This report provides an in-depth analysis of the global airbag market, along with current trends and future estimations to identify lucrative investment pockets.

Portland, OR -- (SBWire) -- 06/12/2018 --Airbag Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $37.3 billion by 2022, registering a CAGR of 9.4% during the forecast period 2016 - 2022.In 2015, Asia-Pacific contributed a major market share, in terms of revenue, owing to growth in the automobile sector and rise in disposable income of consumers.

An airbag is a type of vehicle safety device designed to promptly inflate during a collision and deflate after the accident. The efficiency of these airbags to reduce the impact of crashes is enhanced due to ongoing and innovative advancements in airbag technology. Competitive advantages of airbags over other passive safety components are also described in the report. To understand the market behavior, drivers, restraints, and opportunities are explained. Further, the key strategies adopted by potential market leaders to facilitate the effective planning are discussed under the scope of this report.

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Airbags are a vital component in passive safety system of vehicles. Increase in demand for passenger cars provides opportunity for growth of the airbag market. Safety norms formulated by the government and vehicle specifications, such as distance between the driver and steering wheel and front passenger, inclination of rear passenger, and others, drive the market growth.

Emerging economies, such as China, India, Brazil, Mexico, and Japan, provide high growth prospects for the global airbag market. These countries presently have lenient policies about safety in vehicles. Passive safety components, such as airbags, are optional while purchasing a car to avoid increase in its prices, thereby increasing the sale. In some underdeveloped countries, the manufacturers sell cars without seatbelts and airbags to increase the sale. Stringent government regulations and awareness campaigns provide opportunities for the global airbag market.

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The market is segmented by module into inflator or gas generator and air bag segments. Inflator or gas generator is expected to hold the largest market share; however, air bag is anticipated to grow at a significant rate in the future.

By type, front and side airbags together comprised around 85% of the global market share in 2015. In the same year, front airbag generated the highest revenue, as it is the major passive safety component of automobiles installed in steering wheel and the front side of passenger to protect the head and chest. Knee and curtain airbags are expected to witness significant growth during the forecast period.

Awareness among customers for the applications and use of passive safety systems has increased, which has led to customers paying premium price for new safety systems in automobiles as well as supplementary safety features. Demonstrated technology is the key attribute that influences the purchase of safety features. Trustworthiness, safety, and comfort also influence the purchase decision of consumers, which result in rise in consumer awareness toward vehicle safety, thus boosting the market growth.

Key findings of Airbag Market

-Front and side airbag segments together comprised around 85% of the global market share in 2015.
-Knee and curtain airbag segments are expected to witness significant growth during the forecast period.
-Inflator or gas generator is expected to hold the largest market share; however, air bag is anticipated to show significant growth rate in the coming years.
-Asia-Pacific generated the highest revenue, with over 30% of the global market share.