Automotive Airbag Market Future Demand, Growth, Share and Analysis with forecast 2024

Transparency Market Research (TMR), a market intelligence and research firm, has recently published a market study on the global market for automotive airbags, estimating that the market to expand at a CAGR of 8.10% during the period 2014 to 2020 and reach a market value of US$29.7 bn by the end of the forecast period.The worldwide global automotive airbag market stood at US$17.2 bn in 2013, states the research report, titled “Automotive Airbag Market- Global Industry Analysis, Size, Growth and Forecast 2014 - 2020”. The rapid rise in the automotive industry, particularly increasing production of cars, has fueled this market significantly.Apart from this, the rising awareness regarding safety while driving among consumers has also increased the growth quotient of this market in recent times, the report says. The durability of low-priced airbags is, however, a matter of concern owing to which consumers are showing less interest in them, impacting the global market negatively.

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According to the research report, the global automotive airbag market is spread across North America, Asia Pacific, Europe, and the Rest of the World. Among these, the market in Asia Pacific has acquired the leading position.In 2013, the market for automotive airbags in Asia Pacific had gained a market value of US$5.9 bn. On account of the rising demand for automobiles, propelled by increased disposable income and improved standard of living in the region, the automotive airbags market is heading towards a thriving future in Asia Pacific. Analysts have predicted this regional market to register the highest as well as the fastest CAGR of 8.50% over the forecast period.

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Europe is the second largest regional market for automotive airbags. The market is likely to show a steady growth and retain its position since an increasing number of established automotive safety systems manufacturers, such as Autoliv, Delphi, Continental AG, and RobertBosch are domiciled in the region.North America is also expected to witness a stable demand for automotive airbags during the forecast period.

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The U.S. has emerged as the largest automotive airbag market in North America owing to the putting the United States New Car Assessment Program (US NCAP) in practice, which assesses and rates cars prior to its launch in the U.S. market.Curtain airbags, knee airbags, front airbags, and side airbags are the major types of automotive airbags available in the global market. The market for front airbags occupies the dominant position in the overall market, states the market study.

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