According to Transparency Market Research TMR, which is a market intelligence firm, players within the automotive airbag market are competing with each other and this is expected to increase the competition level and degree of competition. Players are also involving themselves in strategic mergers and acquisitions in order to make a mock for themselves in the market. Leading players operating within the global automotive airbag Market are: Autoliv, Takata Corporation, and TRW Automotive Holdings. Established players are competing with each other based on the following parameters: technology, performance, and praise. This competition among players has actually hit the market in terms of innovation, observes transparency market research.
According to Transparency Market Research (TMR), the Global Automotive airbag Market is expected to be worth US$29.72 bn by 2020. Asia Pacific is expected to be the key market for automotive airbag. The rapid rise in the economy, gains in the GDP, and flourishing automobile industry are some of the factors behind the Asia Pacific automotive market. The rest of the world is also expected to witness high growth within Automotive airbag Market.
On the basis of type of airbags, this Market is segmented into side airbag, front airbag, the airbag, and curtain airbag. Of these, the front airbag is anticipated to lead in the market and cross US$15.21 bn by 2020. The demand for front airbags is increasing significantly especially in the developed Nations on account of stringent regulations regarding food safety. Since front airbags are also utilized in Luanne cars and middle and cars, the segment is flourishing.
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According to the report, the global increase in the number of road accidents is one of the key factors pushing the demand for automotive air bags. Increase in the number of accidents of also lead to the passing of several stringent road safety regulations by the government which in turn has accelerated the demand for automotive air bags. Several non-government organizations are also creating awareness campaigns related to road safety and precautions which in turn will benefit the automotive airbags market.
Initiatives taken by various bodies such as the national highway transport safety administration in the US, which has mandated the installation of air bags in passenger vehicles will go a long way to words driving the growth of the Automotive airbags market. Moreover, the rise in the awareness levels about safety among the people in the world will also help this Market to grow.