India Automotive Airbag Market
India Automotive Airbag Market, By Vehicle Type (Hatchback, SUV/MPV, Sedan, LCV, Others); By Airbag Type (Front Airbag, Knee Airbag, Side Airbag, Curtain Airbag); By Material (Polyester Fiber, Nylon, Others); By Sales Channel (OEM, Aftermarket); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2022–2028
- Published Date: October 2022
- Report ID: BWC22435
- Available Format: PDF
- Page: 107
Report Overview
Increasing focus on safer driving experiences and stringent safety regulations focusing on reducing the number of fatal road accidents in the country are expected to boost the expansion of Indian Airbag Market at a robust growth rate during the forecast period between 2022 and 2028.
India Automotive Airbag Market - Industry Trends & Forecast Report, 2028
India Automotive Airbag Market size to reach a value of USD 6.45 billion by 2028, growing at a CAGR of 26.7% during the forecast period between 2022 and 2028. Increasing customer awareness on vehicle safety features, growing focus to prevent frequent fatal vehicle accidents, and stringent government regulations on vehicle safety are major contributors to the growth of India automotive airbag market. An airbag is a soft cushion like balloon and serves as the fundamental vehicle safety device. Automotive airbags are engineered such that they can inflate quickly and cushion the driver or passenger during vehicle collision and protect against interior objects, such as steering wheel or window. Hence, they are referred to as Supplementary Restraint Systems (SRS). An airbag comprises three major parts: an inflatable bag, an impact sensor, and an inflation system. During a collision, the airbag inflates quickly. Once the occupant’s body comes in contact with the airbag, the gas in the bag disperses, causing the cushion to deflate completely. Previously, the airbag was exclusively available to front-seat passengers. However, due to strict government regulations, public demand for safety technology features, and a rise in deadly accidents, modern vehicles include several airbags.
India Automotive Airbag Market
Growth Drivers
Increasing safety concerns among consumers
India has been witnessing increasing number of road accidents and the number of fatal accidents is growing. According to National Crime Records Bureau (NCRB), 4,03,116 road accident instances were registered nationwide in 2021, an increase from 3,54,796 in 2020. The rate of fatalities per 1,000 vehicles rose from 0.45 in 2020 to 0.53 in 2021. It was the highest during the five-year period between 2017 and 2021. To reduce the fatalities in road accidents, the Government of India increasing focuses on safety measures and devices in vehicles. Consumers also are increasingly demanding and aware of technology advancements pertaining to safety, as they are getting access to information through their smartphones. As a result, they are willing to spend more on purchasing vehicles that provide better driving experience and safety. Hence, vehicle buyers’ awareness and willingness to spend on safety devices is expected to drive the expansion of India automotive airbag market during the forecast period.
Stringent government policies, norms, and safety regulations
Earlier, most of the hatchback variants only had driver airbags. With the increase in on-road vehicles and road accidents, the regulatory bodies are focusing on initiating stringent in-vehicle safety regulations. Focusing on the same, the Government of India mandated driver and passenger side airbags in vehicles in April 2019 and January 2022 to reduce the impact of lateral and frontal on persons seated in the front. In addition, the governing bodies have increased safety by mandating six airbags in cars starting in October 2023, following the tragic death of Mr. Cyrus Mistry, former Tata Sons Chairman, in a car accident caused by speeding and lack of front-facing airbags for the rear passengers.
Restraints
Buyers’ preference for cheaper products could compromise passenger safety
Automobile manufacturers' race to integrate modern safety technological features will intensify with stringent government regulations. Automobile pricing and replacement costs will escalate because of this policy. Furthermore, airbag systems are not a paramount concern for car owners in developing countries. Hence, customers may prefer cheaper airbags for cost savings, jeopardizing passenger safety and may limit the growth of the India automotive airbag market.
