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India Car Airbag Market Overview
The Indian car airbag market is expected to witness considerable growth during the forecast period (2020–2030), on account of rise in the number of road accidents and fatalities. Moreover, demand for efficient, convenient, and safe driving experience is also propelling the growth of the market. Government regulations on road safety, which mandate the application of airbags even in the low-end and medium-range cars, are offering growth opportunities for the market in India.
The Indian car airbag market on the basis of vehicle type is classified into hatchback, sedan, and sports utility vehicle (SUV). Among these, the SUV category dominated the market during the historical period (2014–2019), owing to the increased adoption of airbags along with other passenger safety features in such vehicles. However, the hatchback category is expected to grow fastest during the forecast period, owing to large sales of these vehicles in the Indian market and government regulations making it mandatory to have airbags.
The Indian car airbag market in terms of airbag type is categorized into front, side, curtain, and knee. During the forecast period, the market is expected to witness faster growth in the side category due to increased adoption along with front airbags. Curtain and knee are still part of luxury range and will have significant growth in the forecast period.
The Indian car airbag market based on distribution channel is bifurcated into original equipment manufacturer (OEM) and aftermarket. The OEM segment ruled the market in historical period and is expected to retain its position in forecast period, due to mandatory installation of airbags in certain class of vehicles. As per data analysis, the aftermarket category is projected to witness fastest growth in the market.
India Car Airbag Market Dynamics
The burgeoning demand for airbags in the Indian car airbag market is attributed to increasing consumer awareness about vehicle and passenger safety, strict government regulations, and several other factors. With vehicular population tripled in a decade in India, road density has failed to grow at similar pace, which has led to increased road and accidents and fatalities. As a result, Indian roads are treated as most unsafe roads globally. This had triggered government and regulatory bodies to mandate the application of airbags in cars, which acts as a major driver for the growth of the industry.
The installation of airbags increases the safety quotient of the vehicle, but it increases the cost of vehicle up to some extent. High initial cost and much exorbitant replacement cost act as the major restraints for the Indian car airbag market. According to the end-of-life vehicle (EVL) dismantling and recycling guideline by Government of India (GOI), airbags comes under the category of non-recyclable products. This also makes it a waste of resource and a non-sustainable practice.
India Car Airbag Market Competitive Landscape
Some of the major players operating in the Indian car airbag market are Continental AG, Robert Bosch GMBH, Autoliv Inc., DENSO Corporation, ZF Friedrichshafen AG, Aptiv PLC, Hyundai Mobis Co. Ltd., Nihon Plast Co. Ltd., and Ningbo Joyson Electronic Corp. These companies are increasingly focusing on collaborations with car manufacturers to enhance their services and widen their market share.
The report also includes geography-wise analysis of the Indian car airbag market. The major states covered in the report are the Maharashtra, Karnataka, Tamil Nadu, Uttar Pradesh, Gujarat, Kerala, and Delhi.
India Car Airbag Market Size Breakdown by Segment
Based on Vehicle Type
Based on Airbag Type
Based on Material
Based on Distribution Channel