Automotive Airbag Market a is Moving Fast! | Major Key Companies are Zodiac Aerospace, Nordam Group, EnCore Group, Aim Altitude, EURO-Composites, Advanced Custom Manufacturing, Rockwell Collins, EFW, The Gill Corp., Avcorp Industries, Triumph Group
Speaking in the similar context, it is prudent to mention that the Indian Road Transport Ministry has recently mandated the installation of airbags in all types of cars from July 1, 2019. Although a directive instructing the vehicle manufacturers to incorporate frontal airbags is in place since 2017, the new regulation makes the installation mandatory. Moreover, various other mandatory fitments are being prescribed to address the issue of over speeding and the consequences of the same. Needless to mention, all these developments are benefiting the in India industry trends as the new safety norms and regulations come into effective in the times to come.
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Even though the growth prospects of automotive airbag market appear highly promising, there exist a few major challenges that may hinder the pace of product penetration across some prominent geographies. It is quite a well-known fact that faulty airbags can cause grave injuries to the driver and the passengers sitting close to the airbags before it deploys.
The exponential growth of the automobile industry and increased rate of road accidents worldwide have reinforced the global automotive airbag market, which has certainly emerged to be a highly profitable investment avenue over the past decade. Irrefutably, vehicle safety systems such as airbags, severely lessen the force exerted on passengers during a crash, improving their chances of survival by a significant margin. According to the National Highway Traffic Safety Administration, since the 1960s, in the U.S. alone vehicle safety technologies have saved more than 600,000 lives, with airbags accounting for more than 70,000 of the mammoth number.
The development of innovative products with electronic control unit (ECU) to improve the efficiency of these airbags is proving beneficial for automotive airbag market share. As driver and front seat passengers are more vulnerable in case of any crash or accident, the frontal airbags are deployed as a standard feature in majority of the vehicles.
While the effectiveness of this safety provision is overtly prominent, a study by the World Health Organization discovered that the number of road traffic accident deaths have been rising steadily. Indeed, estimates by WHO claim that around 1.35 million lives are lost annually on account of road traffic crashes. The study also discovered that 93% of the road traffic accident fatalities occur in low-to-middle income countries, that do not have relatively strict and effective road safety regulations or mandatory inclusion of passenger safety precautions. This has quite overtly, generated the need for stricter laws that enable the inclusion of vehicle safety gear - a need that would eventually help propel automotive airbag market.
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However, despite the challenges posed by counterfeit and defective products, the companies which are globally known as the top airbag manufacturers are being provided with a robust regulatory framework across various nations. These guidelines would certainly assist the automotive airbag market players to eliminate the shortcomings in the manufacturing procedures, which would help in increasing the pace of the product demand in the times to come.
Table of Contents (ToC) of the report:
Chapter 6. Automotive Airbag Market, By Vehicle
6.1. Global automotive airbag market share by vehicle, 2018 & 2025
6.2. Passenger Vehicles
6.2.1. Market estimates and forecast, 2013-2025
6.2.2. Market estimates and forecast, by region, 2013-2025
6.3. Commercial Vehicles
6.3.1. Market estimates and forecast, 2013-2025
6.3.2. Market estimates and forecast, by region, 2013-2025
Chapter 7. Automotive Airbag Market, By Distribution Channel
7.1. Global automotive airbag market share by distribution channel, 2018 & 2025
7.2.1. Market estimates and forecast, 2013-2025
7.2.2. Market estimates and forecast, by region, 2013-2025
7.3.1. Market estimates and forecast, 2013-2025
7.3.2. Market estimates and forecast, by region, 2013-2025
Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/automotive-airbags-market
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