Report : Europe Automotive Airbag ECU Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Standard and Premium), Airbag Type (Frontal Airbag ECU and Curtain Airbag ECU), and Vehicle Type (Passenger Vehicles and Commercial Vehicles)
At 3.3% CAGR, the Europe Automotive Airbag ECU market is speculated to be worth US$ 1,565.45 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe automotive airbag ECU market was valued at US$ 1,305.87 million in 2022 and is expected to reach US$ 1,565.45 million by 2028, registering an annual growth rate of 3.1% from 2022 to 2028. Strict safety and regulatory standards for vehicles and technological enhancements in airbag ECUs are the critical factors attributed to the market expansion.
After the onset of the COVID-19 pandemic, a sharp increase in car sales and a significant rise in road accidents have been observed. Automotive technologies, especially the ones related to vehicle safety, have rapidly improved with rapid developments in science and technology. The governments of different states are focused on using this fund to implement programs for expanding partnerships, and addressing challenges associated with people's risky driving habits and road safety concerns. Various regulations in different countries are likely to encourage advancements in materials used for making airbags along with developments inside and curtain airbags to improve head and neck protection during side collisions or crashes, thereby ensuring the safety of drivers and passengers. Thus, government regulations for mitigating the number of fatalities is propelling the automotive airbag ECU market growth.
On the contrary, limitations on storage time and data availability in airbag ECU hurdles the growth of Europe automotive airbag ECU market.
Based on product type, the automotive airbag ECU market sphere is bifurcated into standard and premium. The premium segment held 73.6% market share in 2022, amassing US$ 961.39 million. It is projected to garner US$ 1192.10 million by 2028 to expand at 3.6% CAGR during 2022–2028.
By the airbag type, the Europe automotive airbag ECU market is bifurcated into frontal airbag ECU and Curtain airbag ECU. With 80.4% share of the domain, the frontal airbag ECU segment dominated the market in 2022. It accrued US$ 1,049.51 million in 2022 and is estimated to generate US$ 1,248.10 million by 2028 to grow at a CAGR of 2.9% over the forecast period.
By the vehicle type, the Europe automotive airbag ECU market is bifurcated into passenger vehicles and commercial vehicles. With 84.8% share of the domain, the frontal airbag ECU segment dominated the market in 2022. It accrued US$ 1,107.17 million in 2022 and is estimated to generate US$ 1,294.17 million by 2028 to grow at a CAGR of 2.6% over the forecast period.
Our regional analysis states that Germany captured 47.0% market share in 2022. It was assessed at US$ 302.04 million in 2022 and is likely to hit US$ 396.25 million by 2028, exhibiting a CAGR of 4.6% during the forecast period.
Key players dominating the Europe automotive airbag ECU market are 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 among others.
A few major market developments by key market players are:
- In 2022, Autoliv has announced its collaboration with Nuro, autonomous vehicle company for providing higher safety features with exterior airbag to Nuro's latest third-generation vehicle.
- In 2022, HELLA and Faurecia have agreed to merge their companies: The formation of a partnership brings up new opportunities for growth. Faurecia buys a 60% interest in HELLA from its pool shareholders and makes a tender offer for the remaining HELLA shares at € 60 per share in this joint venture. The two firms have merged to form the world's seventh largest automotive supplier and a worldwide market leader in high-growth technological sectors.
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