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Adoption of vehicles has been growing at an exponential rate. While such a drastic increase in the number of vehicles points to flourishing economic activity, the number of road accidents has also increased substantially.
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Airbags have gained considerable traction in such a business landscape. Airbags are designed to avert head, face, neck, and chest injuries. Their proven track record pertaining to vehicular safety is nurturing lucrative market conditions in the global airbag market. Adoption of vehicles has been growing at an exponential rate. While such a drastic increase in the number of vehicles points to flourishing economic activity, the number of road accidents has also increased substantially. Such road accidents can often cause serious injury or even fatality for those involved. According to the World Health Organization, road accidents contribute to approximately 1.25 million fatalities annually. Various safety systems are being installed in cars to curtail such numbers and ensure overall passenger safety. Get a Sample Copy of Airbag Market @ https://www.fairfieldmarketresearch.com/report/airbag-market/request-sample Stringent Government Norms Incentivise Rapid Airbag Adoption In the recent past, governments across the globe are actively mandating the installation of airbags in vehicles. Such mandates include the requirement to have 2 airbags for the driver and passenger, irrespective of the price or type of the vehicle. A considerable proportion of the consumer base is also taking cognizance of a vehicle’s safety features while making purchasing decisions. Moreover, various automotive manufacturers are also equipping their vehicles with advanced safety features and ratings. Side airbags, pedestrian airbags, rear-seat airbags, roof airbags, and knee airbags are among the offerings made by automotive manufacturers. Strict government norms, growing consumer awareness, and commercial viability are cumulatively steering the global airbag market to fruition. Growing Demand for Passenger Vehicles to Bode Well for Global Airbag Market The growing number of passenger vehicles and their sustained demand is creating novel possibilities in the global airbag market. Passenger vehicles include sedans, hatchbacks, utility vehicles, crossovers,
and coupes. They are primarily designed to carry passengers and therefore, have higher chances of injury or death in the case of a crash. This creates a need to ensure passenger safety and equip them with airbags. The growing number of passenger vehicles is expected to translate into accelerated demand for airbags in the forecast period. In addition, governments are necessitating the installation of up to 6 airbags. This is expected to further multiply growth prospects in the global airbag market. Asia Pacific to Achieve Fastest Growth Rate Owing to Greater Focus on Road Safety Various economies in the Asia Pacific are making considerable strides in their road safety initiatives. Such efforts are being undertaken in the wake of growing vehicle sales and road accidents in the region. The demand for airbags is expected to showcase sound growth, establishing the Asia Pacific as the fastest growing airbag market. Countries such as China, India, Thailand, and Malaysia are the leading contributors to APAC’s airbag market. During the forecast period, progressive road safety norms, manufacturers’ propensity to make safer vehicles, and greater consumer awareness are poised to further airbag market growth across APAC. Major Market Players Some of the prominent players in the global airbag market include Toyoda Gosei, Autoliv Inc., Hyundai Mobis Co Ltd., Daicel Corporation, Rane Group, ZF Friedrichshafen AG, Joyson Safety Systems, Kolon Industries Inc., Toray Industries, and Neaton Auto Products Manufacturing. About Us Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever- changing needs of customers are met with absolute promptness. Contact Fairfield Market Research London, UK UK +44 (0)20 30025888 USA +1 (844) 3829746 (Toll-free) Web: https://www.fairfieldmarketresearch.com/ Email: sales@fairfieldmarketresearch.com Follow Us: LinkedIn
