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Latin America Airbag Systems Market Size (2024 - 2029)

The Latin America airbag systems market is anticipated to experience significant growth, driven by stringent regulations mandating the installation of safety devices like airbags and seat belts to enhance passenger safety. The market's expansion is influenced by the high initial investment and advanced technology required for airbag systems, which has led original equipment manufacturers to partner with established manufacturers offering cost-effective solutions. The presence of North American companies in Mexico, attracted by lower labor and production costs, further supports the market's development. Despite recent declines in production due to economic challenges, the market size is expected to grow steadily during the forecast period.

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Market Size of Latin America Airbag Systems Industry

Latin America Airbag Systems Market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR > 6.00 %
Market Concentration Medium

Major Players

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*Disclaimer: Major Players sorted in no particular order

Latin America Airbag Systems Market Analysis

The Latin America airbag system market is expected to register a CAGR over 7% during the forecasted period (2020 - 2025)

  • Latin America has 12.3 road fatalities per million inhabitants per year in road traffic crashes involving cars and busses. Passenger safety is of the utmost importance to the government as well as the companies. Regulations towards consumer safety and security have made manufacturers install safety devices in the cars. The government has made usage of seat belts and airbags mandatory which has resulted in decline of deaths due to accidents from 2,921 in 2017 to less than 2,500 in 2019. Consequently, risk factors as seat-belt use, and drink and drive is one of the major cause of these fatalities.
  • The Airbag system requires advance technology and high initial investment. OEMs are opting for well-known manufacturers who are proving the airbag systems with advance technologies at low cost. This is limiting the penetration of new players into market. Many companies from North American region have set up their manufacturing units in Mexico due to low labour and production cost which is being supported by free trade deal between United States, Canada and Mexico. Mexico has exported more than 3.3 million vehicles in 2019. Although there has been decline in the production in past few years and on-going COVID-19 economic crisis, during the forecasted period the production is expected to increase at a steady pace which will help the Airbag system market to grow in Mexico.

Latin America Airbag Systems Industry Segmentation

The Latin America airbag system market report covers the latest trends and technological development in the automotive airbags and seatbelt market, demand by airbag type, vehicle type, by user type, and market share of major automotive airbag system manufacturers across the region

Airbag Type
Curtain
Front
Knee
Others
Automobile Type
Passenger Cars
Commercial Vehicles
Geography
Brazil
Mexico
Argentina
Rest of Latin America
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Latin America Airbag Systems Market Size Summary

The Latin America airbag systems market is poised for significant growth, driven by increasing regulatory emphasis on passenger safety and the mandatory installation of safety devices like airbags and seat belts. The market is characterized by a strong focus on advanced technology and cost-effective solutions, with original equipment manufacturers (OEMs) favoring established suppliers to mitigate high initial investments. The presence of North American companies setting up manufacturing units in Mexico, supported by favorable trade agreements, has further bolstered the market. Despite recent production declines and economic challenges, the market is expected to recover steadily, particularly in Mexico, where vehicle production is anticipated to rise.

Brazil stands out as a key player in the region, with a robust demand for vehicle safety features propelling the airbag systems market. The country is witnessing a surge in the adoption of curtain and knee airbags, driven by heightened consumer awareness and regulatory standards. The automotive industry, traditionally price-sensitive, is increasingly prioritizing safety, with OEMs integrating airbags as standard features. The market is consolidated, with major players engaging in mergers and acquisitions to strengthen their positions. Innovations such as inflatable seat belts and roof-type airbags reflect the ongoing advancements in safety technology, although improvements in active safety systems may influence future demand for passive systems like airbags.

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Latin America Airbag Systems Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Porters Five Force Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Airbag Type

      1. 2.1.1 Curtain

      2. 2.1.2 Front

      3. 2.1.3 Knee

      4. 2.1.4 Others

    2. 2.2 Automobile Type

      1. 2.2.1 Passenger Cars

      2. 2.2.2 Commercial Vehicles

    3. 2.3 Geography

      1. 2.3.1 Brazil

      2. 2.3.2 Mexico

      3. 2.3.3 Argentina

      4. 2.3.4 Rest of Latin America

Latin America Airbag Systems Market Size FAQs

The Latin America Airbag Systems Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

ZF Friendrichshafen AG, Hyundai Mobis Co Ltd, Autoliv Inc, Denso Corporation and Continental AG are the major companies operating in the Latin America Airbag Systems Market.

Latin America Airbag Systems Report Snapshots

Latin America Airbag Systems Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)