The global Automotive Airbags market size is projected to reach USD 15980 million by 2027, from USD 13350 million in 2020, at a CAGR of 2.8% during 2021-2027.
Major factors driving the growth of the Automotive Airbags market are:
The rise in traffic congestion and increase in vehicle density in larger cities coupled with human error during driving are anticipated to increase the demand for automotive airbags from the consumers.
The rising incidence of traffic accidents is resulting in more serious human fatalities. As a result, there is an increase in the number of consumer safety awareness initiatives. During the projected period, it will fuel the expansion of the automotive airbags market.
To double the safety features, governments in many countries are mandating OEMs to incorporate airbags in both commercial and passenger vehicles.
TRENDS INFLUENCING THE GROWTH OF AUTOMOTIVE AIRBAGS MARKET
The rise in demand for safety in vehicles from consumers is expected to drive the automotive airbags market. Increased traffic congestion and vehicle density in larger cities, as well as human mistakes when driving, are expected to increase the likelihood of car collisions. In order to be prepared for such unforeseeable events, consumers are demanding vehicles with improved safety measures. This increasing demand is compelling automakers to incorporate safety features such as airbags in their vehicles.
Increasing awareness around raider safety is expected to further propel the automotive airbags market growth. With rising awareness, consumers are opting to buy vehicles that have multiple airbags. This in turn has made various OEMs offer multiple airbags in several new models.
Furthermore, as disposable income rises, people are increasingly opting to spend more on a variety of accessible safety measures in their vehicles. It's giving industrial behemoths access to new investment options and incorporating active and passive safety technologies into automobiles to provide consumers with a better driving experience and comfort, which will help to market growth.
Government regulation across regions is mandating installing airbags in both commercial and passenger vehicles. This in turn is expected to drive the automotive airbags market growth. With the development of sensors in vehicles to gather the information that ensures various control units interact better, the automotive airbag industry is expected to experience substantial change during the forecast period. This includes airbags, belt tensioners, and other vehicle features that can quickly detect an oncoming collision.
Increasing investments along with R&D activities by automotive manufacturers are expected to provide lucrative growth opportunities. With the development of sensors in vehicles to gather the information that ensures various control units interact better, the automotive airbag industry is expected to experience lucrative growth opportunities.
By airbag type, side & curtain airbags are projected to be the most lucrative segment. These airbags are excellent in protecting occupants in the event of a rollover collision.
Based on application, passenger cars are projected to be the most lucrative segment. The number of passenger cars is rapidly increasing worldwide, especially in the emerging economy. This can be ascribed to improved lifestyles, higher consumer purchasing power, and infrastructure development.
Based on region, Asia Pacific is expected to be one of the largest markets during the forecast period. The Asia Pacific is expected to witness high growth in the near future as it holds a tremendous potential market for vehicle production. Concerns about safety are growing, and the tiny car class is seeing an increase in the use of safety devices, particularly airbags.
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