The Indian airbag market, as analyzed in TechSci Research’s report “India AirBag Market By Vehicle Type, By Region, and By Competition Forecast & Opportunities, 2018- 2028F,” is undergoing a substantial transformation. In 2022, the market reached USD 921.91 million and is projected to surge to USD 7,271.82 million by 2028, boasting a remarkable Compound Annual Growth Rate (CAGR) of 30.98% during the forecasted period. This growth is propelled by factors such as increasing consumer preference for luxury and premium vehicles, rigorous safety regulations, rising per capita income, and a surge in off-roading and sporting activities.
Key Drivers of Market Growth
Consumer Preference for Advanced Safety Features
Consumer preference for luxurious and premium vehicles equipped with advanced safety features has led automotive manufacturers to prioritize airbag installation. The demand for enhanced safety features has resulted in the mandatory inclusion of at least six airbags in vehicles, as prescribed by government safety policies.
Government Regulations
The Government of India, in conjunction with the Union Ministry of Roads, has made airbags mandatory in vehicles on the driver’s side since 1997. In July 2019, a notification was issued, making airbags compulsory for front passenger seats. These regulations aim to reduce the impact of frontal and lateral collisions on all vehicle occupants, reinforcing the importance of safety.
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Increasing Per Capita Income and Personal Vehicle Demand
The rise in per capita income and the growing demand for personal vehicles have significantly contributed to the airbag market’s expansion. As individuals gain more purchasing power, their inclination toward vehicles equipped with airbags and comprehensive safety systems has intensified.
Off-Roading and Sporting Activities
The increasing popularity of off-roading and sporting activities in India has heightened the need for safer vehicles. Consumers now prioritize vehicles equipped with airbags and other safety features, fostering the growth of the airbag market.
Segmentation of the Indian Airbag Market
Vehicle Type
The Indian airbag market is categorized based on vehicle types, including hatchbacks, SUVs & MPVs, sedans, and Light Commercial Vehicles (LCVs). Hatchback vehicles dominate automotive production in India, with a substantial market share. This segment’s dominance is followed by SUVs & MPVs.
Airbag Types
The market is segmented by airbag types, which encompass front airbags, knee airbags, and curtain airbags. The growing income and urbanization in India have increased consumer purchasing power, resulting in heightened demand for vehicles with advanced safety features, including airbags.
Demand Categories
Consumers are increasingly seeking pre-installed or aftermarket airbag-fitted cars. The improving standard of living, rising incomes, and a growing interest in safer and premium vehicles have driven demand for these vehicles.
Impact of COVID-19 Pandemic
The COVID-19 pandemic, which led to lockdowns in the second and third quarters of 2020, significantly impacted the sales of new cars and, consequently, the demand for airbags. Manufacturing plant closures and production stoppages hampered the sales of both new vehicles and aftermarket airbags.
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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.
Who Will Benefit from This Report?
- Automobile Manufacturers: Gain insights into market trends, safety regulations, and consumer preferences, facilitating the development of vehicles with advanced safety features.
- Investors: Make informed investment decisions by understanding the market’s potential and growth trajectories.
- Government Authorities: Use the report to assess the effectiveness of current safety policies and to develop future regulations to enhance vehicle safety.
- Consumers: Stay informed about safety trends and regulations, allowing for well-informed vehicle purchasing decisions.
- Market Analysts: Leverage the report for in-depth market analysis, research, and strategy formulation.
- Suppliers and Distributors: Understand market dynamics to provide components that align with safety requirements in the automotive industry.
- Academics and Researchers: Use the report for academic purposes, deepening knowledge of the Indian airbag market’s evolution and its impact on safety standards.
The Indian airbag market is in the midst of a transformative phase, with the demand for enhanced safety features playing a pivotal role. This report serves as an invaluable resource for comprehending the market’s various dimensions, making it essential for a wide range of stakeholders.
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