Technavio has published a new report on the global automotive center airbag system market from 2017-2021. (Graphic: Business Wire)
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Technavio has published a new report on the global automotive center airbag system market from 2017-2021. (Graphic: Business Wire)
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LONDON—Technavio analysts forecast the global automotive center airbag system market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global automotive center airbag system market 2017-2021. The market is segmented based on geography, including the Americas, EMEA, and APAC.
The global automotive center airbag system market is expected to grow to 821.72 thousand units by 2021. The implementation of passive safety norms regarding the fitment of front airbag systems in vehicles worldwide attributed to the growth of the global automotive center airbag system market. The voluntary adoption of front airbag systems in European economies fuels the market’s growth. The fitment of airbag systems is mandated by automotive governing bodies to curb the number of causalities from on-road collisions. Developing regions are also cashing in on the trend as several vehicle OEMs have begun installing airbags in entry-level cars.
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Technavio automotive research analysts highlight the following factors that are contributing to the growth of the global automotive center airbag system market:
- Mandatory safety norms driving market boost by 2018
- NCAP ratings driving customer preference toward on-board safety system
- High adoption of airbag yarn to fuel market growth
Mandatory safety norms driving market boost by 2018
In-vehicle safety systems play an important role in reducing the number of on-road accidents. Airbag systems are designed to reduce the level of fatality during collisions to ensure passenger safety in moving vehicles. New safety restraint systems have been developed by the automakers that can protect passengers effectively in cases of front-end collisions, rollovers, and side-impact accidents.
Siddharth Jaiswal, a lead automotive electronics research analyst at Technavio, says, “Globally, more than a million people die in road accidents annually, and this includes side-impact accidents also. Research conducted in the US stated that around 8,500 people die annually in side-impact car accidents across the country. This will increase the demand for advanced safety systems in automobiles, especially center and knee airbag systems.”
NCAP ratings driving customer preference toward on-board safety system
The global automotive industry is witnessing a growing preference for automotive safety systems. Automotive governing councils worldwide provide vehicle ratings that are based on on-board safety systems to curtail on-road accident rates and ensure that OEMs comply with government safety standards. The developed economies in the Americas and Europe lead the NCAP rating market.
“The NCAP ratings help automobile manufacturers, vendors, suppliers, and customers to execute better purchasing decisions. These ratings are usually based on the assessment of driver assist systems, pedestrian protection systems, occupant protection systems, and child protection systems by performing different crash tests,” says Siddharth.
High adoption of airbag yarn to fuel market growth
The increase in the number and type of airbag systems for vehicles has boosted the global automotive airbag system. Several factors, such as emerging safety regulations, growing awareness about airbag systems, and voluntary offering of passive safety systems by automakers, are driving the market growth of airbag systems worldwide. The design, development, and manufacturing of an airbag system require the use of many components and parts that play a critical role in the performance of the system during a collision.
The demand and consumption of constituent materials are increasing as the fitment of an airbag system per vehicle is increasing year-over-year. Airbag fabric is one of the core components of the airbag system, due to which, the demand and consumption of airbag yarn are increasing yearly. According to automotive experts, the global demand for airbag yarn will stand at 6.5% in 2016-2021. The growth of the global airbag yarn market will boost the global automotive center airbag system market during the forecast period.
Top vendors:
- Autoliv
- Takata
- ZF TRW
- Hyundai Mobis
- Faurecia
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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