China Airbag Systems Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
China Airbag Systems Market Analysis
The China Airbag Systems Market was valued at USD 12.58 Billion in 2021 and is projected to grow to 19.41 Billion by 2027, registering a CAGR of 7.5% in terms of revenue during the forecast period.
The COVID-19 pandemic had a massive impact on the market studied as lockdowns and trade restrictions have led to supply chain disruptions and a halt of vehicle production across the country. However, as restrictions eased, players started focusing on mitigating such risks and developments to create momentum in the market during the forecast period. By 2021, as vehicle sales rebound and governing bodies focus on implementing stringent safety standards, the automotive airbag system market is anticipated to witness significant growth during the forecast period.
Over the medium term, Increasing regulatory requirements regarding vehicle safety and rising awareness about customer safety are driving the China automotive airbag market. Furthermore, the increase in the penetration of side-impact and curtain airbags, and vehicle production, the introduction of more bags per car, are the major factors that drive the growth of the China automotive airbag inflator market.
There are very strict norms for passenger car safety in China for a very long time, also car buyers are aware and concerned about road safety, so they prefer cars that are high on safety norms and ratings. China is also the leading manufacturer in vehicle sales, which is expected to go up in sales in 2025. With government regulations in place and customer demand for vehicle safety, the Brazilian airbag system market is expected to grow.
China Airbag Systems Market Trends
This section covers the major market trends shaping the China Airbag Systems Market according to our research experts:
Airbag Module Captures the Market Share
The airbag module is responsible for receiving the information from the collision sensor, which is relayed to the airbag sensors and then the airbags are deployed. The airbag module is a computer that stores information. Thus, during a collision, the impact data is stored in the airbag module.
Several manufacturers are expanding their product portfolios in China which is likely to create a lucrative opportunity for the airbag systems market. For instance,
- In June 2022, Wanxiang Qianchao Co., Ltd. (Wanxiang Qianchao) announced that its tech center has been chosen by Company H as a designated developer of airbag control units (ACU).
Many players in China are spending heavily on research and development of airbag modules to decrease the response time of airbag systems and increase the safety of the passengers in the vehicle.
Curtain airbags are the fastest-growing segment of the automotive airbag and seatbelt industry. They are mounted on the side of the seat or the door, usually on the roof above the side window. In the event of a crash, curtain airbags are used to protect the adult's head. It has been proven that curtain airbags reduce the driver fatality risk by 45%. Recently there has been a growing demand for pedestrian airbags. These are automatically deployed when an automobile is about to collide with a pedestrian. Increasing income levels and awareness about safety are expected to drive this market in the coming years.
As per the current car safety standards, the Global New Car Assessment Programme (Global NCAP), China is rated as 7 on a scale of one to ten. This rating is given based on factors like the level of reach of different technologies in the market, the state of legislation, and consumer awareness levels. The Chinese government has also further planned to launch an independent crash test center to enhance safety in automobiles.
Growth Passenger Cars dominating the China Airbags Systems Market
China is an emerging economy where the Airbags System implementation in passenger cars is constantly growing. The sales of passenger cars have been growing continuously for the past few years.
The Chinese economy is growing, and the disposable income of middle-class consumers is also increasing. This, in turn, reflects positively on the growing demand for vehicles. Over the past five years, vehicle production has gone up drastically due to the low production costs in the country. Due to the hike in vehicle production, the airbag systems market is also gaining momentum. Moreover, the Chinese government has also cut down the taxes on cars, to increase car sales.
However, in 2021, China's passenger car production reached 21.41 million, reflecting a 5.2% growth in passenger cars produced in 2020. The prime reason is the trade tensions with the United States and shaky consumer confidence. Additionally, with the impact of COVID-19, the industry is temporarily experiencing a decline in demand for passenger and commercial vehicles. However, It is anticipated that the demand for passenger car production is likely to resume with the country restarting its economical activities, which, in turn, is expected to fuel the country's demand for Airbags System.
Additionally, to increase the sales of cars, the Chinese government, 2021, unveiled numerous measures. The National Development and Reform Commission (NDRC) announced that the restrictions would be loosened on the second-hand auto market, and appropriate subsidies would be provided to boost rural sales of some vehicles and the purchase of new energy vehicles. In 2021, China witnessed around 26.1 Million Passenger cars sales. This rise in sale of passenger cars across the country is likely to increase the penetration of air bags in vehicle.
