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(I-AutoNewsWire.com, March 24, 2020 ) Airbag Market Overview
Global airbag market was valued at USD YY million in 2018.
It is valued at YY million in 2018 and expected to grow at a CAGR of over 2 % in the period of 2019-2026.
An airbag is a vehicle safety device designed to promptly inflate during a collision and deflate after the accident.
The main purpose of airbags is to reduce the crash impact during collisions.
The airbag aids in slowing down the occupants motion as evenly as possible in a fraction of a second during a crash scenario.
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Increase in consumer awareness towards vehicle safety features,
The growth in automobile sector, and
Competition among OEMs
Rise in the number of fatal road accidents and the implementation of strict safety regulations by the government to prevent them.
High replacement cost of airbags and low quality standards are the major factors restraining the growth of the global airbag market.
Under unfortunate circumstances, airbag being a safety device, there are chances that it fails. This leads to death or severe injuries to passengers.
This factor might also impede the growth of airbag market to a significant extent.
One of the major factors driving global airbag market is the increase in awareness towards vehicle safety features.
This increased awareness has further led to customers willing to invest more money for safety systems in automobiles.
There is an upsurge in the demand for automotive safety systems due to the increase in road accident deaths.
Among these incidents, airbag system is a point of consideration, which is a key factor boosting the growth of the market.
NCAP and its impact on market
NCAP is a key program that rates vehicles based on their safety performance and crash tests.
The pressure on leading vehicle manufacturers to make their designs NCAP compliant is aiding growth.
Moreover, stringent safety regulations enacted by the government is also influencing the growth of the airbag market.
Usage of pedestrian airbags in few vehicles to protect pedestrians when they hit or collide with a moving vehicle is the latest trend which will further drive the market over the forecast period.
Opportunity Analysis: Hondas 2-wheeler Airbag System
Airbags for two-wheelers provides a tremendous opportunity for this industry.
Recently Honda announced the production of The Gold Wing equipped with motorcycle airbag system. This new system can help lessen the impact of injuries caused by frontal collisions.
Asia-Pacific region is anticipated to grow at a higher CAGR due to increase in demand for automobiles coupled with an increase in awareness regarding road safety.
Main countries contributing in airbag market are China and Japan.
Europe is a major market for passive safety systems and has a strong presence of players active in automotive safety.
Moreover, extensive research activities in various regions will be a vital growth factor in the coming years.
Key leading players operating in global airbag market include Autoliv Inc., Key Safety Systems Inc., Takata Corporation and ZF Friedrichshafen AG among others.
The market players in airbag market are undergoing tie-ups with universities and research institutes that work on safety technologies.
The players in this market are adopting various business strategies which are not limited to providing quality safety products, R&D investments and wide distribution network.
Scope of the Report
The report provides extensive qualitative and quantitative assessment of the present and future trends in global airbag market
It focuses on the various market dynamics that have an impact on the growth of the market
Recent industry trends and developments in airbag market
Focus on the regulatory framework for safety in automotive
Emphasis on various stages of product life cycle of airbag industry
Profiles of key players of the market and their recent developments, product portfolio, and other business strategies
Primary research findings that focus on the key trends and opportunities in the global airbag market.
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Airbag Electronics Market
Airbag Sensor Market
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