Automotive Airbag Sensor Market Projected to Reach USD 6.1 Billion by 2032, at a 6.36% CAGR – Report by Market Research Future (MRFR)
A Comprehensive Analysis of the Global Automotive Airbag Sensor Market - Trends, Growth Drivers, Technological Advancements, and Future Prospects
New York, US, June 08, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Automotive Airbag Sensor market” Research Report Information by Region, Product, and Application- Forecast Till 2032”, The global Automotive Airbag Sensor market will touch USD 6.1 billion at a 6.36% CAGR by 2032.
*Automotive Airbag Sensor Market Growth Drivers *
The need for the Automotive Airbag Sensors market is being driven by the expansion of the automotive sector, particularly in emerging nations. Effective safety mechanisms are more important when there are more vehicles on the road. The automobile industry's development offers an advantageous market setting for airbag sensor makers.
*Advances in Sensor Technology to offer Robust Opportunities*
Modern technology has opened doors for the creation of more advanced and effective airbag sensor systems. The accuracy and reactivity of airbag deployment systems have been enhanced by innovations such as sophisticated collision sensors, occupant identification sensors, and rollover sensors. The need for vehicle airbag sensors has risen because of these developments.
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Automotive Airbag Sensor Market Restraints and Challenges *
Availability of Low-Price Counterfeit Airbag Systems to act as Market Restraints
The availability of low-price counterfeit airbag systems and lack of regulation for the airbags in medium & heavy-duty cars may act as market restraints over the forecast period.
*Report Scope:*
*Report Metrics* *Details*
Market Size 2032 2032: USD 6.1 Billion CAGR during 2023-2032 6.36% CAGR Base Year 2022 Forecast 2023-2032Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Types of Airbags, Mode of Sensors, Types of Sensors, Application, and Region
Key Market Opportunities Improving government regulations
Key Market Dynamics Growing automobile industry and the demand for airbag employed in Light Commercial Vehicle (LCV) and trucks
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Automotive Airbag Sensor Market Segmentation*
The global Automotive Airbag Sensor market is bifurcated based on application, type of sensors, mode of sensors, and types of airbags.
By types of airbags, front will lead the market in the forecast period for the increasing penetration of high frontal airbag in passenger cars.
By mode of sensors, electrical will domineer the market over the forecast period for the technological advances in the sensor types used in the new generation vehicles.
By types of sensors, impact will spearhead the market in the forecast period for the growing consumer awareness of the significance of passenger and child safety in automobiles.
By application, cars will have the lions share in this market in the forecast period for the increase in front-end collision-associated injuries and fatalities. Besides, mandates by the government for driver safety are also fuelling growth.
*Automotive Airbag Sensor Market COVID-19 Analysis*
The COVID-19 outbreak caused supply chain delays, temporary factory closures, a reduction in customer demand, and other problems for the worldwide automobile sector. Due to lockdown procedures, economic turbulence, and decreased consumer spending, the pandemic significantly decreased global automobile sales. As a result, car producers experienced difficulties such as decreased production volumes & financial hardship. The need for airbag sensors decreased as a result of the fall in car production and sales. Due to the reduction in output by the automotive industry, fewer orders were placed with suppliers of sensors. The income and profitability of businesses involved in the automobile airbag sensor industry were subsequently impacted by this.
The pandemic's effects on the supply chain had an impact on the availability of the parts needed to make airbag sensors. The inability of many suppliers to get raw materials & parts resulted in production delays and increased expenses. These difficulties made it more difficult for the market to expand throughout the epidemic. The demand for automobiles and associated safety technologies, such as airbag sensors, began to increase as nations started to relax regulations and the automotive sector gradually recovered.
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Market Regional Analysis*
*North America to Head Automotive Airbag Sensor Market*
In 2022, this market was controlled by North America. The region's market is expected to increase over the projected period because of rigorous rules and norms, a high prevalence of traffic accidents, and other factors. High levels of vehicle manufacturing and sales, especially of luxury automobiles, are also projected to have a positive effect on market expansion. Additionally, the market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion. During the forecast period, this region will develop at the quickest pace due to the growing use of airbags in automobiles. In addition, the region's market is anticipated to develop because of strict government airbag rules.
*APAC to Have Admirable Growth in Automotive Airbag Sensor Market*
From 2023 to 2032, the Asia Pacific market is anticipated to develop significantly. The rising usage of passive & active safety technology, increased vehicle manufacturing, and growing demand for driver and passenger safety are all significant causes. In addition, the Indian market had the quickest rate of growth in the Asia-Pacific region, while China's Automotive Airbag Sensor market had the biggest market share. Owing to its market potential & the region's quick increase in commercial vehicle sales, APAC is anticipated to have the highest growth. To lower the traffic deaths, governments in numerous nations have started enacting severe safety regulations. Due to rising demand from growing nations like China & India, Asia Pacific will have profitable growth during the predicted period. In addition, increased disposable income levels too are predicted to increase car sales in this region, spurring industry growth.
*Automotive Airbag Sensor Market Key Players*
Prominent market players profiled in the global Automotive Airbag Sensor market report include Autoliv Inc., Continental AG, Denso Corporation, Freescale Semiconductor, Key Safety Systems, Mitsubishi Electric Co., Ltd., Robert Bosch Corporation, Takata Corporation, Toyoda Gosei, and TRW Automotive.
For the existence of several local and foreign industry competitors, the Automotive Airbag Sensor market is fragmented and very competitive. They have used a variety of techniques, such as joint ventures, collaborations, contracts, worldwide expansions, new product launches, and more, to stay competitive and meet the clients' evolving demands. Large companies are also extensively investing in R&D projects to bolster their portfolios and get a foothold in the market.
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