Automotive Airbag Market : Regulatory Mandates Across Several Nations Regarding Safety of Passengers Driving Demand
According to Transparency Market Research TMR, which is a market intelligence firm, players within the automotive airbag market are competing with each other and this is expected to increase the competition level and degree of competition. Players are also involving themselves in strategic mergers and acquisitions in order to make a mock for themselves in the market. Leading players operating within the global automotive airbag Market are: Autoliv, Takata Corporation, and TRW Automotive Holdings. Established players are competing with each other based on the following parameters: technology, performance, and praise. This competition among players has actually hit the market in terms of innovation, observes transparency market research.
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According to Transparency Market Research (TMR), the Global Automotive airbag Market is expected to be worth US$29.72 bn by 2020. Asia Pacific is expected to be the key market for automotive airbag. The rapid rise in the economy, gains in the GDP, and flourishing automobile industry are some of the factors behind the Asia Pacific automotive market. The rest of the world is also expected to witness high growth within Automotive airbag Market. On the basis of type of airbags, this Market is segmented into side airbag, front airbag, the airbag, and curtain airbag. Of these, the front airbag is anticipated to lead in the market and cross US$15.21 bn by 2020. The demand for front airbags is increasing significantly especially in the developed Nations on account of stringent regulations regarding food safety. Since front airbags are also utilized in Luanne cars and middle and cars, the segment is flourishing.
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Growing Number of Road Accidents Behind High Demand for Automotive Airbags
According to the report, the global increase in the number of road accidents is one of the key factors pushing the demand for automotive air bags. Increase in the number of accidents of also lead to the passing of several stringent road safety regulations by the government which in turn has accelerated the demand for automotive air bags. Several non-government organizations are also creating awareness campaigns related to road safety and precautions which in turn will benefit the automotive airbags market. Initiatives taken by various bodies such as the national highway transport safety administration in the US, which has mandated the installation of air bags in passenger vehicles will go a long way to words driving the growth of the Automotive airbags market. Moreover, the rise in the awareness levels about safety among the people in the world will also help this Market to grow.
Increased Adoption of Low Cost Airbags Dampening Growth of Market
It has been observed that due to the high cost, several original equipment manufacturers are opting for the less-expensive airbags for medium-end and low-end cars. Since cheaper airbags have no quality cushions, inflators, sensors, and low resilience, their installation in passenger cars do not lift the risk of safety. However, the trend of consumers opting for cheaper air bags for replacing their existing ones in the cars continues to grow and this is expected to hamper the growth of high quality automotive air bags market.
Use of Airbags in Low-end and Medium-end Cars to Drive Growth Opportuity
On a positive note however, the placement of airbags even in the low and cars are providing growth opportunities for the airbags market globally. In order to meet the requirements of consumers, many original equipment manufacturers are investing in R&D so as to be able to manufacture durable and cheap air bags.
This review is based on TMR’s report titled, “Automotive Airbag Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.”