In a paradigm shift towards vehicular safety, India's Airbag Market is poised to witness unprecedented growth, projecting a robust CAGR of 12.8%. From USD 2.98 billion in 2021, the market is anticipated to reach a staggering USD 6.92 billion by 2027. This surge is fueled by the imperative need for passenger safety, stringent vehicle safety regulations, and a growing awareness of the significance of active and passive safety devices in the Indian automotive landscape.
The Crucial Role of Automotive Airbags:
Automotive airbags have become indispensable in ensuring passenger safety during vehicular accidents. These restraint devices, designed to deploy in milliseconds, provide a crucial cushioning effect for occupants, safeguarding their heads and chests. Despite India's price-sensitive market, the demand for active and passive safety devices, including airbags, is on the rise, contributing to the market's exponential growth.
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Market Dynamics:
India stands as one of the world's major automotive marketplaces, producing around 5.2 million vehicles in 2018. The country's attractiveness to automotive giants and auto-component manufacturers is bolstered by factors such as low-cost trained labor, robust RD centers, and affordable steel manufacturing. The introduction of stringent vehicle safety regulations in India acts as a catalyst for the airbag market's growth, with an increased focus on ensuring a safer driving experience.
Challenges and Opportunities:
While the demand for airbags faced a temporary setback during the COVID-19-induced slowdown in automobile manufacturing, a rebound is expected post the government's implementation of new restrictions. However, challenges persist, primarily in the form of high upfront and replacement costs. The non-recyclable nature of airbags, as per the Government of India's guidelines, poses sustainability concerns and adds to the waste of resources.
Segmentation Insights:
The report meticulously dissects the market through various lenses, including airbag types such as front airbags, knee airbags, side airbags, and curtain airbags. Curtain airbags, strategically placed on the roof above side windows, emerge as the fastest-growing sector, enhancing adult head protection during collisions. The Original Equipment Manufacturers (OEMs) segment is poised to witness the fastest growth, responding to the cost-sensitive Indian market.
by Vehicle Type
• Hatchback
• Sedan
• Multi-Purpose Vehicle
• Sports Utility Vehicle
• Light Commercial Vehicles
• Front Airbag
• Knee Airbag
• Side Airbag
• Curtain Airbag
According to Airbag Type, Curtain airbags are the area of the car airbag and seatbelt market that is expanding the fastest. Usually, they are placed on the side of the seat, the door, or the roof over the side window. In an accident, curtain airbags shield an adult's head from harm. It has been demonstrated that curtain airbags reduce the likelihood of a driving death by 45%. In recent years, pedestrian airbags have grown in popularity. These are deployed instantly when an automobile is about to collide with a pedestrian. This market is anticipated to be driven by increased safety awareness and rising income levels throughout the forecast period.
by Demand Category
• OEM’s
• Aftermarket
According to Demand Category, the OEMs segment is anticipated to increase at the quickest CAGR throughout the projection period. In order to capture the unexplored market, automotive OEMs (original equipment manufacturers) are expected to offer reasonably priced airbags in a cost-sensitive market like India. Vehicle prices are expected to rise due to the increased cost of airbags, which will strain OEM profits. Consequently, suppliers are compelled to reduce expenses, enhancing the competitiveness of the value chain.
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Key Players Driving Innovation:
Leading the charge in the India Airbag Market are key players such as Autoliv Inc., Takata Corporation, ZF India Pvt. Ltd., Denso Corporation, and Joyson Safety Systems. These industry stalwarts engage in competitive benchmarking, technological advancements, and strategic alliances, ensuring their pivotal roles in shaping the market landscape.
• Autoliv Inc.
• Takata Corporation
• ZF India Pvt. Ltd.
• Denso Corporation
• Joyson Safety Systems
• Robert Bosch GmbH
• Toyoda Gosei Co. Ltd.
• Hyundai Mobis Co.
• Nihon Plast
• Ashimori
• East Joy Long
• Rane TRW Steering Systems Limited
• MOBIS India Limited
• Bosch Limited
• Continental India Private Limited
• Daicel Chiral Technologies India Private Limited
Conclusion: As India propels itself towards a safety-centric automotive future, the Airbag Market becomes a cornerstone in this transformative journey. With a blend of technological innovation, regulatory support, and heightened safety awareness, the market is not just witnessing growth but actively contributing to a safer and more secure driving experience for millions. The report serves as a compass for stakeholders, navigating through market dynamics, challenges, and opportunities, ultimately guiding towards an enlightened investment landscape in India's burgeoning Airbag Market.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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