Asia-Pacific is the leader in the global airbag market and is expected to grow at a CAGR of more than 7% during the forecasted period. The major factors for the growth of the market include significant vehicle sales in the region during the forecast period, and high vehicle exports by the countries including China, Japan, South Korea, and India. Moreover, cohesive government regulation, adoption of the New Car Assessment Program, increasing consumer awareness are among the major factor for the growth of the market. China is the leading contributor in terms of vehicles produced globally. As per the International Organization of Motor Vehicle Manufacturers, China has produced around 23.5 million passenger vehicles in 2018, followed by Japan and India. The top automotive brand of China includes FAW Group, BYD Company, Chery, Zhejiang Geely Holding Group Co., Great Wall Motors and so further. Foreign companies such as Takata Corporation, Delphi Automotive, Key Safety System Inc., Hyundai Mobis and so on also have a significant business in the region.
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The market is segmented on the basis of type and vehicle type. By type, the market is further segmented into front airbag, side airbag, curtain airbag, and knee airbag. The front airbag is expected to have a significant growth rate during the forecast period, owing to strict government regulations and rising consumer awareness. By vehicle type, the market is segmented into passenger cars and commercial vehicles. Passenger vehicles will have most of the market share owing to the very low usage of airbags in commercial vehicles. The passenger car segment is further divided into Hatchback, Sedan, and SUV. The hatchback is expected to have a major market share during the forecast period.
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Asia Pacific Airbag Market Segmentation
By Type
· Front Airbag
· Side Airbag
· Curtain Airbag
· Knee Airbag
By Vehicle Type
· Passenger Cars
· Hatchback
· Sedan
· SUV
· Commercial Vehicle
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
