The Automotive Airbag ECU Market is projected to reach US$ 7,868. 11 million by 2028 from US$ 6,224. 95 million in 2021; it is expected to grow at a CAGR of 3. 78% from 2022 to 2028. The growing awareness among consumers about vehicle safety features, along with a rise in willingness to pay extra costs for airbags with better features, signifies a vast potential for the automotive airbag ECU market.
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Airbag ECU Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type, Airbag Type, and Vehicle Type" - https://www.reportlinker.com/p06321017/?utm_source=GNW
In India, the Bharat New Vehicle Safety Assessment Program (BNVSAP) initiative has been introduced as a voluntary star rating system based on crash safety performance features.
The program focuses on systems such as front airbags, anti-lock braking systems (ABS), and seat belt reminder generators while evaluating cars. The New Car Assessment Program for Southeast Asian Countries (ASEAN NCAP) has brought several changes and adaptations concerning the region’s socioeconomic development, which focuses more on road safety.
Automakers such as Navistar, PACCAR, BMW, Daimler, Toyota, Volvo, and General Motors have significant presence in Europe.The Zero Emission by 2050, an initiative by the European Union (EU), is meant to drive the adoption of electric vehicles, as well as EV airbag ECUs, in the next few years.
In addition, the UN initiative Decade of Action for Road Safety, introduced in October 2021, has helped to bring down the number of fatalities associated with road accidents.However, the European Automotive Airbag ECU market is going through a substantial change owing to the Russia–Ukraine War.
Automakers, such as Volkswagen, BMW, and Porsche, are struggling to procure essential wiring harnesses. Suppliers from Western Ukraine have shut down their operations due to the Russian invasion; moreover, production has been ceased at German car factories.
the COVID-19 pandemic negatively affected the production of airbag ECUs across the world in 2020. However, a rise in the demand for electric vehicles (EVs) is anticipated to offer lucrative opportunities for players operating in the automotive airbag ECU market during the forecast period.. According to the Global Electric Vehicle Outlook, the sales of electric cars, including fully electric and plug-in hybrid vehicles, increased in 2021 to a new record of 6.6 million units. As per the same report, in China, electric car sales increased significantly in 2021 to 3.3 million, accounting for ~50% OF the total global sales. EV sales also surged strongly by 65% in Europe to reach 2.3 million units, and in the US that sales doubled to 630,000 units in 2021. The growing scale of EV manufacturing is expected to strengthen the demand for automotive airbag ECUs during the forecast period. Electric cars are equipped with airbags and seatbelts with advanced features to ensure an enhanced travel experience.
Automotive Airbag ECU market is mainly dominated by players, such as Aptiv, Autoliv, Inc., Robert Bosch GmbH, Continental AG, and Denso Corporation. These players engage in expanding their businesses through new product launches, market initiatives, technology upgrades, mergers and acquisitions, and other joint activities. For instance, in 2021, HELLA GmbH and Faurecia agreed to merge their companies. Faurecia bought a 60% interest in HELLA from its pool of shareholders, keeping the value of HELLA’s shares at $ 70 per share in the joint venture. The merger resulted in the establishment of the world’s seventh-largest automotive supplier. In India, Continental AG localized its value chain, ranging from R&D to design, to cater to the rising demand for airbag control unit (ACUs). Its manufacturing plant in Bengaluru is producing 1 million ACUs a year.
COVID-19 Impact on Europe Automotive Airbag ECU Market Size
Many European countries partially closed their borders and implemented drastic measures on imports and exports of goods.These measures caused a decline in the production volumes in various industries and hampered Europe’s Automotive Airbag ECU market share in 2020.
The COVID-19 pandemic severely affected the operations of electronics and semiconductor manufacturers, including automotive airbag ECU market players, as they continued their operations with limited workforces.This, in turn, adversely impacted product deliveries in 2020.
Due to the sudden COVID-19 outbreak and subsequent lockdowns across Europe, the semiconductor industry witnessed significant changes in the past year.Furthermore, constraints and nationwide lockdowns brought on by the pandemic in Europe continue to impair the supply chains of semiconductor manufacturing facilities.
Despite efforts of European industries to resume operations in 2021, the automotive airbag ECU market recorded a loss in 2022 as the region is still struggling for the timely procurement of semiconductor components.
Companies profiled in the automotive airbag ECU market study are Aptiv; Autoliv, Inc; Hyundai Mobis; Robert Bosch GmbH; Continental AG; dspace GmbH; Joyson Safety Systems; Tokairika Co, Ltd; ZF Friedrichshafen AG; Mitsubishi Electric Corporation; Denso Corporation; and Veoneer Inc.Major players in the automotive airbag ECU market engage in, both, organic and inorganic strategies to sustain the competitive edge.
For instance, in 2019, Joyson Safety Systems, a leading global supplier of mobility safety systems such as airbags, seatbelts, steering wheels, and electronic safety systems, announced the formation of a Tri-Party Joint Venture to merge its two Joint Ventures in India.The new venture is known as Joyson ANAND Abhishek Safety Systems Private Limited.
This development would help Joyson Safety Systems in improving operations of its safety systems, such as airbag ECUs.
The overall automotive airbag ECU market analysis has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the automotive airbag ECU market.
The process also serves the purpose of obtaining an overview and forecast of the automotive airbag ECU market size with respect to all market segments.Also, industry participants and commentators have conducted multiple primary interviews to validate the data and gain more analytical insights.
The participants typically involved in the automotive airbag ECU market study include VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the automotive airbag ECU market.
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