Airbag Market is Estimated to Reach $43 Billion by 2025
Global Airbag Market report published by Accurize Market Research forecast that the global market is expected to reach $43 billion by 2025; growing at a CAGR of 9.2% from 2017 to 2025. It is a highly advanced technology that operates on sensors, bag, and inflation system automatically.
The rapid increase in vehicles on road to drive the global market
The rapid increase in urbanization, an increasing number of vehicles on the road, strict government regulations, and rising awareness towards passenger’s safety are few dynamics driving the growth of global airbag market. Though, driverless cars and anti-crash sensors could restrain the market growth. Despite the restrain, development of smart airbag technology and airbag for two-wheelers would further provide growth opportunities in the forecast period.
Global Airbag Market is split into two segments namely, type, and geography. The type segment is divided into a front airbag, side airbag, knee airbag, and curtain airbag. On the basis of geography, the market is divided into North America, Europe, Asia-Pacific and Rest of the world (RoW). The U.S., Canada, and Mexico are countries under North America wherein Europe covers Russia, U.K., Germany, Italy and Rest of Europe. Asia-Pacific covers China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, the Middle East, and Africa.
"Front airbag accounted for the largest market share in the type segment", says Accurize
Front airbag accounted for almost half of the market share in 2017, followed by side airbag in the type segment. Though, there are chances that knee airbag may dominate the future market in the forecast period.
"Europe dominated the global market with the highest market share over the forecast period", says Accurize
Europe accounted for the majority of the market share with 32%, driven by, increasing concern for safety, and rising sophistication of systems, followed by North America with 29.6% in 2017. Moreover, North America is anticipated to attain the fastest CAGR during the forecast period, owing to strict vehicular safety standard and regulation.
Top players in the market
Prominent companies operating in the market include Continental AG, Delphi Automotive PLC, Denso Corporation, Toyoda Gosei Co., Ltd., Key Safety Systems Inc., Robert Bosch GmbH, Takata Corporation, Hyundai Mobis Co. Ltd., TRW automotive, and Autoliv Inc., among others.