Global Automotive Airbag Market Expected To Reach $25.1 Billion By 2020
On the bases of location of airbags within the vehicle global airbag market can be bifurcated into frontal airbag, side airbag, knee airbag, rear curtain airbag, center airbag and seat cushion. Frontal airbag has the largest market share, followed by side airbags. Automotive are the major end-user of airbag technology. Other major end-users include aerospace and military aircrafts.
The global Automotive Airbag market is forecast to grow at a CAGR of 4.6% from 2016 to 2020, Reach $25.1 Billion. The major drivers of growth for this market are governmental regulations on safety standard, increasing number of traffic fatalities, increasing awareness on vehicle safety, and development of low-cost airbags.
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.
North America has the largest market share for automotive airbag technology, followed by Europe and Asia Pacific. The U.S. is the largest user of the airbag technology owing to technological advancement. Europe is on the verge of recovery from recession and is expected to witness average growth in coming future. Asia Pacific region is expected to witness highest growth in the forecasted future owing to increasing domestic demand of vehicle with added safety equipments within the vehicle.
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