Transparency Market Research has published a new report titled, “Global Automotive Airbag Market (Type: Front Airbag, Side Airbag, Knee Airbag, and Curtain Airbag) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.” According to the report, the global automotive airbag market is projected to surpass US$ 63 Bn by 2027, expanding at a CAGR of above 5.22% during the forecast period.
Global Automotive Airbag Market:
- According to the report, the global automotive airbag market is expected to expand steadily at a CAGR of 5.22% owing to rising vehicle sales globally
- Rise in production of vehicle in emerging nations in Asia Pacific and Latin America including India, Brazil, and ASEAN countries is also anticipated to drive the global automotive airbag market
Expansion of Global Automotive Airbag Market
- Growing demand for consumer comfort and safety plays an important role in driving the global automotive airbag market. Moreover, stringent government norms related to the adoption of airbags are anticipated to drive the market significantly.
- New safety directives issued in major markets worldwide, including the United States, Western Europe, India and Japan are further expected to boost the airbag market. Previously, airbags are usually installed in luxury and medium range cars. Though adoption of airbags in entry segment vehicle is likely to enhance the market for automotive airbags.
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In pursuance of increasing demand for airbags, system integrators and automobile manufacturers are heavily investing in R&D for manufacturing of cheaper airbags
- Rising number of car crashes and road fatalities is prominently speeding up demand for vehicle safety systems. For instance, number of crashes in 2016 is increased by over 5% as compared to 2015. Enhancing road safety standards, along with supporting regulatory norms are driving the automotive airbag market share over the forecast timeframe.
By airbag type, front airbag segment accounted the largest revenue share in 2018. Automotive front airbag market is growing steadily during the forecast period due to the stringent government regulations in developed regions such as the U.S., and Europe and it is expected that in next few years it will also be mandatory in India, and China. Deployment of airbag in low cost cars and increasing car production are the major factors fuelling the growth in this segment.
Regional Analysis of Global Automotive Airbag Market
In terms of region, the global Automotive Airbag Market has been segregated into North America, Europe, Asia Pacific, and rest of world.
Asia Pacific held the largest market share in 2018 and it is expected to be the fastest growing region with an estimated CAGR of more than 8% between 2019 and 2027. Improving lifestyles, vehicle demand and changing buyer’s preferences are the most important drivers for the growth of automotive airbags market in Asia Pacific region.
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Automotive airbags market in Europe will witness significant growth owing to mandates of deployment of several type of airbags in vehicle. The rising safety concern in automobile coupled with advancement in design of airbags will enhance the growth of market in Europe. For instance, ZF announced to develop external airbags systems which helps in reduction of injury severity up by 40%.
Significant advancements in airbags in terms of technology are directly contributing towards improved safety of driver and passenger with adaptive performance. Changing trends towards affordable passive safety systems provides potential growth prospects for the automotive airbag market. Moreover, expansion of cost-efficient safety technologies of airbags for frontal and side impact protection is gaining significant demand.