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.
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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.