An airbag is referred to as a safety restrained components predominantly used in vehicles and airplanes. They come in a pillow like structure which can be inflated with air during any emergency. Wearable airbags come in the form of a jacket or wearable cushions which provides safety against collisions, falls, crashes, and other forms of sudden accidents. The growing instances of road accidents is increasing the adoption of air bags across the globe.
The global wearable air bag was valued USD 11.9 billion in 2020 and is poised to amplify at a CAGR of 7.2% over 2022-2030, thereby amassing a valuation of USD 22.7 billion by end of the assessment timeline.
What are the growth determinants and restraints of this marketplace?
Growing cognizance about road safety and stringent regulations regarding the same are primarily augmenting the outlook of this marketplace.
Moreover, surging occurrences of road accidents and rising R&D activities is the field are creating lucrative opportunities for the industry vertical to prosper. Alongside, escalating demand for luxury cars worldwide is adding momentum to the market development.
Furthermore, rise in the sales of commercial vehicles powered by the growing disposable income level of the masses is positively swaying the dynamics of this business sphere.
Also, the increasing focus of industry players to develop advanced products in the field coupled with rising adoption of electric vehicles as an effort to minimize emission levels are aiding the expansion of global wearable air bag market.
Additionally, surging consumer cognizance regarding vehicle safety features and their importance is paving a way for the industry to gain a massive traction.
Besides, the rising popularity of high speed engines has become one of the primary causes for road accidents. This is another factor influencing the expansion trajectory of this business vertical.
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Segmental assessment of the market
By Position
- Frontal
- Side
- Side curtain
- Knee
The frontal segment is expected to grow considerably by 2030 attributing to their ability to prevent series injuries in case of an accident.
By Fabric
- Coated
- Non-Coated
The coated segment is likely to account for a high market share over the forecast period due to their high durability and longevity.
By Vehicle
- Passenger vehicles
- Commercial vehicles
The passenger segment is poised to amass notable gains over the stipulated timeframe ascribing to the rising per capita income of the masses which in turn is increasing the global sales of vehicles worldwide.
By Distribution Channel
- OEM
- Aftermarket
OEM presently dominates the industry in terms of revenue share due to the growing vehicle and road safety awareness.
Which is the fastest growing region in the market?
The major regions defining the geographical ambit of the global wearable air bag market are North America, Middle East & Africa, Europe, Asia Pacific, and Latin America. Among these, North America is reckoned to expand with a substantial revenue share over the stipulated timeline of 2022-2030. This is attributable to the presence of potential players, growing vehicle sales, rise in disposable income of the masses, and increasing instances of road accidents.
Also, Europe is poised to showcase lucrative growth trends over the projected time period owing to the presence of stringent road safety rules and rising adoption of electric vehicles.
Expounding the competitive hierarchy of the industry
The prominent players characterizing the competitive terrain of this marketplace are Robert Bosch GmbH, Continental AG, Denso Corporation, Delphi Automotive, Valeo SA, ZF Friedrichshafen, Magna International, INVISTA, Joyson Safety Systems, Autoliv Inc., Hyundai Mobis Co. Ltd., Hella GmbH & Co. KGaA, Takata Corporation, Toyota Gosei, Aptiv Inc., Calsonic Kansei Corporation, and Nihon Plastic Company Co. Ltd.
Notably, ZF Friedrichshafen announced the acquisition of a large stake in Rane Group which in turn to help the company in diversifying its product portfolio.
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Key questions answered in this report
- What is the growth rate projection for Global Wearable Air Bag Market?
- What are the growth determinants of Global Wearable Air Bag Market?
- Which are the major segments present in the Global Wearable Air Bag Market?
- Which distribution channel segment leads the Global Wearable Air Bag Market?
- Which is the fastest growing region in the Global Wearable Air Bag Market?
Major takeaways from the report
- The global wearable air bag was valued USD 11.9 billion in 2020 and is poised to amplify at a CAGR of 7.2% over 2022-2030, thereby amassing a valuation of USD 22.7 billion by end of the assessment timeline.
- Growing cognizance about road safety and stringent regulations regarding the same are primarily augmenting the outlook of this marketplace.
- The major segments present in the market are position, fabric, vehicle, and distribution channel.
- The OEM distribution channel presently accounts for a significant market share owing to the growing vehicle and road safety awareness among individuals.
- North America is poised to amplify with a high revenue share due to the presence of potential players, growing vehicle sales, rise in disposable income of the masses, and increasing instances of road accidents.
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