The recently published market study by Fact.MR highlights the current trends that are expected to influence the dynamics of the Automotive Knee Airbags Market in the upcoming years. The report introspects the supply chain, cost structure, and recent developments pertaining to the Automotive Knee Airbags Market in the report and the impact of the COVID-19 on these facets of the market. Further, the micro and macro-economic factors that are likely to impact the growth of the Automotive Knee Airbags Market are thoroughly studied in the presented market study.
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Increasing number of car accidents across the globe has made it vital for vehicles to earn top safety ratings during the crash test program. Hence, airbags in the vehicle form an important part of the safety features in the car. Most of the new cars are deploying airbags to protect occupants in frontal, rear and offset crashes with the help of airbags. However, knee airbag is considered to be one of the important safety features as they protect lower limbs. Governments and automotive governing councils across various nations have set safety standards and also provide vehicle safety ratings based on the in-vehicle safety systems.
Along with various in-car safety systems, automotive manufacturers are focusing on providing advanced airbag system. Hence, automotive knee airbag manufacturers are providing new airbags. For instance, manufacturers are applying silicone coating on airbags to protect the fabric from heat and occupants from burn injuries. Some of the manufacturers are also focusing on developing smart airbags with various features.
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According to the latest report by Fact.MR, the global automotive knee airbags market is expected to experience above-average growth, registering 5.8% CAGR during the forecast period, 2017-2022. Automobile manufacturers have started focusing on earning top safety ratings, hence most of the new cars come with a plethora of airbags. However, knee airbags are considered as an essential feature for vehicles with high safety ratings as they protect lower extremity of the occupant. Following are the insights on the future of the global automotive knee airbags market.
6 Forecast Highlights on Global Automotive Knee Airbags Market
- Europe is expected to be the largest market for automotive knee airbags during the forecast period, 2017-2022. Europe automotive knee airbags market is estimated to reach just over US$ 50 million revenue by the end of 2024.
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- North America is expected to be the second most lucrative market in automotive knee airbags. Owing to the imposition of various in-vehicle safety standards by the government and race among automotive manufacturers to earn top safety ratings is boosting the automotive knee airbags market in North America.
- Neoprene coated automotive knee airbags are expected to account for nearly three-fourth of the revenue share by the end of 2017. Neoprene coated automotive knee airbags are projected to surpass US$ 100 million revenues towards the end of 2024. Meanwhile, silicone coated automotive knee airbags are also expected to witness robust growth during the forecast period.
- Compared to polyester automotive knee airbags, nylon automotive knee airbags are expected to experience above-average growth between 2017 and 2024. Nylon airbags are projected to account for more than three-fourth of the revenue share by 2017 end.
- Sales of automotive knee airbags is expected to be highest through Original Equipment Manufacturers (OEM). By the end of 2024, OEM is projected to reach nearly US$ 150 million revenue.
- Compact passenger cars are expected to emerge as the largest deployer of automotive knee airbags. Compact passenger cars are estimated to account for nearly one-third of the revenue share by the end of 2017.
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The report has also profiled leading players in the global market for automotive knee airbags, which will remain active through 2024. These include companies such as Autoliv Inc., Takata Corporation, Daicel Corporation, Kolon Industries, Inc., Delphi Automotive Plc, Denso Corporation, Hyundai Mobis Co. Ltd, Toray Industries, Inc., Toyoda Gosei Co., Ltd, and ZF Friedrichshafen AG.
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