FMI delivers key insights on the global automotive airbag market in its latest report titled ‘Automotive Airbag Market: Global Industry Analysis and Opportunity Assessment 2017-2027.’ The long-term outlook on the global automotive airbag market remains positive with the market value expected to increase at a CAGR of 3.8% during the forecast period (2017-2027). Among product types, the driver airbag segment is expected to expand at significant CAGR, in terms of value, over the forecast period. The global automotive airbag market for passenger cars is estimated to be valued at US$ 21Bn by the end of 2027. North America is estimated to account for a value share of 27% in the global Automotive Airbag market by 2017 end and is anticipated to be replaced by APEJ as a prominent market during the forecast period. In this report, FMI throws light on drivers and restraints likely to impact the Automotive Airbags market during this period.
Growing Safety Concerns and Rising Vehicle Production will drive the Automotive Airbagmarket
Automobile consumers are becoming more aware and informed about vehicles and their safety while driving. Consumers prefer vehicles which offer safety equipment, such as airbags, that reduce the impact of accidents, collisions or crashes. This increasing awareness among people for vehicle safety is leading to the rise in the growth of the automotive airbags market. Automotive manufacturers provide airbags as a standard system or as an optional system in vehicles. The automotive airbag market is also being driven by regulations which make airbags a mandatory system in automobile.
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Increase in the production rate of vehicles has also positively affected the demand for automotive airbags. Rising demand for vehicles equipped with airbags is also enhancing the market for automotive airbags. In 2017, more than 97 million vehicles were produced, of which more than 73 million were passenger cars. The growth in vehicle production and growing regulations and safety concerns are some of the prominent factors projected to boost the market of automotive airbags.
Segmentation Analysis of Automotive Airbag market
The Automotive Airbag market is segmented on the basis of product type, coating type, vehicle type, yarn type and sales channel.
- Driver airbag is anticipated to continue to dominate the market in terms of value over the forecast period. The driver airbag sub-segment of the automotive airbag market is estimated to grow at a significant CAGR of 3.9% over the forecast period. It is expected to represent total incremental opportunity of US$ 3 Bn between 2017 and 2027. The side airbag is projected to grow at a relatively high CAGR as compared to other airbag types over the forecast period.
- Nylon-based airbag is projected to be most prominent yarn type in the automotive airbag market. The nylon automotive airbag segment is estimated to grow at a significant CAGR, in terms of value, over the forecast period. The market for nylon automotive airbags is being driven by the various benefits of nylon, such as lower density, high specific heat capacity and better impact resistance. That apart, nylon also requires more energy to melt.
- Neoprene coated airbags are the most prominently used airbags in the automotive airbag market. They are estimated to hold more than 70% share in the automotive airbag market.
Regional Market Projections of Automotive Airbag
The Automotive Airbag market in Asia Pacific Excluding Japan (APEJ) is expected to represent significantly high incremental opportunity between 2017 and 2027. The market of Automotive Airbags in APEJ is expected to represent a total incremental opportunity of US$ 3.2 Bn between 2017 and 2027.
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Automotive Airbag Market Participants
The report highlights some of the top companies operating in the Automotive Airbag market, such as Autoliv Inc., Takata Corporation, Daicel Corporation, Denso Corporation, Hyundai Mobis Co. Ltd., Toyoda Gosei Co. Ltd., ZF Friedrichshafen AG, Kolon Industries, Inc., Toray Industries, Inc., Porcher Industries SA, Nihon Plast Co. Ltd., Delphi, Wacker Chemie AG, Hyosung Co., and Toyobo Co., Ltd. among others.