Westford, USA,, March 16, 2023 (GLOBE NEWSWIRE) -- The European automotive airbag market is expected to experience remarkable growth in the coming years, despite tight competition from North America. This growth is attributed to the increasing adoption of stringent government regulations related to the adoption of airbags in automobiles. Moreover, important countries around the world have issued new safety orders that require the installation of airbags in vehicles. As a result, rising customer awareness of traffic and vehicle safety is projected to drive the market's growth in the forecast period. Furthermore, technological advancements, such as introducing flexible vent technology, are expected to complement market progress.
According to the latest global research findings by SkyQuest, the automotive industry experienced a significant surge in car sales in 2022, with an estimated 61.7 million automobiles sold worldwide. This represents a remarkable growth trend, particularly when compared to the sales figures from 2020. The impressive growth in car sales has significant implications for various sectors, including the automotive airbag industry. The airbag market has been an essential automotive industry component for many years. Its primary function is to provide safety and protection for drivers and passengers in the event of an accident.
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Airbags are one of the most crucial safety features in modern cars. They are inflatable cushions built into the vehicle's interior and designed to protect the occupants in the event of a collision. In recent years, advances in airbag technology have made them even more effective at protecting vehicle occupants. Nevertheless, it remains an essential component of any modern vehicle, and its continued development and improvement will undoubtedly help to reduce the number of injuries and fatalities on our roads.
Prominent Players in the Automotive Airbag Market
- Autoliv
- ACS Industries, Inc.
- AmSafe
- Toyota Gosei
- Amphenol Corporation
- ARC Automotive, Inc.
- Ashimori Industry Co. Ltd
- Marelli Corporation
- Daicel Corporation
- GLOBAL TEK.
- Hanwha Group
- HYOSUNG
- MOBIS INDIA LIMITED
Passenger Car Segment to Drive Tremendous Growth due to Rising Demand for Passenger Vehicles and Growing Focus on Safety Features
As per market research, the automotive airbag market is expected to witness significant growth in the coming years, with the passenger car segment dominating the market from 2022 to 2028. The rising concerns regarding road safety and increasing government regulations mandating the installation of airbags in vehicles are some of the key factors contributing to this growth. Passenger cars are one of the most commonly used modes of transportation worldwide, with a large consumer base. Hence, the demand for airbags in this segment is expected to be high. Additionally, the increasing number of accidents and fatalities on roads has increased the emphasis on passenger safety, further boosting the adoption of airbags in cars.
The automotive airbag market is expected to grow significantly in Europe by 2028. This growth is attributed to the strict government regulations concerning vehicle safety and standards, which are projected to become more stringent in the coming years. The region's automotive industry has been at the forefront of adopting new technologies, and this trend is expected to continue, further boosting the market's growth. The industry players are investing heavily in research and development activities to create more efficient, reliable airbag systems that provide superior safety features.
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Front Type Segment to Attain Higher Growth Thanks to Its High Demand and Usage in Passenger Cars and Commercial Vehicles
The automotive airbag market has been growing steadily over the years, driven by the rising demand for vehicle safety features. Among the different segments of airbags, the front type segment has emerged as a key player, holding a significant share of the market in 2021. As per projections, this segment is expected to continue its upward trajectory and dominate the market from 2022 to 2028. Manufacturers are investing heavily in R&D to create airbags that can provide better protection to occupants in the event of a collision. These advancements have made front type airbags more reliable and safer than ever before.
According to recent research, North America and Asia Pacific remain key players in the automotive airbag market, and this trend is expected to continue until at least 2028. As vehicles' demand for advanced safety features continues to grow, manufacturers are racing to develop more effective and innovative airbag solutions to stay competitive. Overall, the automotive airbag industry is dynamic and rapidly evolving, with North America at the forefront of innovation and development.
SkyQuest has recently published a report on the automotive airbag market that comprehensively analyzes the industry's major players. The report covers various aspects such as collaborations, mergers, innovative business policies, and strategies, offering valuable insights into the key trends and breakthroughs in the market.
Key Developments in Automotive Airbag Market
- Morris Garage, the popular automobile manufacturer, has recently released the updated Hector and the all-new 4x4 Gloster models. Both vehicles have garnered significant attention and have experienced strong market growth since their launch. One of the key safety features of these cars is the inclusion of six airbags in their top-of-the-line versions.
- ARC Automotive and Yanfeng have recently teamed up to form a joint venture to produce high-quality airbag inflators for use in various types of vehicles. This new partnership combines the expertise and resources of both companies, allowing them to leverage their collective strengths to create innovative and reliable airbag inflators that meet the industry's stringent safety standards.
- Daicel Corporation, a leading global manufacturer of airbag inflators, has announced the opening of its first production facility in India. The company will invest approximately Rs 230 crore in the project's initial phase. The investment in the Indian production facility is part of Daicel's global expansion strategy, which aims to strengthen its presence in key global markets.
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Key Questions Answered in Automotive Airbag Market Report
- How can hindrances in the global market be minimized to foster growth in specific industries?
- How do successful companies overcome challenges and leverage opportunities within the global market?
- Which segments are expected to have the highest revenue and sales growth rates in specific geographic regions of the global market?
- What effective tactics and strategies can vendors implement to navigate obstacles and capitalize on opportunities within particular segments of the global market?
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