Automotive Airbags Market Professional2 years ago - Autos & Vehicles - Ramechhap - 490 views
The global “automotive airbags market” is expected to grow owing to increasingawareness regarding safety among the consumers. Fortune Business Insight, inits latest published report, titled “Automotive Airbags Market Size, Share & Industry Analysis, ByApplication (Knee, Side, Front, Curtain), By Vehicle Type (Passenger Cars,Commercial Vehicles), and Regional Forecasts, 2019-2025.”, states thatthe global automotive airbags market size was USD 12.54 billion in 2018, whichis expected to reach USD 22.53 billion by 2025, exhibiting a CAGR of 8.2%during the forecast period.
According to a 2018report by World Health Organization (WHO), around 1.4 million people dieannually in road accidents across the globe. It is a rising concern that notonly leads to human sufferings, but also results in a GDP loss of upto 3% infew countries. Taking this into consideration, several economies are takingsteps to introduce stringent safety regulations for the safety of driver andpedestrian safety. OEMs in the automotive sector are designing airbags in the passenger cars and commercialvehicles. This will contribute to the growth of the market during the forecastperiod.
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Campaigns and Awareness-raisingPrograms to Promote Growth
With rising number of road fatalities, need toadopt strategies to design, implement, and evaluate road safety programs willcontribute significantly to the growth of the market during the forecastperiod. For instance, in January 2018, on the account of Road Safety Week,Social Samosa, an Indian online publication, posted few on point and effectiveroad safety campaigns in India over the past few years. It garnered tremendousresponse from the netizens. Increasing awareness regarding the safety on the roadis expected to contribute to the automotive airbags market growth in theforthcoming years.
Stringent Government Regulations WillPropel the Market in Europe
Among regions, the market in Europe willremain at the forefront during the forecast period. This is ascribable tofactors such as strict government rules for road safety. In addition to this,promotion of Euro NCAP by countries such as Germany, France, the UnitedKingdom, and Sweden will contribute to the growth of the market in Europe. Onthe other hand, North America is expected to witness significant growth owingto strict guidelines to mandatorily include airbags in the passenger cars and light-dutycommercial vehicles. This, in turn will positively impact the automotive airbags market share. Asia-Pacific is expected to expandconsiderably on account of increasing sales and production of vehicles incountries such as India, and China.
To get to know more about the short-term and long-term impactof COVID-19 on this market,
Formore information visit :- https://www.fortunebusinessinsights.com/industry-reports/automotive-airbags-market-101699
Autoliv Inc. Develops New Front-centerAirbag; Product Developments to Aid Growth
The market consists of several companies thatare striving to gain maximum from the automotive airbags market revenue. Adoptionof various strategies to gain market stronghold by key players will considerablyimpact the growth of the market during the forecast period. For instance, inNov 2019, Autoliv Inc., a global vehicle systems leader, announced itsdevelopment in designing a new front-center airbag that saves lives duringside-impact crash scenarios. Moreover, mergers and acquisitions by key playerswill drive the growth of the market between 2019 and 2025.
Quick Buy - AutomotiveAirbags Market:-
· May 2019: ZF Friedrichshafen AG acquires 90 percentmarket share of Simi Reality Motion System for Occupant Recognition that is akey enabler for integrated safety and autonomous driving.
List of the Key Companies Operating inthe Global Automotive Airbags Market:
- ZF Friedrichshafen AG
- Denso Corporation
- Hyundai Mobis
- Joyson Electronic
- Robert Bosch GmbH
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