Global Automotive Airbag Market to Witness good growth by 2027
A comprehensive overview of the Global Automotive Airbag Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Automotive Airbag Market in the Global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Global Automotive Airbag Market at the regional & country levels. The Global Automotive Airbag Market is expected to grow at a CAGR of 7.9% between 2021-2027
Market Overview
As per our analysis, it is predicted that global automotive Airbag sales are expected to grow at a CAGR of about 7.9%. Furthermore, as per the analysis global automotive Airbag sales is expected to reach around US$ 21 billion by 2027, compared to US$ 12 billion in 2020. The Airbag for vehicles has grown in popularity across the world due to the higher number of accidents that occur during vehicle reversal, followed by the number of deaths and infrastructure damage. Customers' awareness of the applications and use of passive safety systems has grown, resulting in customers paying a premium for new safety systems and extra safety features in automobiles. The major factor that drives the purchasing of safety features is demonstrated technology. Consumers' purchase decisions are influenced by factors such as trustworthiness, safety, and comfort, which leads to an increase in consumer knowledge of vehicle safety, promoting market growth.
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COVID-19 Impact
The global breakout of the COVID-19 epidemic hindered the expansion of the airbags market. For the first two quarters of 2020, the market size was limited by the global economic crisis and financial instabilities. During this time, severe effects on the automobile industry hampered the automotive airbag market as well. Furthermore, the global economic crisis has impacted consumers, resulting in a drop in sales. Due to lower demand, supply chain constraints, the market plummeted dramatically. For example, Autoliv, one of the leading airbag manufacturers, reported "extraordinary" difficulty in the second quarter after the pandemic hit the European and North American markets in April.
Global Automotive Airbag Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into:
Front Airbag Side Airbag Knee Airbag Curtain AirbagBased on type, the market is segmented into Front, Side, Knee and Curtain. The Front airbag segment generated revenue of USD X billion in 2020. The segment is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of USD X million by 2027. Because the majority of incidents are head-on collisions, frontal airbags are the most effective in reducing fatalities. The curtain-type category is also predicted to drive market expansion. These airbags minimize the risk of severe head injuries for passengers sitting on the side of the vehicle by around half
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By Material, the market is primarily studied into:
Polyester Fiber Nylon OthersBased on material, the market is segmented into Polyester Fiber, Nylon and others. The nylon segment generated revenue of USD X billion in 2020. The segment is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of USD X million by 2027
By Vehicle, the market is primarily studied into:
Passenger CommercialBased on vehicle, the market is segmented in passenger and commercial. The passenger segment is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of USD X million by 2027
By Sales Channel, the market is primarily studied into:
OEM AftermarketBased on sales channel, the market is segmented in Original Equipment Manufacturer (OEM) and Aftersales. The OEM segment is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of USD X million by 2027. Demand for safety innovation in passenger cars is responsible for airbag market growth as increasing accidents due to human error in driving adds fuel to the growth
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Global Automotive Airbag Market Region Segmentation Includes:
North America Europe Asia Pacific Rest of WorldBased on the estimation, Asia Pacific holds the major share and is expected to grow at higher rate based. Vehicle sales and production are predicted to rise in developing countries like India and China, propelling market expansion in this area. Growing customer awareness of vehicle safety systems is also expected to help the market in Asia Pacific.
The major players targeting the market includes:
Robert Bosch GmbH Aptiv Inc. Autoliv Inc. Continental AG Delphi Automotive Hyundai Mobis Co. Ltd Nihon Plastic Company Co. Ltd Takata Corporation Toyoda Gosei ZF FriedrichshafenCompetitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Automotive Airbag Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
What are the latest trends, new patterns, and advancements in the Global Automotive Airbag Market? Which factors are influencing the Global Automotive Airbag Market over the forecast period? What are the global challenges, threats, and risks in the Global Automotive Airbag Market? Which factors are propelling and restraining the Global Automotive Airbag Market? What are the demanding global regions of the Automotive Airbag Market? What will be the market size in the upcoming years? What are the crucial market acquisition strategies and policies applied by the companies?We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know If you have any custom needs.