The global airbag control unit market size is predicted to increase at a CAGR of 5.7 percent from USD 6,927 million in 2020 to USD 11,050 million in 2026, from USD 6,927 million in 2020 to USD 11,050 million in 2026. By 2030, with an expected valuation of USD 1709.15 million, North America will be the third-largest market for Airbag Control Units. For the period of 2022 to 2030, the expected CAGR of Airbag Control Units for the regions of North America is 4.85%.
Every year, more than 1.3 million people die in traffic accidents around the world, and the number is rapidly climbing. Passenger safety is a top priority for the government and the firm when it comes to consumer safety and security. As a result, car manufacturers are required to add safety features to their automobiles.
Before deploying the relevant restraint systems, the airbag control unit detects and analyses the severity of the accident. This gadget, on the other hand, will stop working if it is damaged by causes such as dampness, physical force, or other circumstances. When a collision happens, improper wiring between the airbag module and the body control module, for example, leads the airbags to deploy without experiencing the impact. Before driving the car, these components will need to be examined.
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Because of the tremendous demand for automobiles in the region, North America is the world's third-largest automobile market. The region's expansion is being fueled by the presence of major vehicle manufacturers as well as component makers. The United States leads the region in automotive demand, followed by Canada.
However, the economy is likely to enter a recession as a result of the ongoing trade war between the United States and China, and automotive sales are expected to decline for a few years until trade tensions are resolved.
According to the National Highway Traffic Safety Administration, frontal airbags saved 50,457 lives between 1987 and 2017, with an estimated 2790 lives saved in 2017.
There are highly severe passenger safety regulations in place, and OEMs operating in the region adhere to them. As a result, a report of a faulty airbag in one automobile triggers a callback for all cars of the same make that use the same safety systems or airbags. The National Highway Traffic Safety Administration (NHTSA) creates Federal Motor Vehicle Safety Standards (FMVSS) to enforce regulations passed by Congress. These rules were created with the goal of achieving the mission of preventing and reducing automobile collisions. To entice customers, OEMs and component suppliers are investing extensively in introducing more safety-featured vehicles for passengers in the region. Take, for example,
In September 2019, Hyundai Motor Group introduced the Center Side Airbag, which improves the safety of co-passengers by preventing them from colliding with one another in the event of an accident or vehicle collision.
The automobile and transportation industries were clearly among the hardest hit by the COVID-19 pandemic. The situation is, nevertheless, improving. Automobile dealerships are becoming increasingly crowded, and many are scrambling to find more inventory to sell.
Overall, mobility is rising steadily, as most countries have lifted or reduced lockdown-related laws. Most automobile manufacturers and dealers have resumed full operations in specific regions and plan to restart manufacturing facilities as quickly as possible, according to reports.
Some vehicles have been recalled by manufacturers in recent years due to malfunctioning airbags, resulting in additional costs and a loss of trust for the OEMs, which could be a market restraint. For example, Toyota recalled nearly 1.7 million vehicles in North America in January 2019 because they were equipped with the infamously flawed and lethal Takata airbags.
Moreover, Customers seek speed and elegance in the automotive business. However, there is a growing trend for greater security. OEMs are juggling cost, performance, and safety. Due to legal requirements, OEMs have begun to include driver airbags as standard equipment, which was previously an extra cost. Knee airbags, rear passenger airbags, and other airbags are standard on all premium vehicles. Due to malfunctioning airbags and seatbelts, several vehicles have been recalled.
Airbags are intended to protect both the driver and the passengers in the event of a collision. They may, however, fail to do so on occasion. Airbags might deploy unexpectedly or not deploy at all when they are needed. When the airbag deploys, it may inflict severe injuries because the passengers' heads or bodies are too close to it.
Airbags are intended to save lives, yet they can occasionally cause injuries. Depending on the severity of the collision and whether or not the airbag was malfunctioning, airbag injuries can range from facial lacerations to broken noses.
The demand for passenger vehicles in the region is likely to be high due to a number of variables, including people's income levels, a high rate of end-user adoption of new technologies in the automobile industry, and a high rate of adoption of electric vehicles in the region.
The demand for passenger vehicles in the region is high due to a number of variables, including people's income levels, a high rate of end-user adoption of new technologies in the automobile industry, and a high rate of adoption of electric vehicles in the region.