Global Automotive Airbag Market is expected to foresee steady growth. Asia Pacific holds the largest share!
- Himanshu Patni
- November 15, 2021
- AUTOMOTIVE, NEWS
- Automotive Airbag Market, Automotive Airbag Market growth, Automotive Airbag Market share, Automotive Airbag Market size, Automotive Airbag Market trends
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Global Automotive Airbag Market is expected to grow at a CAGR of around 7.9% during the forecast period 2021-2027. Road accidents have resulted in a high level of consumer awareness due to the serious injuries and deaths that they have caused. One of the important market trends that will drive growth throughout the projection period is a rise in general public awareness. Consumers are also spending more on safety measures as their disposable income rises. Consumer spending on pre-installed safety features in vehicles is increasing, which means more investment potential for major firms. The incorporation of active and passive safety systems in automobiles also provides greater comfort and driving experience to end-users, accelerating market growth.
One of the car safety measures is the airbag. The flexible fabric envelope or cushion of an automotive airbag is designed to inflate in the event of a vehicle collision while driving. The primary function of an automotive airbag is to cushion the driver and protect the body when the body collides with internal car components such as the steering wheel, wheel, or window. Modern vehicles are equipped with numerous airbags that are positioned on the driver’s side and at the front of the car. As per WHO, every year the lives of approximately 1.3 million people are cut short because of a road traffic crash. Between 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability because of their injury.
For a detailed analysis of the Covid-19 Impact on the market browse through – https://univdatos.com/report/automotive-airbag-market/
Due to the halt in manufacturing and global shutdown during the FQ-20, passenger automobile sales decreased following the unprecedented outbreak of COVID-19. The recovery of the automobile sector in Germany, however, enhanced the production of passenger cars, necessitating customer demand, thanks to the start of the immunization drive. Because of the forced closure of production and manufacturing activity triggered by the COVID-19 epidemic, the majority of enterprises around the world have crumbled. As a result, the world economy has shrunk to its lowest growth rate in history. The majority of enterprises in every industry are interdependent and part of the market’s key supply chain. The global automobile sector contracted in Q1 and Q2 of 2020 due to supply chain disruption caused by the suspension of transportation and shipping services, as well as lower demand for vehicles around the world. All these factors impacted to the growth of Automotive airbag as well
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For a better understanding of the market adoption of Automotive Airbag, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. Asia Pacific dominated the market in 2020 and is expected to grow at a higher rate during the forecasted period. The application of strict passenger safety regulations will increase the use of car airbags in the India, China and other developing areas. In the United States, the National Highway Traffic Safety Administration established new standards for installing curtain airbags, which have been required for all vehicles since 2018. Due to these laws, major manufacturers are investing in R&D operations to produce advanced safety airbag systems in order to increase their sales.
Global Automotive Airbag Market Segmentation
Market Insight, by Type
- Front Airbag
- Side Airbag
- Knee Airbag
- Curtain Airbag
Market Insight, by Material
- Polyester Fiber
Market Insight, by Vehicle
Market Insight, by Sales Channel
Market Insight, by Region
- North America Automotive Airbag Market
- United States
- Rest of North America
- Europe Automotive Airbag Market
- United Kingdom
- Rest of Europe
- Asia Pacific Automotive Airbag Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Automotive Airbag Market
Top Company Profiles
- Robert Bosch GmbH
- Aptiv Inc.
- Autoliv Inc.
- Continental AG
- Delphi Automotive
- Hyundai Mobis Co. Ltd
- Nihon Plastic Company Co. Ltd
- Takata Corporation
- Toyoda Gosei
- ZF Friedrichshafen