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Global Airbag Market - by Type, Module, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2018 - 2025)
Airbag Market - by Type, Module, Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts, Competitive Intelligence, Company Profiles | MarkGenes
Airbags are the safety devices which are used to reduce the impact of accidents and collisions. The airbags inflate during collision and deflate after the collision. These are majorly used in automobile industry to save lives or at least minimize the accident effect. In the recent years, development in the automobile industry led to increased emphasis on the safety of the driver and passengers. This led to increase in the R&D and advancement of the airbags. The airbag’s quality has been improved over the years and is fitted in the roof, steering wheel, dashboard, seat or door of the car.
The global airbag market was USD 21.47 billion in 2018 and is estimated to reach USD 38.80 billion by 2025 at a CAGR of 8.82% during the forecast period. It is estimated that the inflator and gas generator segment will be the dominant segment in the forecasted period.
Growth by Region
North America is the dominant market where maximum users are using airbags for safety purposes. Europe will showcase average growth in the forecasted period. The region which will showcase tremendous growth is Asia pacific region where the CAGR will grow at the maximum rate.
Drivers vs. Constraints
The increase in concern among consumers regarding the safety while driving and increase in the automobile industry advancement led to increase in the market growth. Also, the government is emphasising the car companies to focus on the safety aspects of the car. However, due to high cost replacement led the companies to use its cheaper version which at times become ineffective to save the lives. The companies do so in order to reduce the price of the car.
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Industry structure and updates
• February 2018 - The airbags in the vehicles which are affected by the faulty Takata airbags are needed to be replaced by the end of 2020 as stated by the law of Australia.
• June 2018 - Airbags have now ventured in the protection of cars. A German student made a mobile airbag which protects the mobile from damage during any fall or accident.
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