global airbag sensor market size was USD 10.52 billion in 2022 and the market is projected to grow from USD 10.96 billion in 2023 to USD 15.87 billion by 2030 at a CAGR of 5.44% during 2023-2030.
Airbag sensors are devices that send a signal to deploy the airbags when the vehicle enters a collision. These sensors monitor changes in pressure and detect sudden deceleration to identify if the vehicle has encountered a crash resulting in the deployment of the airbags. The increasing number of accidental deaths and road accidents yearly is expected to drive market growth during the forecast period. Fortune Business Insights™ mentioned this in a report titled, “Airbag Sensor Market, 2023-2030.”
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Airbag Sensor Market Report Highlights:
|Forecast Period 2023 to 2030 CAGR||5.44 %|
|2030 Value Projection||USD 15.87 billion|
|Market Size in 2022||USD 10.52 billion|
|Historical Data for||2019-2021|
|No. of Pages||200|
Airbag Sensor Market Drivers & Restraints-
Introduction of New Safety Laws in Various Nations to Boost Market Growth
Several nations are introducing new road and traffic laws to ensure public safety and decrease the rising number of road accidents, which are expected to drive market growth during the forecast period. For instance, in September 2022, the Indian government introduced a vehicle safety rule, which includes that all vehicles are required to be equipped with six airbags for passengers’ safety. Replacing the airbag sensors or airbags is highly costly, hampering market growth during the forecast period.
Increased Shortage of Materials, Components, and Goods During Pandemic Hindered Market Growth
The COVID-19 pandemic negatively impacted the airbag sensor market growth. The increased shortage in materials, goods, and components supplied in several countries during the COVID-19 pandemic hampered market growth. In 2021, the market could not recover completely due to disruptions in the supply chain, inflation, and shortages in semiconductors that hindered market growth during the pandemic.
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Airbag Sensor Market Segments Analysis-
Rising Use of Mechanical Sensors to Detect Vehicle Collisions Augments Mechanical Sensors Segment
By type, the market is further segmented into mechanical and electrical. The mechanical segment held the largest market share in 2022 and is projected to maintain its market position during the forecast period. The growing use of mechanical airbag sensors to detect vehicle collisions, especially in the front, is driving the segment’s growth during the forecast period.
Passenger Cars Segment’s Growth is Driven by Increased Production and Sales of Passenger Cars
Based on vehicle type, the market is classified into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment dominated the market share in 2022 and accounted for high passenger vehicle demand in 2022. The growth is attributed to the increased production and sales of passenger cars globally.
Bumper Segment’s Growth Augmented by Rising Need for Accurate Sensor Technologies in Vehicle Bumpers
By position, the market is segmented into bumper, side door, and engine. The bumper segment dominated the market in 2022 and is estimated to maintain its dominance during the forecast period. The rising need for accurate technologies in vehicle bumpers is expected to augment the segment’s growth during the forecast period.
ICE Segment to Grow Due to Due To Their Reliability
Based on propulsion type, the market is segmented into ICE and electric. The ICE segment held the largest market share in 2022 and is expected to remain dominant during the forecast period. The growth is attributed to the increasing preference for ICE engines due to their reliability. Geographically, the market is studied across North America, Europe, Asia Pacific, and Rest of the World.
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Airbag Sensor Industry Regional Insights-
Growing Consumer Awareness Regarding Airbag Systems to Aid Market Growth in North America
North America dominated the airbag sensor market in 2022. The growth is attributed to the rising consumer awareness regarding airbag systems and vehicle safety across the region.
Europe held the second-highest airbag sensor market share in 2022 and is estimated to witness significant growth during the forecast period. The growth is attributed to the strong focus of governments to enhance vehicle safety across Europe.
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Airbag Sensor Market Competitive Landscape-
Key Players’ Strong Distribution Network to Propel Market Growth
The market consists of major players, such as Continental AG, Robert Bosch GmbH, Denso Corporation, and others. These key market players have established a strong distribution network with various leading automobile manufacturers, further aiding market growth. Growing key players’ focus on new product launches to strengthen their market position is estimated to drive market growth during the forecast period.
List of Key Players Covered in Airbag Sensor Market Report:-
- Infineon Technologies AG (Germany)
- Mitsubishi Electric Co. Ltd. (Japan)
- Continental AG (Germany)
- NXP Semiconductors (Netherlands)
- ZF Friedrichshafen AG (Germany)
- Robert Bosch GmBH (Germany)
- Yanfeng Automotive Safety Systems Co. Ltd (China)
- Hella GmbH & Co. KGaA (Germany)
- Denso Corporation (Japan)
- Analog Devices Inc. (U.S.)
Airbag Sensor Market Segmentation:-
Airbag Sensor Market By Type
Airbag Sensor Market By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Airbag Sensor Market By Position
- Side Door
Airbag Sensor Market By Propulsion Type
Airbag Sensor Industry Developments:
April 2023 – The U.S. government gave an award to Honda Motors for its advanced airbag system technology. The new technology from Honda Motors delivers a better design for managing lateral collision forces on the passenger’s head.
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Table of Contents:-
- . Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Mergers, Acquisitions & Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- Impact of COVID-19 Pandemic on Global Airbag Sensor Market
- Global Airbag Sensor Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast – By Type
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Market Analysis, Insights and Forecast – By Position
- Side Door
- Market Analysis, Insights and Forecast – By Propulsion Type
- Market Analysis, Insights and Forecast – By Region
- North America
- Rest of the World
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