Brazil airbag market is forecast to augment at a CAGR of nearly 7% during the forecast period. Key factors that will raise the country’s airbag market include increasing disposable income of the people, rising awareness toward road safety, high road accidents and cohesive government regulations. Front airbags and anti-lock braking systems are mandatory in passenger cars since 2014. Moreover, from 2020, all new car models have to pass side impact test also before launching the car in the market. From 2023, all car models have to pass side-impact tests in the country carried by Latin NCAP.
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Increasing vehicle production is also a major factor augmenting the growth of the market in the country. The country is among the few emerging countries where vehicle production and sales increased in 2019. As per Brazil’s National Association of Motor Vehicle Manufacturers, the overall vehicle production increased by 2.3% in 2019 yoy and reached nearly 2.95 million from 2.88 million in 2018. Passenger car production showed a growth of 2.6% YoY in 2019 and reached 2.45 million in 2019 as compared to 2.38 million in 2018.
Brazil airbag 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. During the forecast period, the front airbag segment is expected to have a major market share. Side airbags and curtain airbags are expected to show a significant growth rate during the forecast period. By vehicle type, the market is segmented into passenger cars and commercial vehicles. Passenger car is expected to have a major market share during the forecast period.
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Brazil 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.)
