Global automotive airbag market was valued at USD 17.24 billion in 2013, which is expected to reach USD 29.72 billion by 2020, growing at a CAGR of 8.1% from 2014 to 2020
[USPRwire, Tue Oct 23 2018] The automotive segment is one of the booming sectors at present and it is expected to grow significantly in the next few years prioritizing more on customer safety and comfort. In alignment with government legislations regarding safety of drivers/passengers, automotive manufacturers are installing safety devices on a compulsory basis in cars.
With technological innovations, consumers are more inclined toward adopting automotive safety products to ensure safety and comfort. Airbags and seat belt restraint systems are sophisticated car occupant systems that represent the most rapidly growing market for safety devices in recent times.
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Based on the type of airbag safety systems, the market is segmented into four types: front airbag, side airbag, knee airbag, and curtain airbag. Due to advancements in technology, the market for these types is growing significantly.
Regulations for adopting airbag safety systems in every passenger car by governments in Europe, North America (primarily the U.S.) and some parts of Asia Pacific have opened up huge opportunities for the market in these regions. Growing demand for consumer comfort and safety also plays an important role in the growth of this market.
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Asia pacific accounted for the largest market share in 2013, which is expected to lure heavy investment and at the same time high end research is expected to be carried out in the field of airbags. In addition, Improving lifestyles, increasing vehicle demand and changing buyer’s preferences have ensured its dominance. The Asia Pacific automotive airbag market was valued at USD 5.91 billion in 2013 and is expected to be the fastest growing automotive airbag market in the coming years.
Major industry participants include Autoliv, Delphi Automotive PLC, Takata Corporation, TRW Automotive Holdings Corporation, and Key Safety System.
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