Transparency Market Research Report Added "Automotive Airbag Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020" to its database.
Albany, NY -- (SBWIRE) -- 11/19/2015 -- As traces of the 2008 global economic slump are fading, the automotive market is on course to witnessing a resurgence of sorts. Currently, the automotive segment is regarded as one of the few booming sectors in the world. Over the next few years, the automotive and automobile market is expected to register impressive growth rates. Factors such as passenger safety are coming under the spotlight, especially in non-traditional economies.
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In this context, the global automotive air bag market is expected to witness high growth rates. Many of these changes in passenger safety standards will be a result of new legislation that has been recently introduced – or will soon be brought about – in thriving markets. In fact, the installation of certain safety devices is soon to become mandatory in cars and a few other passenger vehicles. Besides the automotive airbag market, other segments such as seat belt restraint systems will attain healthy growth and garner more revenues.
A typically airbag module is composed of the following important elements: Crash sensors, steering wheel connecting coil, an inflator, and diagnostic monitoring units. The size and shape of the airbag varies depending on the specifications of the vehicle itself.
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The Three Leading Drivers for the Automotive Airbag Market
There are several factors that prove favorable to the growth of the global automotive airbag market, but here are the three most important ones:
There have been recent advancements in technology, leading to a wider acceptance of automotive airbags
Several new regulations have been introduced to ensure the safety of passengers in automotives. The adoption of these regulations has been made mandatory in regions such as Europe and North America (mainly the U.S.). This is also true of some APAC countries, such as Australia and New Zealand.
There is an overall increase in consumers' awareness pertaining to their own safety and security when behind the wheel or inside a vehicle. This has proven to be an advantage of the growth of the automotive airbag market.
Asia Pacific was at the Forefront of the Automotive Airbag Market in 2013; Heavy Investments Expected to Flow into the Region
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The overall automotive airbag market can be segmented on the basis of the types of airbag safety systems. When segmented thus, the market features: Front, knee, side and curtain airbags. The largest market share in the global automotive airbag market was held by Asia Pacific in 2013. This prominent position held by APAC, largely because of the high automotive demand here, is expected to promote the inflow of investments into the APAC region. A number of high-end air bag development and improvement research initiatives are already underway in the Asia Pacific market, and this will prove favorable to growth.
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The other important factor at play in the Asia Pacific market is that of a visible improvement in the lifestyles of consumers. This has led to higher demand for automobiles as well as sophisticate features housed therein. According to the estimates of a U.S.-based market research firm, the Asia Pacific automotive airbag market stood at US$5.91 billion in 2013. The Asia Pacific automotive airbag market will also grow the fastest in the coming years.
The cost factor will play a very important role in the growth of the automotive airbag market - not just in price-sensitive APAC countries, but across other regions as well. Thus, companies will be forced to balance their cost against all other important factors.
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