Press release
Automotive Airbag Market Analysis by Top Regional Industry Players- Bosch, Continental, Autoliv, DENSO, ZF Group
On the basis of airbag type, the automotive airbag market has been classified into curtain and side airbag, front airbag, and knee airbag. Among these, the demand for curtain and side airbags is projected to grow significantly in the automotive airbag industry during the forecast period as these airbags are effective and provide safety to travellers in situation of rollover crash. Also, curtain and side airbags offer head and neck protection to commuters in side collision crashes. These factors fuel the growth of the market.
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Based on vehicle type, the automotive airbag market has been bifurcated into passenger car and commercial vehicle. Among these, passenger car is anticipated to be faster growing category, owing to increased usage of airbags in these cars coupled with stringent governments’ regulations for incorporation of essential safety equipment and systems in these vehicles.
Globally, North America held the largest share in the market during the historical period. This progress is ascribed to execution of strict regulations by governments and administrations for safety of passengers. For example, the U.S. Highway Safety Act of 1991 instructs usage of airbags and anti-lock braking system (ABS) characteristics in all passenger cars. The United States New Car Assessment Program (US NCAP) provides ratings to automobiles for safety so as to advance safety attributes in the automobiles. However, the Asia-Pacific automotive airbag market is expected to witness the fastest growth during the forecast period. Increased vehicle production coupled with increased incorporation of airbags in these vehicles is driving the market growth in the region.
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Increase in number of deaths due to growing car accidents, growing alertness about safety of automobiles, and inclination toward advanced technologies in automotive to lessen the impact of accidents are some of the drivers for the growth of the automotive airbag market. As stated by World Health Organization (WHO), in 2018, near about 1.3 million accidents happen on road every year across the globe, of which, around 93% road traffic death happens in developing countries.
Some of the key players functioning in the global automotive airbag market are Continental AG, Robert Bosch GMBH, Autoliv Inc., DENSO Corporation, ZF Friedrichshafen AG, Aptiv PLC, Hyundai Mobis Co. Ltd., Nihon Plast Co. Ltd., and Ningbo Joyson Electronic Corp.
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