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Automotive airbag market to register significant gains over 2019-2025

Author : Rahul Varpe | Published Date : 2019-08-06 

Global Market Insights, Inc., estimates that the overall automotive airbag market size would exceed the $85 billion renumeration mark by 2025.All in all, the revenue graph of the automotive airbag market is projected to depict substantial gains over the forecast timeframe due to a surge in automobile consumption and stricter safety policies.

As driver and front seat passengers are more vulnerable in case of any crash or accident, the frontal airbags are deployed as a standard feature in majority of the vehicles. Moreover, the development of innovative products with electronic control unit (ECU) to improve the efficiency of these airbags is proving beneficial for automotive airbags industry share.

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In terms of geographical expansion, the Asia Pacific region is emerging as a major growth avenue for the prominent players operating in automotive airbags market. Over the past few years, emerging economies such as India and China are rolling out stringent regulations with respect to safety systems for vehicle occupants. These regulations apparently encompass a whole new set of safety norms which would drastically improve the existing measures to reduce the number of road fatalities.
Impact of the emerging vehicle safety policies in Asia Pacific on the automotive airbag market

The Potential: Asia Pacific is the biggest automotive market in the world and is home to three of the world’s ten biggest automobile markets; China, Japan and India. The remarkable economic growth experienced by two of the world’s largest emerging economies, China and India, has been listed as one of the key factors driving the expansion of the automobile sector and subsequently, the automotive airbag market, in the continent.
 

The Numbers: In terms of numbers, India is shaping up to gain more prominence as an automobile consumer, driven by the rapidly improving disposable incomes of the population. The Indian Brand Equity Foundation reported that India was the world’s fourth largest automobile market and had recorded a 9.5% year-on-year growth in sales back in 2017.
 

The Conditions: While the nation’s automotive industry is expanding, the growth has also raised the percentage of road accidents by a notable margin. According to the Ministry of Road Transport and Highways, Government of India, in 2017 approximately 464,910 road accidents were reported with 147,913 of them turning out to be fatal.
 

The Projections: Apparently, 2017 also marked the year when the Government of India made airbags as well as other passenger safety features mandatory for new automobiles, paving the way for the regional automotive airbag market to register attractive gains through rising automotive sales.

 About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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