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(Transportation-News.com, March 24, 2020 ) Airbag Market Overview • Global airbag market was valued at USD YY million in 2018. • It is valued at YY million in 2018 and expected to grow at a CAGR of over 2 % in the period of 2019-2026. • An airbag is a vehicle safety device designed to promptly inflate during a collision and deflate after the accident. • The main purpose of airbags is to reduce the crash impact during collisions. • The airbag aids in slowing down the occupants motion as evenly as possible in a fraction of a second during a crash scenario.
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Market Drivers • Increase in consumer awareness towards vehicle safety features, • The growth in automobile sector, and • Competition among OEMs • Rise in the number of fatal road accidents and the implementation of strict safety regulations by the government to prevent them.
Market Dynamics • High replacement cost of airbags and low quality standards are the major factors restraining the growth of the global airbag market. • Under unfortunate circumstances, airbag being a safety device, there are chances that it fails. This leads to death or severe injuries to passengers. • This factor might also impede the growth of airbag market to a significant extent. • One of the major factors driving global airbag market is the increase in awareness towards vehicle safety features. • This increased awareness has further led to customers willing to invest more money for safety systems in automobiles. • There is an upsurge in the demand for automotive safety systems due to the increase in road accident deaths. • Among these incidents, airbag system is a point of consideration, which is a key factor boosting the growth of the market.
NCAP and its impact on market • NCAP is a key program that rates vehicles based on their safety performance and crash tests. • The pressure on leading vehicle manufacturers to make their designs NCAP compliant is aiding growth. • Moreover, stringent safety regulations enacted by the government is also influencing the growth of the airbag market. • Usage of pedestrian airbags in few vehicles to protect pedestrians when they hit or collide with a moving vehicle is the latest trend which will further drive the market over the forecast period. Opportunity Analysis: Honda’s 2-wheeler Airbag System • Airbags for two-wheelers provides a tremendous opportunity for this industry. • Recently Honda announced the production of The Gold Wing equipped with motorcycle airbag system. This new system can help lessen the impact of injuries caused by frontal collisions.
Geographical Share • Asia-Pacific region is anticipated to grow at a higher CAGR due to increase in demand for automobiles coupled with an increase in awareness regarding road safety. • Main countries contributing in airbag market are China and Japan. • Europe is a major market for passive safety systems and has a strong presence of players active in automotive safety. • Moreover, extensive research activities in various regions will be a vital growth factor in the coming years.
Competitive Trends • Key leading players operating in global airbag market include Autoliv Inc., Key Safety Systems Inc., Takata Corporation and ZF Friedrichshafen AG among others. • The market players in airbag market are undergoing tie-ups with universities and research institutes that work on safety technologies. • The players in this market are adopting various business strategies which are not limited to providing quality safety products, R&D investments and wide distribution network.
Scope of the Report • The report provides extensive qualitative and quantitative assessment of the present and future trends in global airbag market • It focuses on the various market dynamics that have an impact on the growth of the market • Recent industry trends and developments in airbag market • Focus on the regulatory framework for safety in automotive • Emphasis on various stages of product life cycle of airbag industry • Profiles of key players of the market and their recent developments, product portfolio, and other business strategies • Primary research findings that focus on the key trends and opportunities in the global airbag market.
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