The India Airbag Market to Grow At 30.98% CAGR In Value Terms By 2028
Increasing preference for a used car as it is very
cost-effective compared to a new car is expected to drive the India airbag market
through 2028.
According
to TechSci Research report “India AirBag Market By Vehicle
Type, By Region, and By Competition
Forecast &
Opportunities, 2018- 2028F”, India airbag market
stood at USD 921.91 million
in the year 2022 and is estimated to reach USD7271.82 million
by 2028, growing at a CAGR of 30.98%
during the forecasted period. The rising consumer preference for luxury and
premium
cars equipped with advanced safety features has made the car manufacturers install
airbags and other safety norms in the car. The government also has stringent
safety policies for car manufacturers and made it mandatory to have at least
six airbags in a car. The increasing per capita income and growing demand for
personal vehicle has also driven the country’s airbag market. The increase in
off-roading and sporting activities across the country has also risen the need for
a safer drive and consumers have started to prefer vehicles which are equipped
with airbags and has all other safety norms in it. These all factors are
driving the airbag market in a positive way.
In India,
airbags have been made compulsory in the vehicles on the driver’s side since
1997, by the Government of India and the Union Ministry of Roads. In July 2019,
the Government of India has issued a notification in which airbags have been
made mandatory for the passenger seated in the front of a vehicle. These airbags
have been made compulsory in vehicles by the Government of India to reduce the
impact of a frontal and lateral collision on the driver and passenger seated on
both rear and front seats. Moreover, in eight-seater vehicles minimum six
airbags have been made compulsory by the government in the year 2019. By seeing
all rules and regulations nowadays, most of the vehicle manufacturers have
started to install two-side torso airbags and two-side curtain/tubes to provide
the ultimate safety to the passengers across all segments.
Browse more than 25 market data figures and
spread through 70 Pages and an in-depth TOC on “INDIA AIRBAG MARKET"
The
India airbag market has been segmented based on vehicle type, by airbag type,
and by demand category, by region. In terms of vehicle type, the India airbag market
is segmented into hatchback, SUV & MPV, sedan, and LCV. In India, the automotive
production is dominated by hatchback vehicles. Most of the hatchbacks produced
by automotive manufacturers have a single or double airbag in their expensive
vehicle variants. Under the vehicle type
segment, hatchback has dominated the market with a total share of 47.15% and
followed by SUV & MPV with a share of 29.92%.
In
terms of airbag types, the Indian airbag market is segmented into front airbag,
knee airbag, and curtain airbag. In India, more than 3 million units of cars
are produced every year and the automotive market is a hub for passenger car
production. The growing income and urbanization have given a boost to the
purchasing power of the consumers. Buyers are looking for the safer car option
in the market due to which the demand for vehicles with safety features has
increased and the sales of the passenger cars with advanced safety features have
increased in the market. The standard of living of the people is improving as
their income is increasing and because of this their interest in safer and
premium cars for commuting is also getting developed. Furthermore, consumers are
looking for preinstalled or aftermarket airbag-fitted cars.
As
a measure to counter the spread of the COVID-19 pandemic, many countries across
the globe faced lockdown in the second and third quarters of 2020, due to which
the sales of new cars (hatchback, SUV&MPV, sedan) went down. and consequently,
the demand for airbags were also down. As the automotive manufacturing plants
were closed and the production was stopped for some time, the airbag
manufacturers faced many difficulties to sell the airbags, as the aftermarket
demands for the airbags was very low.
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Some of
the major players operating in the India airbag market are Toyoda Gosei Minda
India Private Limited, Autoliv India Private Limited, Rane TRW Steering Systems
Limited, Takata India Private Limited, Mobis India Limited, Ashimori India
Private Limited, Denso International India Pvt. Ltd., Bosch Limited,
Continental India Private Limited, and Daicel Chiral Technologies India Private
Limited. Apart from these
companies, local unorganized car parts dealers are also increasing their marketing
activities and enriching their product portfolio in the country to increase
their customer outreach.
“In
2021, North India accounted for the largest share i.e., 29.66% in the India
airbag market. The northern region is expected to maintain its dominance over
the next five years with a market share of 30.91%. Rising demand for the
advanced safety vehicles, increasing passenger car production, stringent
government policies, rising income, and growing demand have increased sales of
airbags in the market as the automotive manufacturers are using more airbags
now”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“India Airbag Market By Vehicle
Type (Hatchback, SUV/MPV, Sedan), By Airbag Type (Front Airbag, Knee Airbag,
Side Airbag, and Curtain Airbag), By Region, By Company
(2021), Forecast & Opportunities, 2017- 2027F, has evaluated
the future growth potential of India airbag market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in India airbag market.
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