SELBYVILLE, Del., July 6, 2020 /PRNewswire/ -- According to the latest report "Automotive Airbags Market by Position (Frontal, Side, Side Curtain, Knee), Fabric (Coated, Non-coated), Vehicle (Passenger, Commercial), Distribution Channel (OEM, Aftermarket), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of automotive airbags will cross $65 billion by 2026. The growing use of airbags to reduce the risk of fatality and stringent government regulations will likely propel the market.
Automotive airbags are inflatable bags working to reduce the effect of impact on vehicle occupants. It works through rapid inflation of the bag followed by various sensors signaling the direction of the impact. It is increasingly being used with countries mandating the incorporation through regulations. The industry is experiencing high investments in R&D from manufacturers to improve capabilities, providing enhanced protection.
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Knee airbags will witness over 4% growth during the forecast timeframe. These provide protection below the dashboard to prevent injuries to the driver's and front-seat passenger's leg during a crash. Vehicle manufacturers are incorporating these airbags in vehicles to receive a higher safety rating.
Based on fabric, the automotive airbags market is categorized into coated and non-coated. The coated airbag fabric holds dominance in the market owing to advantages of these fabrics including high wear resistance, long service life, thin, and soft characteristics. The coated ones widely use silicon and neoprene as coated material. Silicon provides long service life as compared to the neoprene fabrics. Additionally, the coated fabric has flame resistance and good sealing properties.
Automotive airbags find usage in passenger as well as commercial vehicles. The passenger vehicle segment accounts for a majority market share due to several government regulations across the globe supporting the mandatory installation of airbags. The vehicle manufacturers are frequently launching new vehicle models with airbags, thereby providing a positive outlook for the industry expansion.
OEM leads the industry size attributed to its fitment for increasing safety of vehicle occupants. The airbag manufacturers are investing in new production technologies and machinery to increase their production rate. For instance, in November 2018, Lectra introduced Focus quantum, a software suite with laser cutting technology to boost their business productivity.
The Asia Pacific automotive airbags market size is predicted to expand at more than 5.5% CAGR through 2026 with increasing awareness about vehicle safety along with the presence of multiple automobile manufacturers. The automotive OEMs are focusing on launching multiple vehicles at varied price range with standard safety features. Government entities across the region are mandating crash tests and compliance to stringent safety norms, thereby supporting industry expansion.
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Table of Contents (ToC) of the report:
Chapter 3. Automotive Airbags Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016-2026
3.3. Industry ecosystem analysis
3.3.1. Raw material supplier
3.3.3. Profit margin analysis
3.3.4. Distribution channel analysis
3.3.6. Vendor matrix
22.214.171.124. Product portfolio
3.4. Technology landscape
3.4.1. Automotive airbag sensors
3.5. Regulatory landscape
3.6. Pricing analysis (including COVID-19 impact)
3.6.1. Regional pricing
126.96.36.199. North America
3.6.2. Cost structure analysis
3.7. COVID-19 impact on automotive industry
3.7.1. North America
3.8. Industry impact forces
3.8.1. Growth drivers. By region
3.8.2. Industry pitfalls & challenges
3.9. Innovation and sustainability
3.9.1. External airbags
3.9.2. Multi-collision airbag
3.9.3. Passive to active safety systems
3.10. Growth potential analysis, 2019
3.11. Porter's analysis
3.12. Competitive landscape, 2019
3.12.1. Top players overview, 2019
3.12.2. Key stakeholders
3.12.3. Strategy dashboard
3.13. PESTLE analysis
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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.
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Global Automotive Airbag Market growth predicted at 5% till 2026: GMI
Asia Pacific automotive airbags market size is predicted to expand at more than 5.5% CAGR through 2026 with increasing awareness about vehicle safety along with the presence of multiple automobile manufacturers.
SOURCE Global Market Insights, Inc.