Market Size of Latin America 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 | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Airbag Systems Market Analysis
The Latin America airbag system market is expected to register a CAGR over 7% during the forecasted period (2020 - 2025)
- Latin America has 12.3 road fatalities per million inhabitants per year in road traffic crashes involving cars and busses. Passenger safety is of the utmost importance to the government as well as the companies. Regulations towards consumer safety and security have made manufacturers install safety devices in the cars. The government has made usage of seat belts and airbags mandatory which has resulted in decline of deaths due to accidents from 2,921 in 2017 to less than 2,500 in 2019. Consequently, risk factors as seat-belt use, and drink and drive is one of the major cause of these fatalities.
- The Airbag system requires advance technology and high initial investment. OEMs are opting for well-known manufacturers who are proving the airbag systems with advance technologies at low cost. This is limiting the penetration of new players into market. Many companies from North American region have set up their manufacturing units in Mexico due to low labour and production cost which is being supported by free trade deal between United States, Canada and Mexico. Mexico has exported more than 3.3 million vehicles in 2019. Although there has been decline in the production in past few years and on-going COVID-19 economic crisis, during the forecasted period the production is expected to increase at a steady pace which will help the Airbag system market to grow in Mexico.
