Technavio market research analysts forecast the global commercial vehicle airbag systems market to grow at a CAGR of close to 3% during the forecast period, according to their latest report.
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Technavio has published a new market research report on the global commercial vehicle airbag systems market 2017-2021 under their automotive library. (Graphic: Business Wire)
The report further segments the global commercial vehicle airbag systems market by vehicle type (light commercial vehicle and heavy commercial vehicle) and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global commercial vehicle airbag systems market:
- Rising demand for CVs due to increasing developments in construction sector
- Passive safety system acting as a product differentiator in developing economies
- Growing importance of crash test and NCAP ratings
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Rising demand for CVs due to increasing developments in construction sector
Infrastructural developments have contributed to the increased demand for commercial trucks, tractors, and trailers. This directly leads to increased demand for commercial vehicle airbag systems. Lately, the BRIC nations have been witnessing massive infrastructural expansions. The construction and the mining industries have experienced immense growth in these nations. This leads to the growth of the global commercial vehicle airbag systems market, which can be linked to increased economic advancements on a global basis.
According to Amey Vikram, a lead analyst at Technavio forautomotive electronics research, “Brazil initiated the Growth Acceleration Program-2007 to infuse investments in the infrastructure sector. This program has initiated more than 10,000 public and private infrastructure projects. The projects are mainly focused on road and highway development. Road transport is the most preferred means of transport for passengers and freight in Brazil. About 68% of Brazilian transport needs are met by on-road vehicles. Infrastructure development has contributed to product-line expansions and product innovations in the automotive industry.”
Passive safety system acting as a product differentiator in developing economies
Over the past few years, the global economic slowdown created a volatile demand for automobiles in developed countries. However, emerging markets witnessed a robust growth in automobile sales because of the ideal population demographics, strong economic growth, and increased purchasing power. The high purchasing power and strong economic growth also created a robust market for luxury and premium vehicles in these countries. Such developments are expected to fuel the growth of the automobile market. Though various regulations mandate the use of passive safety systems as standard fitment, several OEMs have started marketing their vehicles based on safety features.
The economic growth in BRICS propelled the growth rate of the automotive industry. Intense vendor competition and saturated markets have encouraged most global vehicle manufacturers to change their focus to these nations. Many global automakers have partnered with automakers in emerging markets to gain access to the untapped markets.
Growing importance of crash test and NCAP ratings
Governments across the world disclose the crash test ratings of automobiles for the benefit of automobile manufacturers, customers, and vendors. These ratings are published on many government and non-government portals such as national highway traffic safety association (NHTSA), ASEAN new car assessment program (NCAP), and Euro NCAP. The growing acceptance of safety certifications has pushed automotive manufacturers to manufacture vehicles that comply with the safety standards. The NCAP ratings for each automobile are based on the assessment that is carried out for occupant protection, pedestrian protection, and child protection systems.
“Governments and crash test rating agencies across the globe are imposing stern safety norms for automobiles because of the rising concerns over passenger safety. For instance, China NCAP imposed new standards for low-speed crash testing and whiplash,” says Amey.
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