Impact of COVID -19 on India Automotive Airbag Market
Covid-19 caused uncertainty in all markets especially the automobile industry. The demand and production declined, and supply disruptions occurred due to individual’s postponing their car purchases, high price of raw material, and closure of assembling plants and rising cost of production. As the supply chain has been disrupted there has been a decrease in exports and imports as well as delay in new product launches. However, with new limitations and policies in place, a steady rebound in retail product sales may have a favorable impact on India automotive airbag market due to the latest technical developments in car safety.
India Automotive Airbag Market
Segmental Coverage
India Automotive Airbag Market- By Vehicle Type
Based on vehicle type, the India automotive airbag market is categorized into Hatchback, SUV/MPV, Sedan, LCV, and other vehicles. Among the other vehicles, the sports utility vehicle (SUV) dominated the market during historical period between 2014 and 2019 because of increase in airbags adoption combined with other passenger safety features. However, the Hatchback segment holds the highest share in the market share in India automotive airbag market due to large sales of the vehicles and strict safety regulations to compulsorily provide airbags in vehicles.
India Automotive Airbag Market - By Type
India automotive airbag market is segmented into Front Airbag, Knee Airbag, Side Airbag, and Curtain Airbag. The fastest growing segment in Indian automotive airbag industry is curtain air bags to protect an individual’s head and torso during car collision.
India Automotive Airbag Market - By Sales Channel
India airbag market by sales channel is bifurcated into Original Equipment Manufacturers (OEMs) and Aftermarket segments. Among these two segments, the OEM segment is projected to continue maintain its dominance in the India automotive airbag by sales channel, as vehicle manufacturers need to comply with the mandatory norm of fixing airbags in vehicles. However, the aftermarket segment is expected to grow at a faster rate during the period in analysis.
India Automotive Airbag Market – By Region
By region, India automotive airbag market is segmented into North India, South India, East India, and West India. Among these regions, South India holds the major market share and is projected to continue its dominance in India automotive airbag market during the forecast period. Chennai, located in the southern Indian state of Tamil Nadu, is home to many automobile manufacturers and OEMs. As the OEMs segment has a higher market share in India automotive airbag market, South India, having a greater number of OEMs, is largest region in the market.
Competitive Landscape
India automotive airbag market is fiercely competitive, with 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, Daicel Chiral Technologies India Private Limited, and Continental Automotive India. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Recent Developments
-
In December 2021 - ZF Friedrichshafen AG (ZF) established a joint venture with Rane TRW Steering Systems from the Rane Group manufacture safety equipment, such as airbags and seat belt systems, for the domestic market as well as exports.
-
In March 2021 – Autoliv, a Sweden-based leading global supplier of automotive safety systems, announced its plans to establish an airbag inflator production unit at the cost of INR 1 billion in Chennai, Tamil Nadu, India.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2018–2021 |
Base Year – 2021 |
|
Estimated Year – 2022 |
|
Forecast Period– 2022–2028 |
|
Facts Covered |
Revenue in USD Million |
Market Coverage |
India |
Product/ Service Segmentation |
Vehicle Type, Airbag Type, Material, Sales Channel, Region |
Key Players |
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, Daicel Chiral Technologies India Private Limited, Continental Automotive India. |
By Vehicle Type
-
Hatchback
-
SUV/MPV
-
Sedan
-
LCV
-
Other Type
By Airbag Type
-
Front Airbag
-
Knee Airbag
-
Side Airbag
-
Curtain Airbag
By Material
-
Polyester Fiber
-
Nylon
-
Others
By Sales Channel
-
OEM
-
Aftermarket
By Region
-
North India
-
South India
-
East India
-
West India
