Rising Stress on Consumer Safety to Drive Global Automotive Airbag Market at 8.1% CAGR between 2014 and 2020

2024-11-03 01:30:36 News & Society

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Transparency Market Research has recently published a new research report to explain the various trends and dynamics shaping the global automotive airbag market. The research report, titled ?Automotive Airbag Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020,? suggests that the growing demand for passenger safety while driving and the supportive regulatory framework are likely to propel the overall market. Researchers have also ascertained that the increasing production of vehicles across the globe is all set to augment the global automotive airbag market. According to the research report, the global automotive airbag market was valued US$17.24 bn in 2013 and is expected to rise to US$29.72 bn by 2020 at a promising CAGR of 8.1% between 2014 and 2020.

Airbags are passive safety features of a vehicle that are deployed to prevent injuries to drivers and passengers in the case of road accidents. They are made up of a fabric envelope, which is designed to inflate in case of a collision to prevent any kind of head or chest injuries. Owing to the advanced safety solution that airbags offer, they are available at a premium in the majority of the cars being sold in the global market. To tap buyers who cannot afford the premium vehicle pricing, several airbag manufacturers, OEMs, and system integrators are investing in research and development to manufacture cheaper airbags. The challenge of ensuring the durability of cheaper airbags, which may be fitted in low-cost cars continues to puzzle the overall automotive industry.

The global automotive airbag market is segmented on the basis of type into front airbag, knee airbag, side airbag, and curtain airbag. Geographically, this market is segmented into Asia Pacific, North America, Europe, and Rest of the World. Out of all these, front airbags hold a major share in the global automotive airbag market.

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As of 2013, Asia Pacific held the largest share in the overall market and is anticipated to surge at a CAGR of 8.5% between 2014 and 2020. Factors propelling the automotive airbag market in Asia Pacific are: The changing preferences of car buyers, exponentially increasing demand for vehicles, and improving lifestyles.

Furthermore, increasing investments in research, improving the quality of research, and usage of airbags in low-cost cars will collectively have a positive impact on the growth of the global automotive airbag market in all regions all through 2020. Technological advancements will play a significant role in the proliferation of this market all across Europe and North America along with rising concerns about consumer safety and comfort.

Some of the Important Players in the global automotive airbag market are Key Safety System, Autoliv Inc., Delphi Automotive PLC, TRW Automotive Holdings, and Takata Corporation among others. The research report provides a clear understanding of the competitive landscape of the automotive airbag market and the regulatory framework governing it. Additionally, the research report also provides an assessment of the financial overview, research and development strategies, business and marketing plans, expansion plans, management styles, and investment outlook for the near future.

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