World News: 08:55 GMT Tuesday 3rd December 2019. [Fortune Business Insights via Globe Newswire via SPi World News]
Pune, Dec. 03, 2019 (GLOBE NEWSWIRE) -- The global volume is projected to reach 179.2 million units by 2025, thereby exhibiting a CAGR of 13.3% during the forecast period. However, the market was valued at 75.1 million units in 2018. This information is published in an upcoming report by Fortune Business Insights, titled, “Global Automotive Airbags Market Size, Share & Industry Analysis, By Application (Knee, Side, Front, Curtain), By Vehicle Type (Passenger Cars, Commercial Vehicles), and Regional Forecasts, 2019-2025.” The market is expected to gain momentum from a rise in the implementation of strict safety rules and regulations for pedestrians and drivers. Additionally, governments of various countries are enforcing OEMs to install airbags in commercial vehicles as well as passenger cars to double the safety features.
The increasing number of road accidents is further leading to severe fatalities in the human body. It is resulting in a rise in the number of awareness programs regarding safety amongst the consumers. It would propel the Automotive Airbags Market growth during the forecast period. Moreover, consumers are rapidly shifting towards spending more on numerous available safety features in their vehicles owing to rising disposable income. It is opening doors to investment opportunities for the industry giants. Besides, manufacturers are including active and passive safety systems in automobiles to provide better driving experience and comfort to the consumers, which in turn, would contribute to the market growth.
In terms of vehicle type, the market is grouped into commercial vehicles and passenger cars. Amongst them, at present, the passenger car segment holds the largest Automotive Airbags Market share. It is projected to lead the market in the coming years. The governments of several countries are putting forward stringent laws regarding the safety of the passengers. Combined with this, a rise in the production and sales of passenger cars in emerging nations would augment the growth of this segment.
The commercial vehicle segment, on the other hand, would experience notable growth during the forthcoming years. This growth is attributable to the increasing number of commercial vehicle crashes that have further lead to the rising deployment of vehicle safety systems by commercial vehicle manufacturers. It would improve the safety of the occupant. The Federal Motor Carrier Safety Administration (FMCSA) mentioned that in 2017, 0.45 million heavy-duty commercial vehicle crashes had occurred in the U.S. alone. Hence, the manufacturers are concerned with passengers’ safety.
The market is geographically fragmented into Asia Pacific, North America, Europe, and the rest of the world. Amongst them, Europe is set to dominate the market in the coming years owing to strict government rules regarding pedestrian and occupant safety for the vehicle. Furthermore, major countries, such as Sweden, the U.K, France, and Germany are promoting Euro NCAP actively.
Asia Pacific, on the other hand, is expected to showcase a steady growth. A rise in the production and sales of vehicles in developing nations, namely, China and India would contribute to growth of the market in this region. Apart from that, increasing awareness campaigns about vehicle safety systems amongst the consumers would also drive Automotive Airbags Market growth.
North America is anticipated to grow significantly during the forecast period. This growth is attributable to the Intermodal Surface Transportation Efficiency Act of 1991. As per the act, the installation of airbags is mandatory in light-duty commercial vehicles as well as passenger cars.
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Globe Newswire: 08:55 GMT Tuesday 3rd December 2019
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