July 19, 2022 12:30 ET | Source: Transparency Market Research Transparency Market Research
Albany, New York, UNITED STATES
Wilmington, Delaware, United States, July 19, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Advancements in technologies that allow timely and safe deployment of airbags has helped augment the airbag market share in automotive safety modules. Of note, a study on the automotive airbag market has found diagnostic monitoring units to be a highly lucrative segment that will continue to hold a promising share during the forecast period of 2022–2031. The global automotive airbag market is projected to advance at CAGR of 7.2% during the period, and reach worth of US$ 22.7 Bn by 2031.
A number of top airbag manufacturers in the automotive airbag market are unveiling new designs that allow crash protection to head and chest during frontal collision. The demand for innovative designs and advanced safety modules in newer vehicles which allow protection against side-impact or rollover accidents has expanded the canvas for leading manufacturers of automotive airbag system. Moreover, automotive airbag suppliers are attractive clients with high-performance materials for air bags for automobiles to meet the goal of passenger safety.
Continuous advancements in control units used in air bag system for cars has generated new revenue streams for various companies such as OEMs in the automotive airbag market. Of note, improvements in crash or acceleration sensors have led to an uptick in demand for newer products in the market. Different types of airbags including side torso airbag and curtain airbags have been commercialized to cater to range of functional needs, thus expanding revenue potential.
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Key Findings of Automotive Airbag Market Study
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Automotive Airbag Market: Key Drivers
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Automotive Airbag Market: Regional Growth Dynamics
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Automotive Airbag Market: Competitive Dynamics
Joint ventures and rise in investments on the expansion of manufacturing units are some of the moves made by players to reap strategic gains in the automotive airbag market. Some of the key players are:
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