The Passenger Car Airbag market is expected to grow at a CAGR of 6.5% during the forecast period. As per the International Organization of Motor Vehicle Manufacturers, around 70.5 million cars were produced in 2018 with a slight decrease in total production. The major factor for the growth of the market includes cohesive government regulations, rising customer awareness related to vehicle safety, and increasing disposable income & expenditure on passenger cars by the customers. Vehicle recall is one of the major challenges for the passenger car airbag market in globally as a number of vehicles recalls due to faulty airbag has been observed in the last few years all across the globe which result in an additional cost to the car manufacturer and auto-ancillary companies.
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