Automotive Airbags Market to Reach 391.2 Million Units by 2028; Boost Passenger Safety Awareness Programs to Propel Growth

In their latest report, according to QMI The Global Automotive Airbags Market is projected to reach USD 391.2 million by 2028, growing at a CAGR of 14.5% during the forecast period.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Robert Bosch GmbH
2. Takata Corporation
3. Hyundai Mobis
4. Toyoda Gosei Co. Ltd.
5. Denso Corporation
6. Friedrichschafen AG
7. Autoliv Inc.
8. TRW Automotive Holdings Corp.
9. Delphi Automotive

An airbag is a vehicle safety device. It is a restraining device that quickly inflates during a vehicle collision and restrains the passenger from hitting the driving wheel, mirrors, etc. Airbags are meant to work best in combination with seatbelts and are not supplementary, but complementary to each other. Most designs are inflated using pyrotechnics and can only be used once.

The increasing number of on-road accidents is causing customers and manufacturers in the automobile industry to give more importance to vehicle safety. Also, several government initiatives have supported the compulsory incorporation of airbags in vehicles. This has been witnessed in developing regions with initiatives from countries such as India. Several awareness campaigns are also being conducted by organizations such as the National Automobile Dealers Association(NADA) to raise awareness about the life-saving capabilities of airbags.

Several technological advancements in the safe deployment of airbags are also expected to boost the demand for airbags thereby fuelling the automotive airbags market during the forecast period. Manufacturers are developing smart airbags with sensors to prevent injuries that are caused by airbags themselves. These sensors analyze the passenger's weight and position to calculate the intensity of deployment from the airbag compartment.

Market distribution of Global Automotive Airbags Market
Based on the airbag type, the automotive airbags market is segmented into a front bag, knee bag, side bag, curtain bag, and others. Front bags are expected to have the most prominent demand during the forecast period. Front bags are standard safety features in most cars as the chances of the driver and the front passenger getting seriously injured are higher than the ones sitting behind. According to National Highway Traffic Safety Administration (NHTSA), from 1987 to 2015, front driver airbags saved around 44,869 lives in the U.S. The "Porsche 944 Turbo" of the year 1987 was the first car equipped with dual front airbags for the driver as well as co-passenger.

The passenger vehicle segment is expected to lead the automotive airbags market on the basis of vehicle type. The increasing demand for passenger vehicles worldwide is expected to be one of the major reasons for this prominent market share.
According to the International Organization of Motor Vehicle Manufacturers (OICA), the sale of passenger cars worldwide increased from 49,650,336 in 2009 to 70,849,466 in 2017 and is expected to increase further. Commercial vehicles also held a significant share in the automotive airbags market due to a high number of crashes involving heavy-duty vehicles.

According to the Federal Motor Carrier Safety Administration (FMCSA), in 2015, around 415,000 commercial vehicles reported crashed leading to over 3,800 fatalities. The high number of accidents is causing manufacturers to incorporate better and more advanced safety features.
Regional distribution of market-
Europe is expected to hold a significant share of the automotive airbags market due to the presence of many major automobile manufacturers like Ford, BMW, Dailmer, Fiat, etc. Also, the regulations involving vehicle safety are very stringent in many countries in Europe and are also expected to boost the automotive airbags market in this region. Similarly, even North America is expected to have a prominent share in the automotive airbags market. The Asia Pacific region is expected to grow the fastest owing to the increasing vehicle safety regulations which are recently being implemented and also the increasing demand for vehicles due to urbanization and the rise in disposable income in countries like India and China.

Why Automotive Airbags Market can expect better growth:
o Government regulations pertaining to vehicle safety
o Growing demand and awareness for safer vehicles
o Technological advancements in airbag deployment
o Growth of the automobile industry
o Increasing incorporation in commercial vehicles due to rising fatalities.

Latest news related to the Automotive Airbags Market:
o In February 2018, a group of 13 automakers contributed as much as USD 130 million to compensate those injured by faulty Takata Corp airbag inflators in order to resolve the bankruptcy of the Japanese company.
o In January 2019, Continental (Germany) announced to expand the fabrication unit in India to manufacture airbag control units.
o In June 2019, ZF Friedrichshafen (Germany) launched the world's first pre-crash external side airbag system.

Market Segmentation:
By Vehicle Type:
Passenger
Commercial
Electric
Construction
Farm Tractors
Others

By Airbag Type:
Front Bag
Knee Bag
Side Bag
Curtain Bag
Others

By Region:
North America
By Country (US, Canada, Mexico)
By Vehicle Type
By Airbag Type

Western Europe
By Country (Germany, UK, France, Spain, Rest of Western Europe)
By Vehicle Type
By Airbag Type

Eastern Europe
By Country (Russia, Turkey, Rest of Eastern Europe)
By Vehicle Type
By Airbag Type

Asia Pacific
By Country (China, Japan, India, Rest of Asia Pacific)
By Vehicle Type
By Airbag Type

Middle East
By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
By Vehicle Type
By Airbag Type

Rest of the World
By Region (South America, Africa)
By Vehicle Type
By Airbag Type

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This release was published on openPR.