The automotive airbag ECU market in Asia Pacific is expected to grow from US$ 3,279.12 million in 2022 to US$ 4205.72 million by 2028. It is estimated to grow at a CAGR of 4.2% 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. In India, the Bharat New Vehicle Safety Assessment Program (BNVSAP) initiative is 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 multiple changes and adaptations regarding the region's socioeconomic development, focusing more on road safety. 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.
The presence of a robust automotive industry across countries, such as India, is driving the growth of the regional market. According to Society of Indian Automobile Manufacturers, total passenger car sales increased from 2,711,457 to 3,069,499, in 2021. The same year, passenger vehicle sales fell from 1,541,866 to 1,467,056, while commercial vehicle sales from April 2021 to March 2022 increased from 1,060,750 the previous year to 1,489,178. Vans sold 113,265 units in the same period, compared with 108,841 units from April 2020 to March 2021. Total commercial vehicle sales increased from 568,559 to 716,566. From April 2021 to March 2022, sales volume of commercial vehicles increased from 160,688 to 240,577 for medium- and heavy-duty commercial vehicles and surged from 407,871 to 475,989 for light commercial vehicles. Further, China accounts for 95% of new entrants, 90% of registered electric motorcycles and tricycles new registrations of electric buses and trucks worldwide, electric two and Tricycles now account for half of China's sales. The rise in production of EVs across the country is propelling the growth of the regional automotive airbag ECU market.
The product type segment is bifurcated into standard and premium. Premium segment is expected to lead the automotive airbag ECU market in 2022.
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. In India, the Bharat New Vehicle Safety Assessment Program (BNVSAP) initiative is 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 multiple changes and adaptations regarding the region's socioeconomic development, focusing more on road safety. 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.
Market Overview
APAC comprises several major economies, such as China, India, South Korea, Japan, and Australia. The economy of the region is gaining traction owing to the numerous technological and infrastructural developments. The region has a robust automotive sector supported by the growing automotive manufacturing industry in countries, including China, India, and South Korea. As per estimates and public studies, India, China, South Korea, and Japan are among the leading vehicle manufacturing countries worldwide. Growing concerns of consumers regarding safety and comfort, enactment of stringent safety regulations, rising number of accidents, and increasing initiatives of government such as mandatory laws to improve the adoption rate of airbag and to manufacture vehicles with least number of airbags and safety systems are expected to propel the demand for high-performance vehicles in the coming years.The presence of a robust automotive industry across countries, such as India, is driving the growth of the regional market. According to Society of Indian Automobile Manufacturers, total passenger car sales increased from 2,711,457 to 3,069,499, in 2021. The same year, passenger vehicle sales fell from 1,541,866 to 1,467,056, while commercial vehicle sales from April 2021 to March 2022 increased from 1,060,750 the previous year to 1,489,178. Vans sold 113,265 units in the same period, compared with 108,841 units from April 2020 to March 2021. Total commercial vehicle sales increased from 568,559 to 716,566. From April 2021 to March 2022, sales volume of commercial vehicles increased from 160,688 to 240,577 for medium- and heavy-duty commercial vehicles and surged from 407,871 to 475,989 for light commercial vehicles. Further, China accounts for 95% of new entrants, 90% of registered electric motorcycles and tricycles new registrations of electric buses and trucks worldwide, electric two and Tricycles now account for half of China's sales. The rise in production of EVs across the country is propelling the growth of the regional automotive airbag ECU market.
Asia Pacific Automotive Airbag ECU Market Segmentation
The Asia Pacific automotive airbag ECU market is segmented into product type, airbag type, vehicle type, and country.The product type segment is bifurcated into standard and premium. Premium segment is expected to lead the automotive airbag ECU market in 2022.
- Based on airbag type, the automotive airbag ECU market can be bifurcated into frontal airbag ECU and Curtain airbag ECU. Frontal airbag ECU segment is expected to lead the automotive airbag ECU market in 2022.
- Based on vehicle type, the market is segmented into passenger vehicles and commercial vehicles. The commercial segment is expected to hold the largest market share in 2022.
- Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China is expected to dominate the market in 2022. Aptiv; Autoliv Inc.; Continental AG; Denso Corporation; HELLA GmbH and Co. KGaA; Hyundai Mobis; Mitsubishi Electric Corporation; Robert Bosch GmbH; Veoneer Inc; and ZF Friedrichshafen AG are the leading companies operating in the automotive airbag ECU market in the region.
Table of Contents
1. Introduction
3. Research Methodology
4. APAC Automotive Airbag ECU Market Landscape
5. APAC Automotive Airbag ECU Market- Key Market Dynamics
6. Automotive Airbag ECU Market- APAC Analysis
7. APAC Automotive Airbag ECU Market Revenue and Forecast to 2028 - Product Type
8. APAC Automotive Airbag ECU Market Revenue and Forecast to 2028 - Airbag Type
9. APAC Automotive Airbag ECU Market - By Vehicle Type
10. APAC Automotive Airbag ECU Market- Country Analysis
11. Automotive Airbag ECU Market-Industry Landscape
12. Company Profiles
13. Appendix
List of Tables
List of Figures
Companies Mentioned
- Aptiv
- Autoliv Inc.
- Continental Ag
- Denso Corporation
- Hella Gmbh And Co. Kgaa
- Hyundai Mobis
- Mitsubishi Electric Corporation
- Robert Bosch Gmbh
- Veoneer Inc
- Zf Friedrichshafen Ag
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 142 |
| Published | November 2022 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 3279.12 Million |
| Forecasted Market Value ( USD | $ 4205.72 Million |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 10 |
