The global automotive electric power steering market is projected to grow at a CAGR of 2.42% during the forecast period, reaching a total market size of US$31.755 billion in 2024 from US$27.516 billion in 2018. This growth is attributed to the increase in demand for better steering systems which minimize the driver effort and make driving safer and convenient. Power Steering is a type of steering system which provides assistance to the driver by increasing the steering effort needed to turn the Read more...
The Colombia automotive safety airbag market is expected to grow at a CAGR of 0.10%. The Colombian automotive industry is one of largest automotive industry in the South American region. The new regulations for the mandatory fitting of airbags in all new cars after 2017 is also anticipated to be one of the major driving factors for the market to grow throughout the forecast period. However, auto sales experienced a decline of 6.09 percent from 253681 units in 2016 to 238237 units in 2017 (source Read more...
The Brazil automotive safety airbag market is expected to reach US$0.527 billion by 2024 from US$0.417 billion in 2018 growing at a CAGR of 3.97%. The mandatory requirement of airbags in all vehicles is one of the major factors driving the demand for airbags in the country. In 2013, new safety regulations were introduced which stated the mandatory requirements of frontal airbags for driver and passengers along with the mandatory fitting of ABS for all the new vehicles to be sold in the country a Read more...
The Argentina automotive safety airbag market is expected to reach US$0.071 billion by 2024 from US$0.072 billion in 2018 growing at a CAGR of 0.34%. The market for automotive safety airbags in Argentina is poised to grow majorly on the account of significant growth in the automotive sector of the country. The government regulations to boost automotive production in the country will drive the growth of the market throughout the forecast period. In March 2017 the Government made an announcement r Read more...
The South America automotive safety airbag market is expected to reach US$0.615 billion by 2024 from US$0.503 billion in 2018 growing at a CAGR of 3.39%. The South America automotive safety airbags market is projected to grow at a noteworthy CAGR owing to the growth of the automotive sector such as Brazil and Argentina coupled with government regulations for the mandatory requirements of airbags in the vehicles in Brazil. Thus growth in the automotive sector of Brazil is expected to boost market Read more...
The North America automotive safety airbag market is expected to reach US$3.427 billion by 2024 from US$2.613 billion in 2018 growing at a CAGR of 4.63%. The market for automotive safety airbags in North America is anticipated to grow at a significant CAGR owing to the mandatory requirements of airbags in cars and LCVs as per the regulations set by the federal legislation in the United States of America which is also expected to hold a major share in the market owing to higher production and d Read more...
The Middle East and Africa automotive safety airbag market is expected to reach US$0.830 billion by 2024 from US$0.658 billion in 2018 growing at a CAGR of 3.96%. The growth of the market in the Middle East and Africa region is majorly attributed to the growth of the automotive industry on account of rising disposable income with has further led to the surge in the middle-class population in the country further boosted the demand for new cars. Furthermore, the high purchasing power of the people Read more...
The Europe automotive safety airbag market is expected to reach US$4.202 billion by 2024 from US$3.319 billion in 2018 growing at a CAGR of 4.98%. The growth of the market in the European region is majorly attributed to the presence of globally leading automotive manufacturers and the presence of world-class infrastructure. The growth in both the domestic and international automobile demand coupled with the presence of major automotive manufacturers in the region drives the growth of the automot Read more...
The Asia Pacific automotive safety airbag market is expected to reach US$10.191 billion by 2024 from US$7.332 billion in 2018 growing at a CAGR of 5.64%. The growth of the market in the Asia Pacific region is majorly attributed to the rising automobile demand in the major developing countries such as India, China, and Indonesia coupled with the rising government initiatives for the mandatory requirements of airbags in the vehicles in some of the countries. Furthermore, the rising disposable inco Read more...
The United States automotive safety airbag market is expected to reach US$2.079 billion by 2024 from US$1.670 billion in 2018 growing at a CAGR of 3.72%. The growth of the market for safety airbags in the United States is supported by the booming automotive sector coupled with the presence of major automakers. In addition, the government regulations for the mandatory requirements of airbags in all cars and light commercial vehicles is also anticipated to drive the demand. Furthermore, rising inv Read more...
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