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New study: Airbag market is expected to reach $37.3 billion, globally, by 2022

Automotive and Transportation Market Research

Airbag Market Report is expected to garner $37.3 billion by 2022, registering a CAGR of 9.4% during the forecast period 2016 - 2022.In 2015, Asia-Pacific contributed a major market share, in terms of revenue, owing to growth in the automobile sector and rise in disposable income of consumers.

Passive safety features in automobiles is a prime factor as far as occupants protection is concerned. These features consist of airbags that play a crucial role to reduce the impact of collisions at the time of accidents.

The global airbag marketis expected to witness significant growth, owing to the increase in consumer awareness towards vehicle safety, use of advanced technology in automotive safety, and growth in the automobile sector. Strict government regulations in India, Germany, and UK about safety features in automobiles are expected to fuel the market growth.

However, high replacement cost of airbags and use of enhanced substitute technology for occupant safety are anticipated to hinder this growth.

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