Increasing public awareness about vehicle safety is driving necessity for standard fitment in vehicles, coupled with frontal and curtain airbags. Crash tests are being implemented for manufacturers by governments, providing safety benefits to customers. Various safety standards are imposed on vehicles, based on an assessment, for occupant protection, pedestrian protection, and child protection system. These factors will propel growth of the global automotive airbag market, according to a report by Future Market Insights (FMI).
Global Automotive Airbags Market Estimated to Register 4.96% Volume CAGR through 2027: FMI’s report projects the global automotive airbag market to register a healthy 4.96% CAGR, in terms of volume, during the forecast period 2017 to 2027. Global sales of automotive airbags will reach nearly 1500 Mn units in 2017; by 2027 this number is estimated to surpass 2000 Mn units. Consumers across countries such as the U.S. and Canada are getting more knowledgeable and aware about vehicles and driving safety. This has led to rising preference for vehicles comprising all safety equipment, including all types of airbags. Government of Latin America has made it mandatory to install drivers’ and front seat airbags in every new vehicle including light trucks. This is likely to lower the number of accidents and injuries, improving safety. Such factors are expected to drive the market growth.
In addition, growth of the market is also attributed to other factors including increasing utilisation of curtain airbags, growing demand for high performance luxury vehicles, rising number of road accidents, technology advancements, advanced safety technology, and surging demand for external airbag. However, emergence and adoption of several substitute safety technologies such as advanced seatbelts, and antilock braking system are estimated to restrain growth of the market.
By product type, drivers’ airbags will remain sought-after in…