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Wearable Air Bag Market to Witness Rise in Revenues By 2030
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According to the Market Statsville Group (MSG), the global wearable airbag market size is expected to grow at a CAGR of 8.1% from 2022 to 2030. Wearable airbags are typically made of nylon, in which, either nitrogen or argon gases are used to inflate the bag. The airbags are equipped with advanced technology which pre-determines the fall and inflates the bag to provide cushion and safety to the user. There are several factors expected to support the market growth globally, such as the supportive government initiatives coupled with the high competition in the automotive industry. Moreover, the introduction of smart airbags, and integration of smart sensors and AI, are expected to further accelerate the market’s growth in forthcoming years at the global level.
COVID-19 Impact on the Global Wearable Air Bag Market
The demand for wearable airbags declined drastically in COVID-19 due to the global lockdown, and all sports activities were postponed. Adventure tournaments, such as bike races activities were halted amid the pandemic. Hence, the demand for wearable airbags reduced abruptly during the pandemic. Furthermore, there was a demand for vest airbags from the healthcare industry to reduce the elderly fall. However, there were chances of cross-contamination inhibiting its use during the COVID-19. Also, the disrupted supply chains and high cost of raw materials negatively impacted the market's growth.
Scope of the Global Wearable Air Bag Market
The study categorizes the wearable air bag market based on material airbag type, product type, application, distribution channel, and end-use industries at the regional and global levels.
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By Airbag Type Outlook (Sales, USD Million, 2017-2030)
- Vest Airbag
- Head Airbag
- Knee Airbag
By Product Type Outlook (Sales, USD Million, 2017-2030)
- Airbag Belt
- Airbag Jack
By Application Outlook (Sales, USD Million, 2017-2030)
- Elderly Anti-Fall
By Distribution Channel Outlook (Sales, USD Million, 2017-2030)
- Online Channels
- Offline Channels
By End-Use Industries Outlook (Sales, USD Million, 2017-2030)
- Sports Industry
- Adventure Industry
- Healthcare Industry
By Region Outlook (Sales, USD Million, 2017-2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
The vest airbags segment accounts for a major market share in the market by airbags type
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The vest airbags hold a major share of the wearable airbags market in 2021. It protects the whole trunk part and reduces the chances of other body parts injury by providing cushion and safety to the users. Moreover, the head airbags are estimated to showcase the highest CAGR during the forecast period, owing to the growing demand for head safety due to the increasing accidents and government initiatives to increase safety while bike riding. These airbags are equipped with advanced technology which pre-determines the fall and provides safety and cushion to the users. Such factors are expected to fuel the segment's growth in uncoming years at the global level.
Regional Analysis of Wearable Air Bag Market
On a regional basis, the demand for the wearable airbag is estimated to be high in Europe in 2021, due to the growing bike racing and cycling tournaments. Such tournaments surge the demand for safety equipment, and integrated technology, such as wearable airbags, thus driving the market's growth in forthcoming years across the region. Moreover, the presence of well-established automotive industry is further supporting the rising demand for wearable airbags in the region.
However, Asia-Pacific is estimated to showcase the highest CAGR during the forecast period. The growth is attributed to the growing number of road accidents in the region, especially in populous economies, such as China and India. For instance, according to the Ministry of Road Transport & Highway data, 1,47,913 people died, and 4,70,975 were injured in road accidents in India in 2017. Wearable airbags reduce the chances of fatal injuries in road accidents. Further, wearable airbags are effective gadgets for safety in swimming training and others. Such factors will propel the growth of the market in the region during the forecast period.
Report Analysis: https://www.marketstatsville.com/global-wearable-airbag-market
Key Market Players in the Global Wearable Air Bag Market
Top Players operating in the wearable airbag market are focusing on using the power of technology to introduce innovative products to cater to the needs of the end-users. Further, they are adopting various key strategies such as partnerships, acquisitions, agreements, and expansion to enhance their market positions to gain major market share. The wearable airbags market is highly concentrated in nature.
Major players in the global wearable airbag market are:
- Active Protective Technologies
- Wolk Airbag
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