North American Passenger Car Airbag Market Size, Share and Forecast 2019-2025
Posted by OMR Global on March 12th, 2020
North American passenger car airbag market is expected to have a modest growth rate at a CAGR of 4.9% during the forecast period. Cohesive government regulation, high average cost of the vehicle and significant adoption of the knee and curtain airbag in the region are the major factor for the growth of the market. Key Safety Systems, Inc., is one of the major passenger car airbag companies having headquarter in the US. It acquired a major passenger car airbag company named Takata corporation in 2017 to increase its market share all across the globe. Apart from Key Safety System, most of the other major market players have their manufacturing unit in North America, especially in the US. The decrease in vehicles sales in the region is one of the restraining factors for the market in the region. In the US, around 2.8 million passenger cars were manufactured in 2018 which was 7.8% less than the previous year. Similarly, in Canada, the production of passenger cars decreased by 12.7% from 656,000 in 2018 from 751,000 in 2017. Moreover, vehicle recall due to faulty airbags is also one of the major challenges for the regional market.
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The market is segmented by type and vehicle segments. By type, the market is segmented into front airbag, side airbag, curtain airbag, and knee airbag. High adoption of the front airbag and side airbag has been observed in Noth America and the segments will have a major market share during the forecast period. A considerable adoption of knee airbag and curtain airbag will be witnessed during the forecast period. By vehicle type, the market is divided into Hatchback, Sedan, and SUV. The hatchback is will have the largest share in the market. SUVs are expected to show a significant growth rate during the forecast period.
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The companies which are contributing significantly in the market include Autoliv Inc., Daicel Corp., DENSO Corp., Global Safety Textiles, LLC, Key Safety Systems, Inc., TRW Automotive Holdings Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, and technological advancements to stay competitive in the market.
North American Passenger Car Airbag Market Segmentation
By Vehicle Type
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