Automotive Airbag Market to Receive overwhelming hike in Revenues by 2027

Posted by Jack Martin on November 10th, 2017

Increasing public awareness about vehicle safety is driving necessity for standard fitment in vehicles, coupled with frontal and curtain airbags. Crash tests are being implemented for manufacturers by governments, providing safety benefits to customers. Various safety standards are imposed on vehicles, based on an assessment, for occupant protection, pedestrian protection, and child protection system. These factors will propel growth of the global automotive airbag market, according to a report by Future Market Insights (FMI).

Global Automotive Airbags Market Estimated to Register 4.96% Volume CAGR through 2027

FMI’s report projects the global automotive airbag market to register a healthy 4.96% CAGR, in terms of volume, during the forecast period 2017 to 2027. Global sales of automotive airbags will reach nearly 1500 Mn units in 2017; by 2027 this number is estimated to surpass 2000 Mn units. Consumers across countries such as the U.S. and Canada are getting more knowledgeable and aware about vehicles and driving safety. This has led to rising preference for vehicles comprising all safety equipment, including all types of airbags. Government of Latin America has made it mandatory to install drivers’ and front seat airbags in every new vehicle including light trucks. This is likely to lower the number of accidents and injuries, improving safety. Such factors are expected to drive the market growth.

North America will continue to be the largest market for automotive airbags, followed by Western Europe and Asia Pacific Excluding Japan (APEJ). Sales of automotive airbags in North America are projected to exceed 500 Mn units by 2027-end. APEJ is anticipated to be the fastest growing market for automotive airbags, expanding at 6.1% CAGR through 2027. In contrast, Middle East & Africa (MEA) and Japan are projected to register sluggish growth in the global automotive airbag market.

Key market players identified in FMI’s report include 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 Automotive PLC, Wacker Chemie AG, Hyosung Co., Toyobo Co., Ltd., HMT (Xiamen) New Technical Materials Co., Ltd., UTT Technische Textilien GmbH & Co. KG, Key Safety Systems, PHP Fibers GmbH, Sumitomo Corporation.

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Jack Martin

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Jack Martin
Joined: August 7th, 2017
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