Global Automotive Side Airbags Market Will Grow at a CAGR of 6% During 2019-2023 | Technavio
LONDON--(BUSINESS WIRE)--Jan 22, 2019--Technavio has announced the release of their research report on the global automotive side airbags market for the forecast period 2019-2023. This automotive side airbags market analysis report segments the market by application (passenger cars and commercial vehicles) and geography (APAC, Europe, MEA, North America, and South America).
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Technavio has released a new market research report on the global automotive side airbags market for the period 2019-2023. (Graphic: Business Wire)
Global automotive side airbags market size will grow by almost USD 2.22 billion during 2019-2023, at a CAGR of more than 6%. There is a rising focus on passenger safety and an increase in public awareness regarding the safety provided by side airbags. This has been driving the demand for side airbags in mid-range and entry-level vehicles, which is accelerating the growth of the automotive side airbags market, particularly in developing countries.
Increasing adoption of curtain airbags
There is a high demand for curtain airbags from the developing automotive markets such as China, India, and other countries in Europe. The rising demand for curtain airbags can be attributed to factors such as public concerns and awareness of vehicular safety and rising automotive sales. Many cars such as Ford Fusion, Honda Accord, Hyundai Santa Fe, and Kia Sportage have been equipped with curtain airbags either as standard fitment across all variants or as optional accessories over the last decade. Additionally, commercial vehicle manufacturers are also adopting curtain airbags.
“Owing to government incentives, low cost of manufacturing, and low-cost raw materials, the APAC region has become a prime offshore location for automotive manufacturing companies. Asian countries, such as China, India, and Japan, have been emerging as an automotive hub for OEMs and component manufacturers,” says an analyst at Technavio.
The trend of consolidation through acquisition in the automotive airbags market will have a positive impact on market growth. Owing to the increasing stringency of regulations in emerging markets, the global automotive side airbags market will witness a consistent growth during the forecast period. Such developments will lead to a higher number of airbags per vehicle and faster improvement in technological advancements, which is driving the trend of consolidation in the market. For instance, Airbag manufacturing company Takata was acquired by JOYSON, PAG Fund Key Safety Systems (Joyson Safety Systems) in April 2018.
This automotive side airbags industry research report provides an in-depth analysis of the primary drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several automotive side airbags products manufacturers including –Autoliv HYUNDAI MOBIS Joyson Safety Systems Toyoda Gosei ZF Friedrichshafen
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base comprises enterprises of all sizes, including more than 100 Fortune 500 companies.
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SOURCE: Technavio Research
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