Global Airbag Market Report, published by Variant Market Research, forecast that the global market is expected to reach $41.5 Billion by 2024 from $20.3 Billion in 2016, growing at a CAGR of 9.3% from 2016 to 2024. By geography, North America and Europe are expected to grow at a CAGR of 10% and 9.3%, respectively, during the forecast period.
"Airbag Market (By Type: Front Airbag, Side Airbag, Knee Airbag, And Curtain Airbag; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the factors driving the growth of global airbag market includes increasing urbanization, rising number of vehicles on road, stringent government regulations, and rising awareness towards passenger’s safety. Though, anti-crash sensors and driverless cars could restrain the market growth. Development of smart airbag technology and airbag for two-wheelers would further provide growth opportunities in forecast period.
Type, and geography are the key segmentations considered in the global airbag market. Type segment is further categorized into front airbag, side airbag, knee airbag, and curtain airbag. Among which, front airbag accounted for almost half of the market share in 2016, followed by side airbag. Though, knee airbag could dominate the future market in the forecast period.
By geography, the airbag market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Europe accounted the majority of the market share with 32%, driven by, increase in concern for safety, and rising sophistication of systems, followed by North America with 29.6% in 2016. Moreover, North America is anticipated to attain the fastest CAGR during the forecast period, owing to stringent vehicular safety standard and regulation.
The major 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.