China is the global leader in automotive production and sales. China airbag market is expected to grow at a CAGR of 7.5% during the forecast period. As per the International Organization of Motor Vehicle Manufacturers, China has manufactured about 27.8 million vehicles in 2018. The Chinese Central Government expects that China’s automotive output will touch 30 million units by 2020 and 35 million by 2025. It provides an immense opportunity for the Chinese airbag market as safety is one of the major concerns for China. A huge airbag market is expected in the country as the country occupies about 30% of the total vehicle market and 35% of the passenger vehicle market globally. The top automotive brand of China includes FAW Group, BYD Company, Chery, Zhejiang Geely Holding Group Co (Geely), Great Wall Motors and so further.
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The government of China has launched Made in China 2025 initiatives for the manufacturing industry. The aim of the initiative is to upgrade the industry from low-cost mass production to higher value-added advanced manufacturing. The initiative priorities 10 sectors which also includes automotive. The initiative includes sell off a million units of the domestically produced pure electric vehicles. Numerous targets are also set related to driver assistance, active and passive safety, automatic driverless systems and so on.
The Chinese 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 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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China 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.)
