In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
Airbag is the gas inflated device which is used to protect the passengers from injuries during accidents with a release velocity of up to 320 km per hour while taking only 15-25 milliseconds to open. With the help of airbag sensor technology a person can survive the crashes. Firstly, the signal of airbag sensor has to go through ADC (Analog to Digital Converter) and then it touches the AC voltage source and the high pass filler. To bloat the airbag, the vehicles are fitted with the sensors which make an alert sound to inform the rider about the safety system enablement. Airbag sensors are organized by the central unit known as Airbag Control Unit. This ACU consist of various types of sensors depending on the various aspects of the accidents such as speed, brakes, and others. Airbag Sensors are generally fitted to the front of the vehicle due to the maximum number of collisions taking place on the front end. The airbag sensors are accompanied with safety sensors on which the intensity of the collision is measured. If the intensity surpasses the specific threshold results in triggering the airbag sensor that releases the airbags accordingly.
Airbag Sensors Market is anticipated to record a CAGR of 5.9% over the forecast period. The airbag sensors market is expected to reach a value of USD 3.4 billion at the end of the forecast period. Many multi-national companies are concentrating towards new product advances in airbag sensors. Moreover, the many advantageous properties of airbag sensors are exploited in the field of military vehicles and on road automobiles now and then.
Currently the global airbag sensors market is observing vibrant growth owing to increasing number of road accidents. Advances in automotive industry in the past few years and growing technological explorations are projected to drive airbag sensors market besides growing population and rise in per capita income are anticipated to provide a steady growth to the global airbag sensors market during the forecast period. On the basis of regional platform, global Airbag Sensors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Airbag sensor is a high security and safety product in the automotive industry and on account of growing automotive advancements in the region, North America is panned to observe substantial market growth of airbag sensors. North America is estimated to be followed by Asia Pacific in terms of consumption due to expanding airbag sensors requirements increasingly produced vehicles across the region. On the back of multiplying used of airbag sensors in growing aerospace industry for higher employee as well as passenger safety measures, Asia Pacific is budding as a regional Airbag Sensors and its derivatives consumption market.
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Europe is expected to drive demand and positively impact airbag sensors market growth over the forecast period owing to increasing airbag sensors application in military automotive and aviation industry. However, weak economic conditions in countries such as Russia, Spain and others is expected to showcase a more modest growth of the airbag sensors market across the region over the forecast period.
Our-in depth analysis of the global Airbag Sensors market includes the following segments:
Global Airbag Sensors Market is further classified on the basis of region as follows:
The rising demand for airbag sensors on account of growing disposable income of the present population is surging the demand for customization in automobile industry. Rapid economic development with thriving automotive manufacturing sector is expected to boost the automotive airbag sensor market in the developing regions. Moreover, increasing on road automobile numbers is expected to increase aftermarket sales along with the rising trend of motorization among the current population is driving the airbag sensors market significantly at present and is expected to impact the market strongly during the forecast period. Moreover, latest technological advancements and enhancements in airbags for various safety measures in passenger duty on road vehicles as well as passenger aircrafts is estimated to propel the airbag sensors market sturdily. Furthermore, rapid urbanization along with positive GDP figures of developed and developing nations such as U.S., China and others and favorable government initiatives regarding individual safety are projected to flourish the growth of airbag sensor market in automotive industries.
However, concerns such as carelessness on the part of consumer along with cost constraints associated with airbag sensors is predicted to attribute as a key restraining factor in the growth of airbag sensors market.
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