Research and Markets has published a research report titled “Global Automotive Center Airbag System Market 2017-2021” which reveals that the outlook for the global automotive center airbag module market is quite bright with a projected CAGR of 8.18% in the period from 2017-2021.
The report presents a detailed look at the current scenario and the growth prospects for the sector during this period. The researchers used data from multiple sources to calculate the market size and growth. The report also discusses the key players in the market like Autoliv, Takata, Hyundai Mobis, ZF TRW and Faurecia in detail.
One trend that was observed was the development of airbag systems preventing occupant-impact injuries and the increasing focus on development of new passive and active safety technologies. Many manufacturers and tier one OEMs are investing heavily in R&D of newer airbag technologies that minimize the possibility of severe injuries.
The increase in fatality rates due to rollover accidents is a key driver in the market. In-vehicle safety systems can reduce the number of on-road accidents. Airbag systems are a critical component when it comes to maximizing passenger safety in moving vehicles as they can reduce the number of fatalities during collisions.
Automotive manufacturers have been engaged in the manufacture of new safety restraint systems that can offer passengers effective protection in the case of front-end collisions, rollovers, and side-impact accidents. While driver and passenger airbag systems which are installed in steering wheels and front panels can protect passengers during front-end collisions, they are not of much use during side collisions and rollover accidents.
One main barrier in the market is the relatively high cost of the module and generally lack of awareness about airbag system. The automotive industry is gradually adopting advanced safety technologies like the automatic emergency braking system, passive restraint system and ABS with electronic brake-forced distribution as standard features in vehicles. Regulatory authorities are taking several measures to make these life-saving systems a requirement in vehicles during the forecast period and the systems are gradually being incorporated in production vehicles. Currently, they are available either as standard features or as an option in the higher trims of specific models.
Manju Mathew, an MBA in marketing, completed publisher training courses from the Oxford Brookes University and New York University. She started with marketing and PR roles before moving on to her current position as a full time writer. Currently living in Dubai, her life as an expat has sharpened her observation skills and flair for writing. She enjoys writing about luxury cars like Ferrari, Lamborghini, etc even if she can only dream of owning them.
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