Press release
Automotive External Airbag Market to Witness Exponential Growth by 2025
Automotive External Airbag Market is estimated to witness the significant growth in the future, owing to increasing concern of pedestrian as well as vehicle safety. Automotive external airbags are utilizing integrated airbags and a crash detection system to reduce harm experience by passengers during collision. The technology use in automotive airbag consists of several components such as airbag module, hood lift limiter and sensors, among others. These airbag are integrated in many exterior part of the vehicle that include inside the front panel of the vehicle and inside the tires, among others. The sensors which are integrated with airbags, detect a collision with a pedestrian at speeds 20 to 50 Km/h and trigger the deployment of the airbags. The reaction time of the automotive external airbag is approximately 20 to 30 milliseconds.
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Automotive External Airbag Market: Market Dynamics
Rise in the number of pedestrian accidents, in turn propel the demand of automotive external airbags in the market. To avoid accidents, government across the globe are implementing safety norms for the automobile and these norms will become mandatory for all automobile in the forecast period. This factor is expected to fuel the growth of automotive external airbag market. Recently, this technology is mostly preferred by luxury car manufacturers, owing to high speed and affordability of the high class population, which in turn, boost the growth of automotive external airbags in the upcoming years. Increasing purchasing power parity of middle class population across the globe is another key factor which is expected to drive for automotive external airbags over the coming years. With the increasing demand of passenger cars, manufacturers are working on implementation of this technology in passenger cars with prime focus on cost cutting along with increase in safety. This factor is anticipated for the growth of automotive external airbag market.
High initial and installation cost of automotive external airbags can act as a restraint for hamper the growth of automotive External Airbag market. Moreover, rising prices of vehicles along with high cost incurred in design and testing is also estimated to hinder the growth of said market in the future.
Automotive External Airbag Market: Regional Outlook
North America is anticipated to hold a prominent share in the global automotive external airbag market, owing to adaptation of advance technologies regarding automobile safety by customer and high disposable income witnessed in the working class population of US and Canada. Automotive external airbag market is expected to grow in Asia Pacific region, due to increasing automotive industry as well as sales of luxury vehicles. This factor is coupled with increasing living standards especially in the countries such as China and India. Moreover, Asia Pacific is also projected to have a prominent share in the said market in the future, owing to increasing government regulations regarding safety. Europe is projected to contribute a considerable share in global automotive external airbag market due to large number of automobile manufacturer in the region.
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Recent goals led by European commission regarding pedestrian safety which are far lag by European union is expected to compel the European manufacturer to invest immensely on research and development of automotive external airbags, which in turn, accelerate the growth of the market in the forecast period. East and Africa is expected to grow with moderate rate in global automotive external airbag market during the forecast period.
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