Stringent Safety Standards to Boost the Demand for Crash Test Dummies
Owing to high rate of highway accidents, most of the governments are under tremendous pressure from international organizations to implement strict rules and safety regulations for road safety. Such initiatives are predicted to generate massive revenue over the next eight years, providing numerous opportunities for industry participants to invest in research and development activities pertaining to crash test dummies.
Research Nester released a report titled “Crash Test Dummies Market- Global Demand Analysis & Opportunity Outlook 2027”which delivers detailed overview of the global crash test dummies market in terms of market segmentation by product, type, end user and region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
With the increasing rate of road accidents, various safety steps and initiatives have been taken by the enterprises to reduce the road crashes and their aftermath. The crash test dummy is one such compulsory test to examine how well a car can protect its occupants. Crash test dummies helps in recreation of human reaction to impacts, increasing speeds, avoidances, and strengths among other impacts.
According to Research Nester’s analyst, the market is predicted to expand at noteworthy CAGR during the forecast period, i.e., 2019-2027. With growing number of vehicle production, the demand for crash test dummies is estimated to grow, thereby driving the growth rate of this market.
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On the regional basis, the market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa, out of which, the market in North America is expected to witness a significant growth owing to the presence of strict government regulations regarding road safety and growing and research and development activities in automotive sector in the region. Furthermore, the market in Asia-Pacific is estimated to hold major share in the crash test dummies market on the back of increased demand for automobiles in the region.
Increasing Vehicle Production
According to OICA’s (International Organization of Motor Vehicle Manufacturers) production statistics, around 95 million cars and commercial vehicles were produced during 2018. The growing demand for automobiles around the globe is anticipated to directly impact the growth of the market in upcoming years.
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Industry Players are Progressing towards Minimizing the Barriers faced by the Global Crash Test Dummies Market
The increasing cost of automobiles on the back of safety guidelines leading to installation of safety measures such as airbags, speed alerts among other features is expected to hinder the market growth during the forecast period.
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