Market Research Report
Automotive Airbag - Global Market Outlook (2019 -2027)
|Published by||Stratistics Market Research Consulting||Product code||969570|
|Published||Content info||150+ Pages
Delivery time: 2-3 business days
|Automotive Airbag - Global Market Outlook (2019 -2027)|
|Published: October 1, 2020||Content info: 150+ Pages||
According to Stratistics MRC, the Global Automotive Airbag Market is accounted for $60.63 billion in 2019 and is expected to reach $104.96 billion by 2027 growing at a CAGR of 7.1% during the forecast period. Some of the factors such as increasing commercial vehicle sales and growing passenger vehicle sales are propelling market growth. However, the rise in the cost of the vehicles due to the high installation cost of the airbag and its replacement cost and high barriers to exit are hampering the market growth.
The airbag is one of the automotive safety devices. The automotive airbag consists of flexible fabric wrapping or cushion that is designed to inflate at the time of vehicle collision while driving. The main reason for the automotive airbag is to cushion the driver during vehicle crash and protect the body when the body strike the interior objects of the vehicle such as the steering, wheel, or window.
Based on the vehicle, the passenger vehicles segment is likely to have a huge demand due to the incorporation of airbags in common passenger vehicles as a standard fitment. The increasing disposable income and availability of easier financing alternatives are supporting the passenger vehicle adoption. The vehicle manufacturers are taking multiple initiatives to enhance vehicle safety performance. The manufacturers are offering dual airbags as a standard feature in their new vehicle models.
By geography, Europe is going to have a lucrative growth during the forecast period due to it is encouraged by the development of a new airbag module in the region along with government-funded safety projects. Besides, the airbag raw material manufacturers are investing in the region to establish manufacturing plants owing to growing airbags demand and rising vehicle sales.
Some of the key players profiled in the Automotive Airbag Market include Autoliv, Continental, Denso Corporation, Hyundai Mobis, Joyson Electronic, Robert Bosch GmbH, Takata, ZF Friedrichshafen AG, Mitsubishi Electric, Delphi Automotive, Key Safety System, Toyota Gosea, Daicel Corporation, TRW Automotive Holdings Corporation., and Porcher Industries SA.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.