Road accidents are increasing and this is leading o stakeholders demanding for superior safety features in automobiles. And, this is therefore witnessing government intervention in the industry, mandating certain safety features in automobiles. This is the reason that over the forecast period of 2019 to 2027, the global automotive airbag market would grow at a significant pace. The booming industry, along with technological advancement is leading to generation of a plethora of growth opportunities in the market and experts believe that the market players would leave no stone unturned to make the most of these.
An analysis of factors of growth that are significant in the global automotive airbag market is provided below.
- Every year, about 1.35 million people die in road accidents. This roughly translates to about 3700 people dying on the road every day. The -numbers are dizzying and thus have attracted attention of governments as well as automobile manufacturers. It is also quite pertinent to note here that some 20-50 million people get fatally wounded. This is where use of airbags becomes extremely crucial, driving the global automotive airbag market over a higher growth trajectory.
- Legislation in a number of regional markets is getting stricter as far as use of airbags and seat belts go. Besides, players in the market as well as the government are coming up with interesting and impactful marketing campaigns, aimed at generating awareness towards the same. This is also pushing people to look for advances security systems. This sis contributing massively to the growth of global automotive airbag market, especially over the forecast period.
- Players are focusing on product innovation and improvement. ZF Friedrichshafen AG came up with knee airbag module in the year 2018 and it is significant to note here that it comes with fabric housing. Besides, it has smaller and flexible features.
Automotive Airbag Market: Introduction
- Automotive airbags are used in vehicles for the safety of passenger and driver in case of any accident or fatality
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Key Drivers and Restraints of Global Automotive Airbag Market
- The automotive segment is one of the booming sectors presently and it is expected to grow significantly in the next few years prioritizing more on customer safety and comfort.
- In alignment with government legislations regarding safety of drivers/passengers, automotive manufacturers are installing safety devices on a compulsory basis in cars. With technological innovations, consumers are more inclined toward adopting automotive safety products to ensure safety and comfort.
- Airbags and seat belt restraint systems are sophisticated car occupant systems that represent the most rapidly growing market for safety devices in recent times.
Global Automotive Airbag Market: Segmentation
- The global automotive airbag market has been segmented based on airbag type. Based on the type of airbag safety systems, the market is segmented into four types: front airbag, side airbag, knee airbag, and curtain airbag.
- Asia pacific accounted for the largest market share in 2018, which is expected to lure heavy investment and at the same time high end research is expected to be carried out in the field of airbags. In addition, Improving lifestyles, vehicle demand and changing buyer’s preferences have ensured its dominance. The Asia Pacific automotive airbag market is likely to value more than US$ 34 billion by 2027, and is expected to be the fastest growing automotive airbag market in the coming years.
Global Automotive Airbag Market: Regional Segmentation
- Based on region, the global Automotive Airbag Market can be segregated into North America, Asia Pacific, Europe, and Rest of World
- Asia Pacific region led the global automotive airbag market in 2018. It is anticipated to hold a dominant share of the global market during the forecast period. Emergence of automotive industry in China, India and South Korea has been instrumental in boosting the share held by Asia Pacific in the global market.
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- In March 2018, key manufacturer for airbags in North America and Europe, ZF Friedrichshafen AG, produced new knee airbag module having fabric housing with flexible and smaller packaging features. Rising preference of vehicles for the installation of knee airbags likely to enhance the market for automotive airbags in upcoming years.
Key Players Operating in Global Automotive Airbag Market:
- Delphi Automotive PLC
- Takata Corporation
- TRW Automotive Holdings Corporation
- Key Safety System
- Hyundai Mobis
- Porcher Industries SA
- Daicel Corporation
- Denso Corporation
- Continental AG
Global Automotive Airbag Market: Research Scope
Global Automotive Airbag Market, by Airbag Type
- Front Airbag
- Side Airbag
- Knee Airbag
- Curtain Airbag
Global Automotive Airbag Market, by Region
- North America
- Asia Pacific
- Rest of World
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