Press release
Airbag Market to Eyewitness Massive Growth with $37.3 billion, 9.4% CAGR by 2023 | Autoliv, Delphi Automotive, Takata Corp, TRW Automotive, Robert Bosch, Denso Corp, Continental
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Airbag Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $37.3 billion by 2022, registering a CAGR of 9.4% during the forecast period 2016 - 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.
The rise in competition among car manufacturers to introduce advanced safety features majorly contributes to the increase in demand for airbags. In addition, rise in demand for cars in the Asia-Pacific region and increased concern about road fatalities majorly boost the growth of the airbag market.
Key findings of Airbag Market
o Front and side airbag segments together comprised around 85% of the global market share in 2015.
o Knee and curtain airbag segments are expected to witness significant growth during the forecast period.
o Inflator or gas generator is expected to hold the largest market share; however, air bag is anticipated to show significant growth rate in the coming years.
o Asia-Pacific generated the highest revenue, with over 30% of the global market share.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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