Asia-Pacific will be the leader in the global passenger car airbag market and is expected to grow at a CAGR of 7.3% during the forecasted period. Some of the key 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. In addition, cohesive government regulation, adoption of the New Car Assessment Program, rising awareness of customers are among the major factor for the growth of the market.
The market is divided based on 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 market share during the forecast period, owing to strict government regulations and rising consumer awareness. Knee airbag and curtain airbag will have a significant market growth with a small market share during the forecast period. By vehicle type, the market is segmented into Hatchback, Sedan, and SUV. The hatchback segment is expected to have a major market share during the forecast period.
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Geographically, the market is segmented into China, Japan, India, and Rest of Asia-Pacific. China is expected to have a major market share, as the country is the largest manufacturer of vehicles globally. As per the International Organization of Motor Vehicle Manufacturers, the country has produced around 23.5 million passenger cars in 2018. It is followed by Japan with 8.36 million and India with 4 million passenger cars respectively in 2018. Another major passenger car manufacturer includes South Korea with the production of around 3.6 million passenger cars in 2018.
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Asia-Pacific Passenger Car Airbag Market Segmentation
By Type
· Front Airbag
· Side Airbag
· Curtain Airbag
· Knee Airbag
By Vehicle Type
· Hatchback
· Sedan
· SUV
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
