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Adoption of Automotive Airbag Market to Surge During the Forecast Period Owing to Increased Consumer Demand
On the bases of location of airbags within the vehicle global airbag market can be bifurcated into frontal airbag, side airbag, knee airbag, rear curtain airbag, centre airbag and seat cushion. Frontal airbag has the largest market share, followed by side airbags. Automotive are the major end-user of airbag technology. Other major end-users include aerospace and military aircrafts.
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North America has the largest market share for automotive airbag technology, followed by Europe and Asia Pacific. The U.S. is the largest user of the airbag technology owing to technological advancement. Europe is on the verge of recovery from recession and is expected to witness average growth in coming future. Asia Pacific region is expected to witness highest growth in the forecasted future owing to increasing domestic demand of vehicle with added safety equipments within the vehicle.
Increasing number of deaths in road accident is accelerating demand for safety measures, increasing the global automotive airbags market. Additionally, safety regulations implied by the government agencies and increasing life expectancy is also driving the global airbag market. Rising disposable income level have influence the individuals to invest more on safety features within the vehicle, further increasing the demand for automotive airbags market to some extent. Also, increasing customer awareness about technological changes related to safety equipments within the vehicle may act as market drive in coming future. Airbag technology on two wheelers may provide growth opportunity for the market leaders.
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Customers willingness of to spend more on safety equipments within the vehicle is prompting multinational companies to invest more in this market. Some of the major companies operating in the global automotive airbag market are Delphi Automotive plc, TRW Automotive Holdings Corp., Key Safety Systems Inc., Tokai Rika Co. Ltd., Toyoda, Denso Corp., Takata Corp. and Autoliv Inc
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