Market Size of Germany Airbag Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Germany Airbag Systems Market Analysis
The Germany Airbag Systems Market is projected to grow with a CAGR of more than 6 % during the forecast period.
- Owing to the high contribution of the automotive sector to the GDP of the country's economy i.e. more than 15%, and several big OEMs like Audi, Volkswagen, BMW etc. present in the country, along with the country being the largest automobiles market in the European Union, the automotive demand witnessed a growth when the whole world witnessed a decline in demand during the year 2019.
- The safety norms for the vehicles in the country are stringent and the airbag systems are mandatory for vehicles in the country, which is a driving factor for the market.
- In 2018, the number of road accident fatalities in the country was 2.7% more than the 2017 figures. The Federal Statistical Office reported that 3,265 people were killed in traffic accidents in 2018.
