Published Date : Aug 16, 2018
ALBANY, New York, Aug 16, 2018: Airbag, sort of a small pillow, can protect people from a head-on collision by inflating in a fraction of a second. They are now an integral part of an automobile. A recent report on its market by MarketResearchReports.biz is titled, “Global Airbag Market Professional Survey Report 2018.” After careful reports of historical and current data, the report projects the global airbag market to rise at a 2.2% CAGR from 2018 to 2025 to reach a valuation of US$14.8 bn by 2025-end from US$12.4 million in 2017.
The report states that since its introduction in the early 1980s, thousands of lives could be saved particularly in automobile accidents. This has provided a tremendous impetus to its market, which is expected to rise at an impressive pace in the next couple of years. The alarming number of vehicles on roads owing to rapid urbanization has led to the rise in accidents. Some of them are even fatal. This has forced governments to make it mandatory for vehicles to have airbags.
Another major growth driver for the airbag market is the rising production and sales of automobiles. With increasing incomes of people worldwide and production of automobiles to suit every budget and taste, sales of airbags are set to jump. So much so, the growth rate of airbag production is expected to surpass that of automotive production.
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Continued improvement in technology has been a major focus of manufacturers in the global airbag market. Manufacturers have been experimenting with various materials too. This has also helped to up sales. Some of the prominent products in the global airbag market are passenger front airbag, driver front airbag, knee airbag, side airbag, and others. Those are mostly fitted in commercial or passenger vehicles. The frontal airbags, at present, are seeing maximum sales and hence are main contributors to revenue in the global airbag market. The side airbags are also witnessing significant sales. Apart from automobiles, the aerospace and military aircrafts too have airbags for the safety of the pilots and passengers.
Geographically, North America is a prominent region in the global airbags market which has a leading share. It is trailed by Europe and Asia Pacific. The market in North America is mainly powered by the U.S. where presence of several manufacturers means latest technologically advanced products hits the market first. Meanwhile, the market in Europe is gathering steam as it recovers from recession. With respect to growth prospects, Asia Pacific market is predicted to outshine all others.
Some of the key players in the global airbags market are Takata, Autolive, Toyoda Gosei, ZF TRW, Hyundai Mobis, KSS, and Nihon Plast.
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