Technavio market research analysts forecast the global automotive knee airbag systems market to grow at a CAGR of more than 9% during the forecast period, according to their latest report.
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Technavio has published a new report on the global automotive knee airbag systems market from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the global automotive knee airbag systems market for 2017-2021. The report also offers a detailed analysis of the key vendors in the market along with a thorough examination of the emerging market trends which are likely to influence the market during the forecast period.
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Technavio automotive analysts highlight the following three drivers that are contributing to the growth of the global automotive knee airbag systems market:
- Increasing fatality rate
- Developing automotive markets in emerging nations
- Vehicle ratings based on in-vehicle safety systems
Increasing fatality rate due to the growing number of roll-over accidents
Airbag systems are crucial for ensuring passenger safety in moving vehicles because they are designed to reduce fatality during collisions. Knee airbag systems protect passengers during front-end collisions, rollovers, and side-impact accidents.
Driver and passenger inflatable front airbag systems mounted on steering wheels and front panels can save passengers during front-end collisions, but these are ineffective in cases of a side impact. According to a US research study, it has been found out that around 8,500 people die annually because of side-impact car crashes in the US. Thus, the demand for advanced safety systems in automobiles, especially knee and curtain airbag systems, is increasing.
“However, unlike passenger and driver airbag systems, knee airbag systems are yet to be commercialized and are currently limited to luxury and premium vehicles in most of the countries. An increase in awareness of advanced automotive safety systems among consumers along with government initiatives to ensure passenger safety in all vehicle segments will help to boost the market for automotive knee airbag systems,” says Siddharth Jaiswal, a lead analyst at Technavio for automotive electronics research.
Developing automotive markets in emerging nations
The economic growth in BRIC nations has fueled the growth of the automotive industry. Intense vendor competition and saturated markets in developed countries have encouraged most automobile manufacturers to shift their focus to BRIC nations. Many global automobile manufacturers have partnered with automakers in emerging markets to gain access to virgin markets. For example, Ford teamed with Changan Auto, while BMW partnered with Brilliance China Automotive to sell their respective cars in China.
Increasing penetration of auto OEMs in developing regions should intensify competition among regional players, where product differentiation will be a key strategy for OEMs to maintain their share.
“This should incentivize auto manufacturers to provide extra features regarding safety, such as curtain airbag systems, anti-lock braking system, and other smart sensor technologies,” says Siddharth.
Vehicle ratings based on in-vehicle safety systems
To curtail on-road accident rates and to ensure OEMS meet government safety standards, the automotive governing councils of several nations provide vehicle ratings based on on-board safety systems. These ratings are disclosed globally for the benefit of automobile manufacturers, customers, and vendors through various government and non-government portals such as NHTSA, Euro NCAP, and ASEAN NCAP. The NCAP ratings of the tested vehicles are based on the assessment done for driver assist systems, pedestrian protection systems, occupant protection systems, and child protection systems. Governments and crash test rating agencies worldwide are imposing strict safety norms for automobiles because of the growing concerns regarding passenger safety.
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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