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- India Airbag Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Increasing Safety Concerns among Customers
- Stringent Government Policies, Norms, and Safety Regulations
- Restraints
- Buyers’ Preference for Cheaper Products Could Compromise Passenger Safety
- Opportunities
- Competitive Developments with Manufacturer’s Attention on Airbags
- Challenges
- High Cost of Airbag System
- Growth Drivers
- Technology Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- India Airbag Market Overview
- Market Size & Forecast, 2018–2028
- By Value (USD Million)
- By Volume (Million Units)
- Market Share & Forecast
- By Vehicle Type
- Hatchback
- SUV/MPV
- Sedan
- LCV
- Other Type
- By Airbag Type
- Front Airbag
- Knee Airbag
- Side Airbag
- Curtain Airbag
- By Material
- Polyester Fiber
- Nylon
- Others
- By Sales Channel
- OEM
- Aftermarket
- By Region
- North India
- South India
- East India
- West India
- By Vehicle Type
- Market Size & Forecast, 2018–2028
- Competitive Landscape
- List of Key Players and Their Offerings
- India Airbag Company Market Share Analysis, 2021
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships)
- Impact of Covid-19 on India Airbag Market Industry
- Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
- 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
- Daicel Chiral Technologies India Private Limited
- Continental Automotive India
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumption & Limitation
- Qualitative Research
List of Figures
Figure 1 India Airbag Market Segmentation
Figure 2 India Airbag Market Value Chain Analysis
Figure 3 Porter’s Five Forces Analysis
Figure 4 India Airbag Market Size, By Value (USD Million), 2018–2028
Figure 5 India Airbag Market Size, By Volume (Million Units), 2018–2028
Figure 6 India Airbag Market Share, By Vehicle Type, By Value, 2018–2028
Figure 7 India Airbag Market Share, By Vehicle Type, By Volume, 2018–2028
Figure 8 India Airbag Market Share, By Airbag Type, By Value, 2018–2028
Figure 9 India Airbag Market Share, By Material, By Value, 2018–2028
Figure 10 India Airbag Market Share, By Sales Channel, By Value, 2018–2028
Figure 11 India Airbag Market Share, By Region, By Value, 2018–2028
List of Tables
Table 1 India Airbag Market Size, By Vehicle Type, By Value, 2018–2028
Table 2 India Airbag Market Size, By Vehicle Type, By Volume, 2018–2028
Table 3 India Airbag Market Size, By Airbag Type, By Value, 2018–2028
Table 4 India Airbag Market Size, By Material, By Value, 2018–2028
Table 5 India Airbag Market Size, By Sales Channel, By Value, 2018–2028
Table 6 India Airbag Market Size, By Region, By Value, 2018–2028
Table 7 Competitive Benchmarking, By Operating Parameters
Table 8 Mergers, Acquisitions, Partnerships, Joint Ventures
Table 9 Toyoda Gosei Minda India Private Limited Company Overview
Table 10 Toyoda Gosei Minda India Private Limited Financial Overview
Table 11 Autoliv India Private Limited Company Overview
Table 12 Autoliv India Private Limited Financial Overview
Table 13 Rane TRW Steering Systems Limited Company Overview
Table 14 Rane TRW Steering Systems Limited Financial Overview
Table 15 Takata India Private Limited Company Overview
Table 16 Takata India Private Limited Financial Overview
Table 17 Mobis India Limited Company Overview
Table 18 Mobis India Limited Financial Overview
Table 19 Ashimori India Private Limited Company Overview
Table 20 Ashimori India Private Limited Financial Overview
Table 21 Denso International India Pvt. Ltd. Company Overview
Table 22 Denso International India Pvt. Ltd. Financial Overview
Table 23 Bosch Limited Company Overview
Table 24 Bosch Limited Financial Overview
Table 25 Daicel Chiral Technologies India Private Limited Company Overview
Table 26 Daicel Chiral Technologies India Private Limited Company Overview
Table 27 Continental Automotive India Company Overview
Table 29 Continental Automotive India Financial Overview
Market Segmentation
By Vehicle Type
-
Hatchback
-
SUV/MPV
-
Sedan
-
LCV
-
Other Type
By Airbag Type
-
Front Airbag
-
Knee Airbag
-
Side Airbag
-
Curtain Airbag
By Material
-
Polyester Fiber
-
Nylon
-
Others
By Sales Channel
-
OEM
-
Aftermarket
By Region
-
North India
-
South India
-
East India
-
West India
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