Wearable Airbag Market is Projected to Grow at a Robust CAGR of 18.1%, 2030

United States, New York, 2023-Feb-09 — /EPR Network/ —According to the Market Statsville Group (MSG), the global wearable airbag market size was valued at USD 154.0 million in 2021, which is expected to reach USD 689.2 million by 2030, exhibiting a CAGR of 18.1% from 2022 to 2030. Wearable airbags are typically made of nylon, in which 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. Several factors are expected to support the market growth globally, such as supportive government initiatives coupled with the high competition in the automotive industry. Moreover, the introduction of smart airbags, and the integration of smart sensors and AI, are expected to further accelerate the market’s growth in forthcoming years at the global level.

COVID19 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 COVID-19. Also, the disrupted supply chains and high cost of raw materials negatively impacted the market’s growth.

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Global Wearable Air Bag Market Dynamics

Surging Incidence of Strokes

In the entire world, stroke is the main factor in long-term impairment. The majority of stroke victims have movement issues, which raises their risk of falling. Stroke has already reached epidemic proportions. Globally 1 in 4 adults over the age of 25 will have a stroke in their lifetime. 12.2 million people worldwide will have their first stroke this year and 6.5 million will die as a result. Over 110 million people in the world have experienced stroke. One of the main clinical risk factors for stroke is high blood pressure as a result of atherosclerosis. There are many other risk factors, including tobacco use, physical inactivity, unhealthy diet, harmful use of alcohol, atrial fibrillation, raised blood lipid levels, obesity, genetic disposition, stress and depression. Stroke survivors fall at least seven times more frequently than elderly people in good health; up to 80% of them do so during the first year.

Preventing significant injuries in the event of a fall is an alternative to preventing a fall. One approach to achieve this is by using padded hip protectors, which are typically worn in the pockets of underwear that has been properly constructed. The hip air bag is smart system that was designed to mitigate falls in elderly people. The system can detect when a fall is happening and deploy the airbags before the person hits the ground. The airbags are usually reusable, and can connect via Bluetooth to a smartphone, which allows monitoring of activity and fall data.

Government Initiatives for Increasing Tourism and Adventure Activities

The government initiatives for increasing tourism and adventure activities will significantly increase the demand for safety equipment’s and solution there augmenting the demand for wearable air bags market over the forecast period. For instance, focusing mainly on the operational issues, which include tourist safety, risk management and ethics related to the adventure sports, the Indian Government has taken into consideration a total of 18 land-based adventure tourism activities, 7 air-based tourism activities and 6 water-based activities for drafting the guidelines. These guidelines will be formulated by the Adventure Tour Operators Association of India (ATOAI) in consultation with the Ministry of Tourism.

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, 20172030)

  • Vest Airbag
  • Head Airbag
  • Knee Airbag
  • Others

By Product Type Outlook (Sales, USD Million, 20172030)

  • Airbag Belt
  • Airbag Jack

By Application Outlook (Sales, USD Million, 20172030)

  • Motorsports
  • Equestrian
  • Bicycle
  • Elderly Anti-Fall
  • Others

By Distribution Channel Outlook (Sales, USD Million, 20172030)

  • Online Channels
  • Offline Channels

By End-Use Industries Outlook (Sales, USD Million, 20172030)

  • Sports Industry
  • Adventure Industry
  • Healthcare Industry
  • Others

By Region Outlook (Sales, USD Million, 20172030)

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia & New Zealand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Northern Africa
    • Rest of MEA

Vest airbags segment accounts for a major market share in the market by airbags type

The vest airbags hold a major share of around 62.0% in 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.

Motorsports segment accounts for a major market share in the market by application

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Injuries to the head and the neck are the most frequent in the event of motorsport accidents; therefore, around 42.0% of wearable airbags market revenue is generated from motorsport application. The motorsport industry not only generates direct and indirect employment but also the risk of injuries. With the prevalence of wearable airbags in this segment, the safety of athletes has been assured.  The accuracy of accident judgment of an airbag is said to be is as high as 96%. Using artificial intelligence, the airbag determines the accident in advance by analyzing the real-time information on acceleration and angular velocity of the driver’s movements.

Asia Pacific is the fastest growing wearable airbags market 

On a regional basis, the demand for 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 a 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 market’s growth in the region during the forecast period.

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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 key strategies such as partnerships, acquisitions, agreements, and expansion to enhance their market positions and gain major market share. The wearable airbags market is highly concentrated in nature.

Major players in the global wearable airbag market are:

  • Dainese
  • Alpinestars
  • Hovding
  • Helite
  • Active Protective Technologies
  • Merlin
  • Wolk Airbag
  • In&motion

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