The global automotive airbags market size is expected to grow owing to increasing awareness regarding safety among the consumers. Fortune Business Insight, in its latest published report, titled “Automotive Airbags Market Size, Share & Industry Analysis, By Application (Knee, Side, Front, Curtain), By Vehicle Type (Passenger Cars, Commercial Vehicles), and Regional Forecasts, 2019-2027.”, states that the global automotive airbags market size was USD 12.54 billion in 2018, which is expected to reach USD 22.53 billion by 2027, exhibiting a CAGR of 8.2% during the forecast period.
Source:
https://www.fortunebusinessinsights.com/industry-reports/automotive-airbags-market-101699
According to a 2018 report by World Health Organization (WHO), around 1.4 million people die annually in road accidents across the globe. It is a rising concern that not only leads to human sufferings, but also results in a GDP loss of upto 3% in few countries. Taking this into consideration, several economies are taking steps to introduce stringent safety regulations for the safety of driver and pedestrian safety. OEMs in the automotive sector are designing airbags in the passenger cars and commercial vehicles. This will contribute to the growth of the market during the forecast period.
What is the Report About?
The automotive airbags market report executes a PESTEL study and SWOT analysis to give information on the drivers, restrictions, openings, and threats in the market. Combined with the market analysis capabilities and knowledge integration with the relevant findings, the report has foretold the robust future growth of the market, and all articulated with geographical and application segments. Moreover, it also shows different procedures and strategies, along with dealers working in the market, explores components including market development, generation patterns, and following systems. The information is sourced from the opinions of industry professionals and it gives the forecast values that will impact the growth of the market in the forthcoming years.
Drivers and Restraints:
Campaigns and Awareness-raising Programs to Promote Growth
With rising number of road fatalities, need to adopt strategies to design, implement, and evaluate road safety programs will contribute significantly to the growth of the market during the forecast period. For instance, in January 2018, on the account of Road Safety Week, Social Samosa, an Indian online publication, posted few on point and effective road safety campaigns in India over the past few years. It garnered tremendous response from the netizens. Increasing awareness regarding the safety on the road is expected to contribute to the automotive airbags market growth in the forthcoming years.
Regional Analysis:
Stringent Government Regulations Will Propel the Market in Europe
Among regions, the market in Europe will remain at the forefront during the forecast period. This is ascribable to factors such as strict government rules for road safety. In addition to this, promotion of Euro NCAP by countries such as Germany, France, the United Kingdom, and Sweden will contribute to the growth of the market in Europe. On the other hand, North America is expected to witness significant growth owing to strict guidelines to mandatorily include airbags in the passenger cars and light-duty commercial vehicles. This, in turn will positively impact the automotive airbags market share. Asia-Pacific is expected to expand considerably on account of increasing sales and production of vehicles in countries such as India, and China.
Competitive Landscape:
Autoliv Inc. Develops New Front-center Airbag; Product Developments to Aid Growth
The market consists of several companies that are striving to gain maximum from the automotive airbags market revenue. Adoption of various strategies to gain market stronghold by key players will considerably impact the growth of the market during the forecast period. For instance, in Nov 2019, Autoliv Inc., a global vehicle systems leader, announced its development in designing a new front-center airbag that saves lives during side-impact crash scenarios. Moreover, mergers and acquisitions by key players will drive the growth of the market between 2019 and 2025.
Industrial Developments:
- May 2019: ZF Friedrichshafen AG acquires 90 percent market share of Simi Reality Motion System for Occupant Recognition that is a key enabler for integrated safety and autonomous driving.
List of the Key Companies Operating in the Global Automotive Airbags Market:
- ZF Friedrichshafen AG
- Continental
- Denso Corporation
- Hyundai Mobis
- Autoliv
- Takata
- Joyson Electronic
- Robert Bosch GmbH
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
