With the emergence and long-term Impact of COVID-19, the Global Airbag Sensor Market is to reach USD 16.07 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Airbag Sensor Market is poised to raise up to USD 16.07 Billion by 2030. An airbag sensor is a crucial component in modern vehicle safety systems designed to enhance occupant protection during collisions. These sensors are integrated into the vehicle’s airbag system, these sensors play a pivotal role in determining when and with what force airbags should deploy. Airbag sensors utilize various technologies, such as accelerometers or gyroscopes, to detect abrupt changes in vehicle speed or deceleration, indicating a collision.
The Airbag Sensor Market is expanding because of factors such as the emergence of government regulations and safety standards, overall growth in the automotive industry and increasing focus on road safety at a global level. Rising incidence of road accidents and fatalities on a global scale has prompted numerous countries to take decisive actions. In response to this alarming situation, several nations are implementing new road and traffic laws with the primary goal of enhancing public safety and curbing the rising trend of road accidents. For instance, in 2018 the European Union made it mandatory for all light vehicles to be equipped with emergency SOS call systems.
In a significant move toward vehicular safety, the Indian government, in September 2022, introduced stringent regulations mandating the inclusion of six airbags for passengers in all light vehicles. Governments worldwide are driven by a shared motivation to foster safer road conditions and transportation systems, leading to the establishment of comprehensive safety regulations. Consequently, the heightened awareness of vehicle safety measures being championed by various governments globally is anticipated to generate a substantial increase in the demand for safety-related products, resulting in market growth.
In addition, rising technological advancement and growing awareness among consumers about vehicle safety are creating new opportunities for market growth. However, the high cost of airbag sensors stifle the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Airbag Sensor Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Europe dominated the market in 2022 owing to the rising vehicle production, rising demand for autonomous and connected vehicles, rising government initiatives for vehicle safety and product innovation activities in the region. Asia Pacific is expected to grow at the fastest rate over the forecast period, owing to factors such as rising government policies on vehicle safety, rising automotive production, and rising investment in automotive technology research and development.
The global Airbag Sensor Market is highly competitive owing to the presence of several key manufacturers such as Infineon Technologies AG, Mitsubishi Electric Corporation, Continental AG, NXP Semiconductors, ZF Friedrichshafen AG, Robert Bosch GmBH, and others.
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Key findings of the study suggest:
- Global Airbag Sensor Market is anticipated to grow with a healthy growth rate of more than 5.44% over the forecast period 2023-2030.
- In the type segment, mechanical emerged as the leading market segment in 2022.
- Europe is anticipated to drive regional growth owing to rising demand for autonomous and connected vehicles.
- Asia Pacific is expected to grow at a high CAGR followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Type:
- Mechanical
- Electrical
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Position:
- Bumper
- Side Door
- Engine
By Propulsion Type:
- ICE
- Electric
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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