Global Airbag Market size is projected to be valued $41 Billion by 2024; with a CAGR of 9.2% from 2017 to 2025. Airbag is a safety product which protects body sensitive areas such as head, eyes, and chest from injury, especially during accidents. It is a highly advanced technology that operates on sensors, bag, and inflation system automatically. The airbag provides passive safety electronic unit located on the frontal and side to the car for protection of the front seated driver and even the passengers. Rising traffic rush and high growth in automotive industry has increased the acceptance of air bag among consumers.
The major factors supporting growth of the global airbag market are government regulation standards and growing demand for safety in vehicles. Moreover, growing urbanization has increased the number of vehicles on road, supplementing the growth of market. However, anti-crash sensors and driverless cars would restrain the market. Additionally, smart airbag technology and air bags for two-wheelers would provide growth opportunities for the market in the coming years.
The global airbag market has been segmented by type, and geography. By type segment, the market is categorized into front airbag, side airbag, knee airbag, and curtain airbag.
By geography, the global airbag market is segmented into North America, Europe, Asia-Pacific, and Rest of the world (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers UK, Germany, France, Italy, and others. Asia-Pacific covers China, India, Japan, South Korea, and others. Rest of the World covers South America, Middle East, and Africa.
Key players in the global airbag market are Continental AG, Delphi Automotive PLC, Denso Corporation, Toyoda Gosei Co., Ltd., Key Safety Systems Inc., Robert Bosch GmbH, Takata Corporation, Hyundai Mobis Co. Ltd., TRW automotive, and Autoliv Inc., among others.
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Scope of the Global Airbag Market