Automotive airbags
are, at present, installed mostly in medium and luxury range cars (in
terms of price). However, heavy investments in developing cheaper
airbags that still meet the safety standards is a major factor
boosting the automotive airbag market, according to Transparency
Market Research. A recent report, titled “Automotive
Airbag Market - Global Industry Analysis, Size, Share, Growth, Trends
and Forecast 2014 - 2020”, indicates that
registering an 8.1% CAGR from 2014 to 2020, the global Automotive
Airbag
Market
is estimated to grow from US$17.24 billion in 2013 to US$29.72
billion by 2020.Rising demand for consumer safety, backed by strict
government regulations regarding the installation of airbags are the
primary forces driving the global automotive airbag market. In
addition, the production of cars around the world is at an all-time
high, further fueling the market for automotive airbags. However, the
durability of cheaper airbags that can be deployed in low-cost cars
continues to be a major challenge for the market. On the basis of
type, the automotive airbag market is categorized into side airbag,
front airbag, curtain airbag, and knee airbag. Of these, front
airbags held the largest share of the overall automotive airbag
market.
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PDF file of Automotive Airbag Market :
The automotive
segment is one of the booming sectors at present and it is expected
to grow significantly in the next few years prioritizing more on
customer safety and comfort. In alignment with government
legislations regarding safety of drivers/passengers, automotive
manufacturers are installing safety devices on a compulsory basis in
cars. With technological innovations, consumers are more inclined
toward adopting automotive safety products to ensure safety and
comfort. Airbags and seat belt restraint systems are sophisticated
car occupant systems that represent the most rapidly growing market
for safety devices in recent times.
Based on the type of
airbag safety systems, the market is segmented into four types: front
airbag, side airbag, knee airbag, and curtain airbag. Due to
advancements in technology, the market for these types is growing
significantly. Regulations for adopting airbag safety systems in
every passenger car by governments in Europe, North America
(primarily the U.S.) and some parts of Asia Pacific have opened up
huge opportunities for the market in these regions. Growing demand
for consumer comfort and safety also plays an important role in the
growth of this market.
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Research Report of Automotive Airbag Market :
Asia pacific
accounted for the largest market share in 2013, which is expected to
lure heavy investment and at the same time high end research is
expected to be carried out in the field of airbags. In addition,
Improving lifestyles, increasing vehicle demand and changing buyer’s
preferences have ensured its dominance. The Asia Pacific automotive
airbag market was valued at USD 5.91 billion in 2013 and is expected
to be the fastest growing automotive airbag market in the coming
years.
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