India airbag market is forecast to augment at a CAGR of around 9.5% during the forecast period. India is one of the largest automotive markets all across the globe in terms of vehicle production. In 2018, the country produced around 5.2 million vehicles. The country is one of the preferred economies by the automotive giants and auto-component manufacturers for setting up production facilities. A number of companies had collaborated with the local automotive manufacture as per government regulation for the export of the vehicles. The Indian automotive and auto-ancillary industry is supported by various factors such as availability of skilled labor at low cost, robust R&D centers, and low-cost steel production.
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India is a price-sensitive market and due to this, a number of customers don’t prefer airbags in passenger cars. Result of which, for cost-cutting manufacturer offers only driver airbag in some initial models of some hatchbacks. In the near future, a massive demand for active and passive safety equipment will be observed in the Indian market as India is among the countries, where the mortality rate due to the road accident is highest.
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The Indian airbag market is studied on the basis of type and vehicle type. By type, the market is further divided into front airbag, side airbag, curtain airbag, and knee airbag. During the forecast period, the front airbag segment is expected to have a major market share with a significant growth rate. It is due to vehicles’ additional cost of the airbag in the vehicle and government regulation related to front airbags only. By vehicle type, the market is segmented into passenger cars and commercial vehicles. Most of the market share is expected to be of passenger cars in the country during the forecast period.
The companies which are contributing significantly in the market include Autoliv Inc., Continental AG, DENSO Corp., Hyundai Mobis Co., Ltd., Key Safety Systems, Inc., Robert Bosch GmbH, TRW Automotive Holdings Corp. and so on. The market players are considerably contributing to the market growth by the adoption of various growth strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market.
Market Segmentation
India Airbag Market by Type
- Front Airbag
- Side Airbag
- Curtain Airbag
- Knee Airbag
India Airbag Market by Vehicle Type
- Passenger Cars
- Hatchback
- Sedan
- SUV
- Commercial Vehicle
Company Profiles
- Autoliv Inc.
- Continental AG
- Daicel Corp.
- DENSO Corp.
- Hyundai Mobis Co., Ltd.
- Key Safety Systems, Inc.
- NXP Semiconductors N.V.
- Robert Bosch GmbH
- Toyoda Gosei Co., Ltd.
- TRW Automotive Holdings Corp.
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