Automotive Airbag Market was valued at 21.63 billion in 2018, exhibiting a CAGR of XX % during 2018-2026
Automotive Airbag Market, By Module
Airbags offer cushioning and protection to passengers on the occasion of a car accident. Airbags are mainly made of thin nylon fabric and are kept folded into the steering wheel, dashboard, seat, door or roof. At the time of the accident, the crash sensor in the car sends signals to inflate bags, thus reducing the result of the collision.
Increase in a number of deaths due to rise in the number of car accidents, growing consciousness about the safety of vehicles, and inclination towards advanced automotive technologies to lessen the impact of accidents are some of the driving factors for the Automotive Airbag Market.
A lot of technological developments have taken place in the Automotive Airbag Market, which has led to the rapid acceptance of new technologies. Automotive Airbag Market is also driven by developments in the plastic industry. Consumer’s inclination towards fuel efficient, lightweight cars has been convincing vehicle component manufacturers and original equipment manufacturers (OEMs) to participate in light-weight car components. This, in turn, is expected to speed up demand for airbags in the automotive accessory manufacturing. Use of plastic in a vehicle assists in decreasing weight as well as fuel saving. Deployment of airbags in low-cost cars also forms a foremost opportunity, which in turn is projected to affect the growth of Automotive Airbag Market. Nowadays, premium or high-cost cars along with some mid-range cars have added the airbag functionality for safety & security of passengers.
North America is expected to appear as the fastest growing market closely followed by Asia. This may be primarily credited to numerous safety guidelines taken by government agencies like the National Highway Traffic Safety Administration. Asia-Pacific (APAC) is still in development stage and regional development is expected to manifold due to reasons like rising in vehicle sales and demand for safer vehicles which in turn will boost the overall growth of Automotive Airbag Market.