Latin America Airbag Systems Market

The Latin America airbag systems market size is projected to expand at a significant CAGR during the forecast period, 2021–2028. Growth of the market is attributed to  various advancement in vehicle passive safety systems and growing desire for a safer, more efficient, and convenient driving experience.

During a collision, an airbag is a car occupant-restraint system that uses a bag that expands fast before immediately collapsing. Because of continuing and creative advancements in airbag technology, the efficacy of these airbags in reducing thus the impact of collisions has improved. Between the vehicle's occupants and the steering wheel, device panel, body pillar, headliner, and windshield, airbag provides a more energy-absorbing surface. During a collision, the airbag electronic controller unit (ECU) receives important data from the vehicle's crash sensors, such as collision type, angle, and impact severity.

The airbag ECU's crash algorithm uses this information to evaluate if the collision event meets all of the requirements for deployment and then activates various igniting circuits to deploy one or more airbag modules within the car. The majority of contemporary cars with side-curtain airbags also have side-torso airbags.

They are usually found in the seat or door panel. These airbags are designed to decrease the risk of pelvic and lower abdominal injuries. The automobile sector has contracted due to supply chain disruption caused by the suspension of transportation and shipping services, as well as low demand for vehicles.

Market Trends, Drivers, Restraints, and Opportunities

• Rise in customer awareness of car safety features is anticipated to propel the market during the forecast period.
• Increasing disposable income is key factor fueling the market.
•  High costs of installation and maintenance of airbag systems are expected to hinder the market growth.
• Injury risk and product reliability concerns act as major challenges that can restrict the market in the coming years.
• R&D investment and technological advancement is expected to create immense opportunities for the market players.

Scope of the Report

The report on the Latin America airbag systems market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

The curtain segment is projected to hold a major market share

On the basis of airbag type, the Latin America airbag systems market is fragmented into curtain, front, knee, and others. The curtain segment is expected to represent a key share of the market during the forecast period. The curtain segment is the rapid growing segment among automobile airbag and seatbelt industry. They're generally installed on the roof above the side window, on the side of the seat or the door. Curtain airbags protect the adult's head in the case of a collision. Curtain airbags have reduced the probability of a driving death by 45 percent. There has been an increase in the need for pedestrian airbags recently. When a car is going to crash with a pedestrian, these are immediately deployed.

The passenger cars segment is expected to grow at a rapid pace

On the basis of automobile type, the Latin America airbag systems market is bifurcated into passenger cars and commercial vehicle. The passenger cars segment is expected to constitute a key share of the market during the forecast period. Growth of the market is attributed to improved lifestyles, increasing consumer spending power, and infrastructural development. In most countries, airbags and seatbelts are included as standard equipment in passenger automobiles to reduce the number of fatalities caused by accidents. Each year, the number of passenger vehicles manufactured exceeds the number of commercial vehicles. The total number of airbags installed in sedans, utility vehicles, and sedans exceeds the total number of airbags deployed in commercial vehicles. The inclusion of airbags as a standard feature in the majority of passenger vehicles is one of the elements driving the segment. Passenger car adoption is being aided by rising disposable income and the availability of more convenient financing options.

Segments

Segments Covered in the Report

The Latin America airbag systems market has been segmented on the basis of

Airbag type

• Curtain
• Front
• Knee
• Others

Automobile type

• Passenger Cars
• Commercial Vehicle

Key Players

• Continental AG
• ZF Friendrichshafen AG
• Hyundai Mobis Co Ltd
• Autoliv Inc
• Denso Corporation

Competitive Landscape

Key players competing in the Latin America airbag systems market include Continental AG, ZF Friendrichshafen AG, Hyundai Mobis Co Ltd, Autoliv Inc, and Denso Corporation.

Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.

There has been a significant advancement in roof-mounted airbags. Dual-stage airbags, which are positioned between the seat belt and the front seat, have made significant progress. These airbags are intended to protect children and adults from injury during a crash.