The global automotive airbags market is set to boom and has been projected to reach 474 million units by the year 2017. Growth in the market is set to be predominantly driven by healthy increases in the production of passenger cars and commercial vehicles, increasing federal regulations, growing public awareness over safety, development of smart air bag sensors, and newer application of airbags such as curtain airbags, and side impact air bags with rollover protection.
Given the stringent automobile safety regulations in developed countries like the United States, Japan, and Western European countries, front impact airbags represent a maturing technology with 100% market penetration. Growth in these mature markets will be driven by new and changing airbag legislations.
Developing countries in Asia-Pacific and Latin America will generate the boost required to enhance growth in the global automotive airbags market. Emerging economies such as China and India, which have been generating substantial demand for new cars in recent times, will continue to be key growth drivers for airbags market in Asia-Pacific over the next few years.
Thanks to rising employment levels, economic prosperity and increase in discretionary income, demand for new cars has been on the rise in these nations, which in turn has been boosting automotive production in Asia-Pacific.
With a relatively lower per capita vehicle ownership, as compared to developed markets, Asia-Pacific presents enormous commercial potential for the automotive market and thereby for the airbags market sector. Side-Impact Airbags represents the fastest growing market segment trailing a projected CAGR of 14.6% over the analysis period 2009 through 2017.
For more information on the automotive airbags market, see the latest research: Automotive Airbags Market Report
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