(MENAFN- IMARC Group) According to IMARC Group’s latest report, titled “Airbag Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global airbag market reached a value of US$ XX Billion in 2020. An airbag refers to a vehicle occupant-restraint system that is designed to inflate and deflate promptly and protect occupants during a collision. As the vehicle is deaccelerated to slow down the passenger’s forward motion, an airbag receives signals from sensors. It aids in reducing the impact of the accident and prevents driver fatalities and severe head injuries in frontal crashes. An airbag also helps in minimizing chest injuries in side-impact collisions. It provides side-curtain and knee airbags to significantly lower the risk of damages on the hips, knees, and thighs.
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The inflating income levels of consumers and elevating levels of urbanization are leading to an increase in the sales of passenger vehicles across the globe, which is primarily driving the airbag market. Furthermore, several government bodies are mandating the installation of airbags in vehicles to minimize road traffic injuries, which is also catalyzing the product demand. Moreover, the increasing use of commercial trucks to transport cargo, ranging from food products to heavy machinery, and the rising focus of various manufacturers towards introducing airbags for heavy-duty trucks is further propelling the market growth. Additionally, the introduction of advanced airbags, such as a front center for far side-impact, is also expected to fuel the global airbag market over the forecasted period. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
Hyundai Motor Group
Joyson Safety Systems (Ningbo Joyson Electronic Corp.)
Neaton Auto Products Manufacturing Inc. (Nihon Plast Co. Ltd.)
Robert Bosch GmbH
TOYODA GOSEI Co. Ltd.
ZF Friedrichshafen AG.
Breakup by Type:
Breakup by Module:
Inflator or Gas Generator
Breakup by Vehicle Type:
Breakup by Sales Channel:
Original Equipment Manufacturers
Breakup by Region:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
Market Performance (2015-2020)
Market Outlook (2021-2026)
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape
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