Theglobal airbag market size was estimated to $9,896 million in 2018 and anticipated to witness an impressive growth rate with a CAGR of 7.3% during the forecast period. Rising awareness toward road safety and government road safety regulation will propel the growth of the airbag marketglobally. Due to the increasing number of accidents, the government has laid guidelines for making airbags mandatory in passenger cars in most of the countries including emerging economies. As an instance, the government of India has mandated that all new cars have to be equipped with at least driver-side airbag with a speed warning system and seatbelt reminder for driver and co-driver. The decision is taken to reduce road fatality in the country. As per Government of India, there were 500,000 road accidents in 2015 with more than 150,000 reported mortalities. The government wants to reduce this number by 50% by 2022. This rule is expected to provide considerable growth to the airbag industry. Moreover, most of the carmaker has started providing airbag in their cars prior to the deadline.
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The government of major economies has developed its own car assessment facility in order to test vehicles in a better way. The US is assessing its cars through US NCAP (New Car Assessment Program). Europe has GNCAP and Euro NCAP whereas the Asian countries have developed their own car assessment program including JNCAP of Japan, CNCAP of China, BNVSAP of India, ANCAP of Australia, KNCAP of South Korea and ASEAN NCAP of ASEAN countries. Latin America has the Latin NCAP program. By the use of this assessment facility, the government can asses the car on various norms. In order to compline with these norms, the vehicle manufacturer will increase safety devices in their vehicles which include airbag.
In the US, NADA (National Automobile Dealer Association), had launched the National Safety Council’s (NSC) Air Bag & Seat Belt Safety Campaign. The motive of the campaign to raise awareness about the proper use of seat belts and to educate people about the advantage of the airbag during a collision. The campaign is also working to make seat belt mandatory in all states as most of the time airbag inflate only when the driver or passenger has worn a seatbelt. The country still has a high number of mortalities due to road accidents and are not reducing with a required rate. In 2018, road fatalities were nearly 38,000 in the US.
Current Market Trends in the Airbag Industry:
- By airbag type segment, the front airbag will have the fastest growth rate all across the globe.
- Passenger cars will be the largest segment in the airbag market.
- Technological advancement such as pedestrian airbags and external airbags are new opportunities in the market.
- The downfall in automotive sales will affect the airbag industry however safety regulation will augment the market in the near future.
Global Airbag Market- Segmentation
By Type
- Front Airbag
- Side Airbag
- Curtain Airbag
- Knee Airbag
By Vehicle Segment
- Passenger Cars
- Commercial Vehicle
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
