A report from ReportLinker showed that the global automotive airbag market is expected to grow to $71.8 billion by the year 2025. The firm said the growing market can be attributed to a number of factors, including technological advances in developing airbags, legislation mandating the installation of airbags in newer vehicles and “smart” airbags that come with sensors.
ReportLinker data showed that the U.S. and Europe hold a 50.8% market share globally. The fastest-growing market is China, with an expected compound annual growth rate of 6.5% over the next five years.
The market took a hit earlier this year as a result of the ongoing Takata airbag recalls, which began in 2011. According to ReportLinker, more than 30 deaths and 350 injuries worldwide were attributed to the faulty product. The recalls and ensuing lawsuits forced Takata into bankruptcy in 2017. Meanwhile, millions of cars were recalled, and auto manufacturers faced billions of dollars in losses in fixing the problem.
If your vehicle has been issued a recall notice for a defective airbag, you should have the problem taken care of immediately. But if you have an older, high-mileage car that is being recalled, it may not be worth it to have it repaired. As the car ages, more problems are sure to develop. Rather than holding onto an older vehicle, sell it to Gershow Recycling.
Gershow will buy your junk car, no matter how old it is or what condition it is in. Each year, Gershow buys thousands of unwanted vehicles from hardworking Long Islanders and puts money back in their pockets. When it comes to buying Long Island junk cars for cash, Gershow is the expert.
To sell your junk car, or for more information, call (631) 371-2036 or visit http://scrapmycarli.com/.
