Automotive Airbag Market – Global Growth Analysis and Market Study
Decisiondatabases.com’s latest report on “Automotive Airbag Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast” provides a complete global analysis of automotive airbag market. The global automotive airbag market is expected to grow at a CAGR of more than 4% between 2017 and 2023.
Airbags consists of flexible fabric envelope or cushion built into the steering wheel, seat, door, roof or dashboard of car that make use of a crash sensor to trigger a rapid expansion to protect you from the impact of an accident. These are a type of automobile safety restraint like seatbelts. The entire modern vehicle designed today consists of multiple airbags present in the frontal location of the person driving the vehicle and on different sides. Automotive airbags works on the principle of sensor technology through which the airbags are activated depending upon the type of collusion.
As the number of deaths caused due to the road accidents has increased, the demand for safety measures has been accelerated to a huge extent which in turn boosts the demand for global automotive airbags market. Also, the government agencies have implied certain safety standards and life expectancy has been increased which drives the global airbag market. However, consumers’ willingness to spend more on safety equipment’s within the vehicle due to the rising disposable income level is prompting the multinational companies to invest more in this market and thus it increases the demand for automotive airbags worldwide. Also, efforts done by the salesperson for increasing customer awareness about technological changes related to safety equipment’s within the vehicle may act as market drive in coming future. Additionally, low-cost airbags are being developed for small cars which are further expected to spur growth for this segment over the forecast period.
Global automotive airbags can be classified on the bases of location of airbags within the vehicle into side airbag, knee airbag, frontal airbag, centre airbag, rear curtain airbag, centre airbag and seat cushion. Among all of these, frontal airbag has the largest market share which is followed by side airbags. The major end-users of global airbag market are aerospace, automotive and military aircrafts.
Regionally, the global airbag market can be segmented into North America, Europe, Asia and RoW. As new and innovative technology is used in U.S.; it has become one of the largest user of the airbag technology. However, the largest market share for automotive airbag technology is captured by North America followed by Europe and Asia Pacific. As far as Europe is concerned, it is on the verge of recovery from recession and is expected to witness average growth in coming future. Asia Pacific region is expected to witness highest growth in the forecasted future due to increasing domestic demand of vehicle with added safety equipment’s within the vehicle.
Some of the major players operating in the global automotive airbag market are TRW Automotive Holdings Corp., Delphi Automotive plc, Tokai Rika Co. Ltd., Key Safety Systems Inc., Denso Corp., Takata Corp., Toyoda and Autoliv Inc.
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