4.86 Million Units Growth in Global Commercial Vehicle Airbag Systems Market 2021-2025 | 44% of Growth to Originate in North America | Technavio
The growing importance of such safety standards will trigger the demand for vehicle safety systems such as vehicle airbag safety systems during the forecast period.
NEW YORK, Feb. 24, 2021 /PRNewswire/ -- The commercial vehicle airbag systems market is expected to grow by 4.86 million units during 2021-2025, expanding at a CAGR of over 6%. Download Free Sample Report in Minutes
The report throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect.
Commercial Vehicle Airbag Systems Market: Growing importance of crash test and NCAP ratings to drive growth
Governments across the world are adopting increasingly adopting stern safety norms for automobiles because of the rising concerns over passenger safety. For instance, China's NCAP imposed new standards for low-speed crash testing and whiplash. The country imposed tougher standards for the 40-mph offset frontal crash test. Similarly, as per the Global NCAP standard, during a frontal crash, the impact of the crash must be offset by a 40% overlap as most frontal car accidents occur in this configuration. The growing importance of such safety standards will trigger the demand for vehicle safety systems such as vehicle airbag safety systems during the forecast period.
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As per Technavio, the march toward autonomous vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Commercial Vehicle Airbag Systems Market: Safety Systems - A Priority Among OEMs, Buyers, and Regulatory Bodies
The growing focus on passenger safety has increased the adoption of active safety systems among automobile manufacturers. Besides, owing to the rising acceptance of safety certifications such as NCAP ratings, automotive manufacturers are manufacturing vehicles that comply with safety standards. This is leading to the incorporation of active safety features such as airbags as a standard fitment in both passenger and commercial vehicles. These factors are expected to positively influence the growth of the market during the forecast period.
"March toward autonomous vehicles and increasing R&D investments by vendors will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Commercial Vehicle Airbag Systems Market: Segmentation Analysis
This market research report segments the commercial vehicle airbag systems market by Application (LCVs and M and HCVs) and Geography (North America, APAC, Europe, South America, and MEA).
The North America region led the commercial vehicle airbag systems market in 2021, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the high rate of adoption and high demand for LCVs in the region.
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Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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Website: www.technavio.com/report/commercial-vehicle-airbag-systems-market-industry-analysis
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