Automotive Side Airbags Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Automotive Side Airbags Market: Snapshot
The global automotive side airbags market is foreseen to witness a substantial growth due to rising sale of luxurious cars with all the safety features to minimize the impact of accidents. Increasing awareness about automotive safety features is expanding requirements for automotive side airbags in basic level or entry-level vehicles. Besides, several government authorities over the world have implementedregulations and guidelines that require automotive producers to give passive security frameworks, including automotive side airbags, This is reinforcing the development of the automotive side airbags market.
Consistent advancements in technology in airbags are essentially contributing towards improved passenger security with versatile execution for various occupant sizes. Rising inclination towards cost-effective passive safety framework is exhibiting potential development prospects for the automotive airbag frameworks market size. Further, improvement of cost-productive airbag security advancements for side and frontal effect assurance is picking up a highmomentum.
Developing unmistakable quality of vehicle safety prerequisites and crash tests are essentially contributing toward expanded airbag infiltration over the forecast period. Global New Car Assessment Program (NCAP) is successfully contributing in the popularity of safety frameworks for lessening the street fatalities and extreme wounds. Expanding purchaser awareness with respect to wellbeing levels and highlights of tested vehicles will boost the market size.
Stringent necessities for full frontal effect, offset frontal effect, and side effect tests are likely to boost the automotive airbags market size over the anticipated time period. Government bodies are creating laws and guidelines for imposing inhabitant security frameworks.
Automotive Side Airbags Market Introduction
Automotive side airbags are inflatable devices deployed in automobiles to protect occupants or passengers and the driver from head and chest injuries in a side-impact crash. Previously, automotive side airbags were limited to premium and luxury cars. However, growing awareness about automotive safety features is increasing needs for automotive side airbags in mid-range or entry-level vehicles. Furthermore, many governing bodies across the world have imposed rules and regulations that require automotive manufacturers to provide passive safety systems, including automotive side airbags, are bolstering the growth of the automotive side airbags market.
Automotive Side Airbags Market – Notable Developments
Some of the most prominent competitors operating in the competitive landscape of global automotive side airbags market include –
Automotive Side Airbags Market Dynamics
Growing Awareness about Advanced Automotive Safety Features Triggers Automotive Side Airbags Market Growth
Consumers are becoming more conscious about driver’s safety as well as safety of the vehicle with an alarming rise in road accidents. Players in the automotive side airbags market identify that the importance of passive safety systems in a vehicle has increased among consumers. Willingness to pay more of premium and advanced safety features, such as automotive side airbags, is triggering innovations in vehicle safety systems, boosting growth of the automotive side airbags market. Leading players in the automotive side airbags market are adopting advanced technologies to further improve key attributes of automotive side airbags and scale higher in the highly competitive automotive side airbags market in the upcoming years.
Burgeoning Sales of Passenger Cars with Advanced Safety Features Boosts Market Growth – Increased Household Income Plays an Important Role
As the negative effects of the Great Recessions continue to mitigate, the global economy has been recovering to a substantial rise in the disposable income of consumers across many countries. According to the ‘OECD Growth and economic well-being Quarterly Sector Accounts’, household income per capita in OECD countries increased by 0.7% in 2018 over 2017. The automotive side airbags market is benefitting from the significant rise in consumers disposable income, as it has improved the affordability of passenger cars with advanced safety features such as automotive side airbags. Thereby, increased awareness about the importance of automotive safety features coupled with increasing discretionary spending is expected to complement growth of the automotive side airbags market.
Higher Deployment of Automotive Side Airbags in Passenger Cars – A Leading Trend in the Automotive Side Airbags Market
As the growth prospects of the parent automotive industry continue to influence growth of the automotive side airbags market, increased automotive production will continue to boost growth of the automotive side airbags market. The global automotive production picked up from over 73.2 million vehicles to more than 97.3 million vehicles during the period 2007-2017, according to the recent statistics published by the International Organization of Motor Vehicle Manufacturers (OICA).
While the positive growth of the automotive industry continues to complement developments in the automotive side airbags market, leading market players are focusing on manufacturing automotive side airbags for passenger car, as passenger cars held a whopping 75% share in the global automotive production as well as sales. Taking into account the recent developments in the passenger car market segment, leading players in the automotive side airbags market are adopting advanced technologies to diversify their product range for high volume mid-segment passenger cars.
Automotive Side Airbags Market Segmentation
Based on the product type, the automotive side airbags market is segmented into
Based on its applications, the automotive side airbags market is segmented into
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