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Automotive Airbags Market By Application (Knee, Side, Front, Curtain), By Vehicle Type (Passenger Cars, Commercial Vehicles)

2019-12-11 11:10:58

The global automotive airbags market volume was at 75 million units in 2018 is projected to reach 180 million units by 2025, exhibiting a CAGR of 13% during the forecast period.

According to a study conducted by the World Health Organization (WHO) in 2018, 1.4 million people globally die per year in road accidents. Additionally, 20-50 million people suffer from fatal injuries caused by road accidents. This is not only causing human suffering, but is also affecting about 3% GDP loss in some countries. WHO has launched an objective to cut fatalities into half by 2030. Owing to this, many countries are implementing stringent safety regulations for driver and pedestrian safety and are also enforcing OEMs to install airbags in the passenger cars and commercial vehicles. Additionally, the Global New Car Assessment Program (NCAP) is also supporting the adoption of safety restraint systems in vehicles for decreasing road accidents and severe injuries.

By position type, the automotive airbags market is segmented into knee, front, side, and curtain. The front type airbag segment accounts for the largest market share and is anticipated to dominate the market over the forecast period. Frontal airbags reduce the most number of fatalities as majority accidents tend to be head-on collisions.

The curtain-type airbags segment is also expected to propel the growth of market. These airbags reduce the risk of severe injuries to the head for the passenger sitting on the side, by approximately 50%. Also, increasing installation of curtain-type airbags in commercial vehicles is likely to surge demand. For example, Scania's next-generation trucks are now equipped with rollover side curtain airbags for the driver’s safety during rollover accidents.

Europe is anticipated to dominate the automotive airbag market during the forecast period owing to stringent government regulations regarding occupant and pedestrian safety for the vehicle. Moreover, major European countries, such as Germany, France, the United Kingdom, and Sweden are promoting Euro NCAP results actively.