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Airbag Market is Expected to Garner $37.3 Billion By 2023: Autoliv (Sweden), Delphi Automotive (UK), Takata Corporation (Japan), TRW Automotive (U.S.), Robert Bosch GmbH (Germany), Denso Corporation (Japan), Toyoda Gosei Corporation (Japan).
Press release from: Allied Market Research
The global airbag market is expected to reach $37.3 billion by 2022, growing at a CAGR of 9.4% from 2016 to 2022. In 2015, Asia-Pacific contributed a major market share, in terms of revenue, owing to growth in the automobile sector and rise in disposable income of consumers.
Passive safety features in automobiles is a prime factor as far as occupants' protection is concerned. These features consist of airbags that play a crucial role to reduce the impact of collisions at the time of accidents. The global airbag market is expected to witness significant growth, owing to the increase in consumer awareness towards vehicle safety, use of advanced technology in automotive safety, and growth in the automobile sector. Strict government regulations in India, Germany, and UK about safety features in automobiles are expected to fuel the market growth. However, high replacement cost of airbags and use of enhanced substitute technology for occupant safety are anticipated to hinder this growth.
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The market is segmented by module into inflator or gas generator and air bag segments. Inflator or gas generator is expected to hold the largest market share; however, air bag is anticipated to grow at a significant rate in the future.
By type, front and side airbags together comprised around 85% of the global market share in 2015. In the same year, front airbag generated the highest revenue, as it is the major passive safety component of automobiles installed in steering wheel and the front side of passenger to protect the head and chest. Knee and curtain airbags are expected to witness significant growth during the forecast period.
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In 2015, Asia-Pacific generated the highest revenue, with over 30% of the global market share, owing to rise in awareness about safety and increase in technological advancements in passive safety components of vehicles.
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The key players profiled in the report include Autoliv (Sweden), Delphi Automotive (UK), Takata Corporation (Japan), TRW Automotive (U.S.), Robert Bosch GmbH (Germany), Denso Corporation (Japan), Toyoda Gosei Corporation (Japan), Neaton Auto Products Manufacturing Incorporation (U.S.), Key Safety Systems (U.S.), and Continental AG (Germany).
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