Global opportunity in automotive airbag market: Lucintel anticipates rapid growth of the automotive safety systems market and rising vehicle production to catalyze growth within the next five years.
According to a new market report published by Lucintel, the future of airbags in the global automotive industry looks good with strict governmental regulations on vehicle safety and increasing vehicle production. Airbags in the global www.lucintel.com/mass_transportati…ve_component.aspx industry is forecast to grow at a CAGR of 4.6% from 2016 to 2021.
The major drivers of growth for this market are governmental regulations on safety standard, increasing number of traffic fatalities, increasing awareness on vehicle safety, and development of low-cost airbags.
In this market front, side, curtain, and knee are the major application areas of airbag components in a vehicle.
Front airbag is the largest segment by airbag type and is expected to remain the same during the forecast period. Lucintel predicts that the demand of airbag in the small car is likely to experience the highest growth in the forecast period supported by safety regulations implied by various governments and increasing production of small car.
On the basis of its comprehensive research, Lucintel forecasts that small car segment is expected to show above average growth during the forecast period.
Within the global automotive airbag market, the small car segment is expected to remain as the largest market by volume consumption. The development of low-cost airbag for small cars is expected to spur growth for this segment over the forecast period.
Asia Pacific is expected to remain the largest market due to increasing light vehicle production; China will remain the leading market in terms of vehicle production.
Asia Pacific and North America are expected to witness significant growth over the forecast period because of increasing penetration of airbag components in vehicles in North America due to strict vehicular safety standards & regulations.
For market expansion, the report suggests innovation and new product development to enhance the passenger’s safety by reducing the impact of road accidents. The report further suggests the development of partnerships between OEMs and automobile manufacturers to create win-win situations and the development of low-cost solutions for the end users without compromising passenger’s safety.
Emerging trends, which have a direct impact on the dynamics of the industry, include development of flexible venting technology, application of bioplastics materials in airbag module, development of lightweight airbag inflators, and development of low-cost airbag Electronic Control Unit. Autoliv Inc., Takata Corporation, ZF TRW Automotive Holding Corp, Toyoda Gosei Co., Ltd., and Hyundai Mobis Co., Ltd.
are among the major suppliers of airbag component to the automotive industry.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global automotive airbag market by airbag type, vehicle type,
and region and has come up with a comprehensive research report, “Growth Opportunities in the Globa… Market Analysis.” The Lucintel report serves as a spring board for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the growth opportunities in the global automotive airbag market by airbag type, vehicle type, and region as follows:
By airbag type [Volume (Million Units) and $M shipment analysis for 2010 – 2021]:
- Front Airbag
- Side Airbag
- Curtain Airbag
- Knee Airbag
By vehicle type [Volume (Million Units) shipment analysis for 2010 – 2021]:
- Small Car
- Mid-size Car
- Large Car
- MPV and LCV
By region [Volume (Million Units) and $M shipment analysis for 2010 – 2021]:
- North America
- Asia Pacific
- Rest of the World
This 190-page research report will enable you to make confident business decisions in this globally competitive marketplace.
For more information:Make an Inquiry about this report HERE!