World Air Bag Market to Record 6.3% CAGR to 2022, States OMR in Its In-demand Research Report Available at MarketPublishers.com01 Sep 2017 • by Natalie Aster
LONDON – The air bag market is poised to witness an impressive CAGR of 6.3% through to 2022. The major drivers of the global market growth comprise an increasing number of roadway accidents, greater safety awareness, growth in the automobile sector, new technology adoption, growing consumer buying power, and government regulations. Enhancing R&D efforts and the development of the luxury car market are also contributors to the airbag market growth. Around 72 million cars were sold worldwide in 2016, and in the USA and Europe all cars have airbag as safety equipment, as well as in China and Japan over 70% of vehicles are equipped with airbags.
To date, APAC takes the lead in the overall air bag market by revenue. The region is poised to see the fastest growth primarily due to China’s automotive sector. China is currently the world’s major exporter of vehicles, capturing close to 33% of the world’s total production.
Europe and North America are also set to contribute considerably to the airbag market. Strict safety measures, high buying power, advanced economy and safety awareness act as key factors fuelling the regional market.
The various market players are entering into alliances with universities and research establishments that are at work upon safety technologies. In June 2017, Japan’s air bag maker Takata Corp. announced the bankruptcy due to the fault in over 100 million airbags globally including 69 million in USA. This incident is sure to greatly impact all corporates for their future plans for expansion and growth.
Autoliv, Takata, ZF-TRW, and Daicel, amid others, are the leading players in the industry.
In-demand research report “Global Air Bags Market Research and Analysis, 2015-2022” elaborated by OMR is aimed at assessing and forecasting the market on a global level.
The study provides a detailed market overview, analyst insights and current market trends, and covers the specific regulations across the countries worldwide. It provides detailed market segmentation based on type, vehicle segment, and by region. The report casts light on the market determinants, including key growth drivers and restraints. The report presents an analysis of the competitive scene and profiles the 24 leading market players and their key strategies. It also includes key findings, market estimations, patent analysis, and offers strategic recommendations.
More in-demand research publications by Orion Market Research can be found at its page.