China Airbag Systems Industry Overview
The China Airbag Systems Market is dominated by various international and regional players such as Robert Bosch GmbH, ZF, joys on safety systems, Autoliv Inc., and Others. Although to have the edge over its competitors, the major airbag systems manufacturing companies are making joint ventures, and partnerships to launch newer products. For instance,
- In July 2022, ZF Friedrischafen AG invested Euro 60 Million for an expansion of manufacturing facilities in Rizhao city, Shandong province, China.
- In June 2022, Autoliv Inc. commenced airbag production in Shanghai, establishing itself as the first producer of airbags in China. The company will supply driver and passenger airbag modules to several vehicle assembly plants such as Shanghai General Motors (SGM), Dongfeng Citroen Automotive Corporation (DCAC), and Shanghai Volkswagen (SVW).
- In May 2022, Toyoda Gosei Co., Ltd. established a new plant in Guangdong Province, China, to enhance its production network for airbags and steering wheels across China.
China Airbag Systems Market Leaders
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Autoliv Inc.
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ZF Friedrichshafen AG
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Joyson Safety Systems
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TOYODA GOSEI Co., Ltd.
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Denso Corporation
*Disclaimer: Major Players sorted in no particular order
China Airbag Systems Market News
- In August 2022, Tesla introduced the new airbag to the China-made Model Y on Weibo. The model Y has been equipped with remote airbags as standard equipment to protect your travel safety in an all-around way.
- In August 2022, Autoliv invested USD 52.24 Million for the expansion of the second phase of the factory in Jiading District in China. The expansion of the factory is expected to be completed in 2024.
- In July 2021, Toyoda Gosei Co., Ltd. has developed a driver-side airbag with a new structure. The new airbag uses a donut-shaped structure to cradle and hold the head to reduce rotation during angled frontal collisions.
China Airbag Systems Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD Billion)
5.1 Airbag Type
5.1.1 Driver airbag
5.1.2 Passenger airbag
5.1.3 Curtain airbag
5.1.4 Knee airbag
5.1.5 Others
5.2 Inflator Type
5.2.1 Pyrotechnic
5.2.2 Stored Gas
5.2.3 Hybrid
5.3 Vehicle Type
5.3.1 Passenger Cars
5.3.2 Commercial Vehicles
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Robert Bosch GmbH
6.2.2 Continental AG
6.2.3 Denso Corporation
6.2.4 Toyoda Gosei Co.,Ltd.
6.2.5 Hyundai Mobis Co., Ltd.
6.2.6 Autoliv Inc.
6.2.7 Joyson Safety Systems
6.2.8 ZF Friedrichshafen AG
6.2.9 Sumitomo Corporation
6.2.10 Mitsubishi Electric Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
China Airbag Systems Industry Segmentation
An airbag is an inflatable safety device designed to protect the occupants of a car in case of a collision. The airbag is made from a highly durable polyamide fabric. It has a low coefficient of friction to ensure it expands smoothly and contacts the driver without any harm.
China's Airbag systems market is segmented into Airbag type, Inflator type, and vehicle type.
Based on the Airbag type, the market is segmented into Driver airbags, Passenger airbags, Curtain airbags, Knee airbags, and Others.
Based on the Inflator type, the market is segmented into Pyrotechnic, Stored Gas, and Hybrid.
Based on the vehicle type, the market is segmented into Passenger Cars and Commercial Vehicles.
For each segment, the market sizing and forecast have been done on the basis of value (USD Billion).
| Airbag Type | |
| Driver airbag | |
| Passenger airbag | |
| Curtain airbag | |
| Knee airbag | |
| Others |
| Inflator Type | |
| Pyrotechnic | |
| Stored Gas | |
| Hybrid |
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
China Airbag Systems Market Research FAQs
What is the current China Airbag Systems Market size?
The China Airbag Systems Market is projected to register a CAGR of 7.5% during the forecast period (2024-2029)
Who are the key players in China Airbag Systems Market?
Autoliv Inc. , ZF Friedrichshafen AG, Joyson Safety Systems, TOYODA GOSEI Co., Ltd. and Denso Corporation are the major companies operating in the China Airbag Systems Market.
What years does this China Airbag Systems Market cover?
The report covers the China Airbag Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the China Airbag Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
China Airbag Industry Report
Statistics for the 2024 China Airbag market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. China Airbag analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
China Airbag Market Report Snapshots
