Airbag Market Overview:
Global Airbag Market is expected to garner $37.3 billion by 2023, registering a CAGR of 9.4% during the forecast period 2016 - 2022.
An airbag is a type of vehicle safety device designed to promptly inflate during a collision and deflate after the accident. The efficiency of these airbags to reduce the impact of crashes is enhanced due to ongoing and innovative advancements in airbag technology. Competitive advantages of airbags over other passive safety components are also described in the report. To understand the market behavior, drivers, restraints, and opportunities are explained. Further, the key strategies adopted by potential market leaders to facilitate the effective planning are discussed under the scope of this report.
Airbags are used in vehicles to reduce the impact of accidents, collisions, or crashes. Consumers purchasing a new vehicle are concerned and aware about vehicle safety, which is expected to boost the demand for airbags.
There is change in the automotive environment at a rapid pace due to globalization. There is a rise in competition among automotive manufacturers (such as General Motors, Volkswagen, Toyota, Daimler, and Ford Motors) owing to factors such as innovation and development time, reliability, fuel economy, safety, product quality & features, and pricing.
Top impacting factor of airbag market
The significant impacting factors in the airbag market include increase in consumer awareness toward vehicle safety features, growth in automobile sector, and competition among car manufacturers. The market is also influenced by the rise in number of road accidents and the execution of strict safety regulations as per government policies to prevent rise in road accidents.
Increase in consumer awareness towards vehicle safety features
Awareness among customers for the applications and use of passive safety systems has increased, which has led to customers paying premium price for new safety systems in automobiles as well as supplementary safety features. Demonstrated technology is the key attribute that influences the purchase of safety features. Trustworthiness, safety, and comfort also influence the purchase decision of consumers, which result in rise in consumer awareness toward vehicle safety, thus boosting the market growth.
AIRBAG MARKET KEY BENEFITS
This report provides an in-depth analysis of the global airbag market, along with current trends and future estimations to identify lucrative investment pockets.
Key drivers, opportunities, and restraints that impact the market are analyzed.
Porter’s Five Forces analysis highlights the potency of buyers and suppliers to facilitate better business decision-making for stakeholders and strengthen their supplier and buyer networks.
Market estimation of regions is based on the current market scenario and future trends.
AIRBAG MARKET KEY SEGMENTS
The market is segmented on the basis of type, module and geography
Inflator or Gas Generator
Rest of Europe
Rest of Asia-Pacific
Delphi Automotive (UK)
Takata Corporation (Japan)
TRW Automotive (U.S.)
Robert Bosch GmbH (Germany)
Denso Corporation (Japan)
Toyoda Gosei Corporation (Japan)
Neaton Auto Products Manufacturing Incorporation (U.S.)
Key Safety Systems (U.S.)
Continental AG (Germany)