Safety Restraint Systems Market Applications, Regional Analysis, Key Players and Forecasts by 2027
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North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), LAMEA (Latin America, Middle East, and Africa)
Sensys Gatso Group, Swarco, Kapsch TrafficCom AG, FLIR Systems, Inc., Huawei Enterprise, Jenoptik AG, Redflex Holdings Limited, 3M, Motorola Solutions, American Traffic Solutions, and Information Engineering Group Inc.
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Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Some of the factors that boost the market growth include rise in urban population and high demographic rates, rapid motorization, increase in number of road fatalities/accidents, and government initiatives for enhancing road safety. However, the lack of standardized and uniform technologies is anticipated to hamper the growth of the market. Furthermore, designing and developing connected vehicles compatible with its public-private partnership ecosystem and open data movement are expected to offer lucrative opportunities for the market growth during the forecast period.
The safety restraint system market trends are as follows:
Rise in urban population
Half of the world’s population now lives in urban areas increasingly in highly-dense cities. However, urban settings are a relatively new phenomenon in human history. This transition has transformed the way we live, work, travel, and build networks. The growing urban population across the globe in many developed cities has created a huge market and demand as well which forced manufacturers to innovate and manufacture. The increase in urbanization over the globe is expected to boost the growth of the road safety restraint system market during the forecast period.
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An increasing number of road fatalities/accidents
The road accident severity measured has drastically increased by the number of persons killed per accidents. This has seen an increase over the last few years. Hence, the severity of road accidents has attracted the attention of the ministry of road transport and highways of every developed and developing economies across the globe. The government initiatives for enhancing road safety are expected to boost the road safety restraint system market growth during the forecast period.
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