Airbag is a safety device used in vehicles. Airbag is a flexible fabric bag, which is designed to protect driver and other passengers in a car in case of a crash or an accident. When a collision is detected, airbag inflates in few milliseconds and forms a barrier between the driver, the steering wheel, front glass, and other parts of the vehicle. Thus, it can protect passengers from severe injuries.
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Rising number of road accidents is major factor, boosting growth of the market
Increasing number of road accidents and rising safety concerns are major factors expected to drive growth of the global automotive airbag marker over the forecast period. According to World Health Organization (WHO), in January 2018, around 1.3 million road accidents occur every year globally, of which, about 93% road traffic death occurs in emerging economies. Therefore, governments of various countries are implementing stringent standards and regulations for safety to reduce fatalities and limit injuries due to accidents, by mandating installation of airbags in vehicles. For instance, from October 2017, in India, Ministry of Road Transport and Highways has made airbags mandatory, in all new car models and for clearance of frontal and side crash tests along with pedestrian protection tests. These factors are expected to propel demand for automotive airbags over the forecast period.
However, airbags inflate only once and therefore, after initial collision, it becomes ineffective to protect passengers from further impact. Furthermore, these are relatively expensive, hence installation of airbag every time it becomes ineffective, is not affordable. These factors are expected to hinder growth of the market.
Automotive Airbag Market: Regional Insights
The global automotive airbag market is segmented on the basis of regions into North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa. North America accounted for largest share in the global automotive airbag market in 2016. This growth is attributed to implementation of stringent regulation by governments for passenger safety. For instance, The US Highway Safety Act of 1991 mandates use of airbags and ABS features in all passenger cars. The United States New Car Assessment Program (US NCAP) rates vehicles for safety in order to improve safety features in the vehicles and passenger safety. This is expected to in turn, increase installation of safety features such as airbags in vehicles, which propel growth of the automotive airbags systems market.
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Automotive Airbag Market: Competitive Background
Major players operating in the global automotive airbag market are Autoliv, Inc., Robert Bosch GMBH, Continental AG, Delphi Automotive PLC, Denso Corporation, Takata Corporation, Toyoda Gosei Co., Ltd., Nihon Plast Co. Ltd., Hyundai Mobis Co., Ltd., and Key Safety Systems Inc.