Brazil passenger car airbag market is forecast to grow at a CAGR around 7% during the forecast period. The major factor for the growth of the market is a significant increase in passenger car production in the country. Brazil is among the few countries which registered positive growth in 2019 in vehicle production and registration. As per the National Association of Motor Vehicle Manufacturers, in 2019, around 2.45 million passenger cars were produced in the country as compared to 2.38 million in 2018. A growth of 2.6% is registered YoY in 2019 in passenger car production whereas passenger car registration has increased by 7.6% YoY.
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Rising disposable income of the people, increasing awareness related to road safety, high prevalence of road accidents and cohesive government regulations are some of the other factors which will augment the passenger car airbag market in the country. From January 2014, it is mandatory for all new cars to have the front airbag and antilock braking system. From 2020, all-new launch passenger cars in the country have to pass side-impact tests which will be carried by Latin NCAP. It is expected to augment the market of side airbags and curtain airbags in the country. From 2023, all car models have to pass side-impact tests in the country.
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. During the forecast period, front airbag segment is expected to have a major market share with a significant growth rate in the country. By vehicle type, the market is segmented into Hatchback, Sedan, and SUV. The hatchback segment is expected to have a significant market growth during the forecast period.
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Brazil 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.)
