The APAC Airbag market is anticipated to reach a value of US$ 8,510.0 Mn in 2022 and is expected to grow at a CAGR of 6.2% from 2022 to 2032, according to FMI.
Over the following six years, the airbags industry is anticipated to expand at a double-digit CAGR. The market is led by North America, then Europe, then the Asia Pacific. The Asia Pacific area is anticipated to have rapid expansion shortly as a result of technological advancements and rising domestic demand for automobiles.
The market is expanding as a result of rising safety concerns and the increased use of safety features, particularly airbags, in the compact car category.
Analysis of automotive airbag demand from 2017 to 2021 revealed a historical growth rate of less than 6% CAGR, driven by consumers’ increasing spending due to rising disposable incomes and a general expansion of the automobile industry.
Initial COVID-19-related recessionary downturns, including fewer airbag sales, store closings, and temporary interruptions to the manufacturing cycle, dashed growth expectations.
Key Players:
- Denso Corporation
- Takata Corporation
- Toyoda Gosei Co. Ltd.
- Autoliv Inc.
- Robert Bosch GmbH
- Hyundai Mobis Co. Ltd.
- Key Safety Systems Inc.
- Daicel Corporation
- ZF Friedrichshafen AG
- Kolon Industries
- Toray Industries Inc.
- Hyosung Co.
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