Automotive airbag market witnessed to increase considerably to US$ 181,694.9 Mn by 2026
MarketResearch.biz announces publication of its most recently generated research report titled, "Global Automotive Airbag Market"which offers a holistic view of the global automotive airbag market through systematic segmentation that covers every aspect of the target market. The first five-year (2017-2021) cumulative revenue is projected to be US$ 115,383.2 Mn, and is expected to increase considerably to US$ 181,694.9 Mn, over the latter part of the five-year forecast period (2022-2026).
Automotive airbag is a part of safety system installed into vehicles to protect driver and passengers from serious injury or trauma in case of vehicle collision or vehicle accident. Airbags are made up of cushion type flexible fabric material that inflate when the vehicle collides or meets with an accident. Common raw material used for air bag manufacturing is nylon 66 yarn.
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Global Automotive Airbag Market: Market Dynamics
Increasing government initiatives towards implementation of road safety acts and regulations is a major factor driving growth of the global automotive airbag market. This factor is expected to further drive growth of the target market to a significant extent over the forecast period. In addition, increasing number of road accidents across the globe is another factor boosting demand for automotive safety systems in the global market.
Increasing awareness among individuals regarding advantages of automotive airbag systems in event of vehicle crash or accident is further fueling growth of the global automotive airbag market. The current trend in some developed countries is deployment of pedestrian airbags in vehicles, which protects individuals when it gets hit by another vehicle. This factor is expected to propel growth of the global market to a considerable extent over the forecast period.
Major factors hampering growth of the global automotive airbag market are high cost of airbag system and high replacement cost of airbags. In addition, technical glitches such as non-deployment of airbags at certain speed of car, faulty airbag systems, faulty sensors, etc. are other factors further restraining growth of the global market.
However, development of cost-effective airbag systems coupled with advancement in sensor technology are factors expected to create lucrative opportunities for major manufacturers operating in the global market over the forecast period. Moreover, major manufacturers are providing pre-installed airbag system in passenger cars, owing to mandatory government car and passenger safety regulations.
Global Automotive Airbag Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global automotive airbag market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global automotive airbag market is expected to expand at a CAGR of 9.5% during the forecast period.
Global Automotive Airbag Market: Segmental Snapshot
The market report has been segmented on the basis of product type, sales channel, vehicle type, and region. The product type segment includes front airbag, side airbag, curtain airbag, and others. Sales channel segment includes original equipment manufacturer (OEM) and aftermarket. Vehicle type segment includes passenger cars and commercial vehicles. The regions covered in the market analysis are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By product type: The front airbag segment is estimated to register a CAGR of over 9%, thereby accounting for highest revenue share among the product type segments, over the forecast period.
By sales channel: The original equipment manufacturer (OEM) segment is estimated to account for highest revenue share among the sales channel segments, and is expected to register a CAGR of over 9% over the forecast period.
By vehicle type: The passenger cars segment is estimated to account for highest revenue share among the vehicle type segments, and is expected to register highest CAGR over the next 10 years.
By region: The market in Asia Pacific accounted for highest revenue share in the global automotive airbag market in 2016, and is expected to record highest CAGR between 2017 and 2026.
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Global Automotive Airbag Market: Competitive Analysis
The research report on the global automotive airbag market includes profiles of major companies such as Autoliv Inc., Takata Corporation, DENSO CORPORATION, Robert Bosch GmbH, Daicel Corporation, TOYODA GOSEI Co., Porcher Industries SA, ZF Friedrichshafen AG, Continental AG, Key Safety Systems, Inc., and Hyundai Mobis Co., Ltd.
Automotive Airbag Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2017-2026 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global automotive airbag market for 2017-2026.