Government Regulation To Drive India Passenger Car Airbag Demand With 38% CAGR Until 2023
Favorable
government initiatives regarding safety norms coupled with increasing
automobile sales to drive India passenger car airbag market through 2023
According
to TechSci Research report, “India
Passenger Car Airbag Market By Vehicle Type, By Airbag Type, By Material
Type, By Demand Category, Competition Forecast & Opportunities, 2023”, India passenger car airbag market is
forecast to grow at a CAGR of over 38% until 2023. Prominent
reasons for this brisk growth include increasing passenger car sales, growing
vehicle fleet size and improvement in passenger car airbag quality. Moreover, the
launch of Automotive Mission Plan, 2016-2026, is expected to result in a robust
increase in production of automobiles in the country, thereby further boosting demand
for passenger car airbags in India over the next five years. Additionally,
favorable government policies aimed at reducing fatalities in road accidents is
further likely to steer growth in India passenger car airbag market during the
forecast period.
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Passenger Car Airbag Market"
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As per the World Bank,
India’s Gross National Income (GNI) per capita increased from USD1,520 in 2013
to USD1,820 in 2017, which, in turn, has positively influenced the purchasing
power of people in the country.
Moreover, the country’s population increased from 1.28 billion in 2013
to 1.34 billion in 2017. With increasing purchasing power and growing
population, India passenger car as well
as passenger car airbag market is expected to grow at a robust pace over the
span of next five years. Northern
and Southern regions accounted for a cumulative share of more than 60% of India
passenger car airbag market in 2017. Dominant position of these regions is backed
by high population density, better infrastructure development and comparatively
higher standard of living. These regions are anticipated to maintain their
dominance in the country's passenger car airbag market through 2023 as well. Some
of the major companies operating in India passenger car airbag market are Toyoda
Gosei, Autoliv, TRW, and Takata, among others.
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Growing
need for high quality passenger car airbags in the country has led to
substantial investments in R&D activities by passenger car airbag companies
over the last few years. “With
rising number of car accidents in India, the demand for passenger car airbags
is also growing swiftly. Moreover, due to a large customer base in India,
international brands such as Tesla, Kia, SAIC, Daihatsu, etc., are planning to
enter in the country, which is anticipated to fuel passenger car production as
well as the demand for passenger car airbags in the coming years.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India
Passenger Car Airbag Market By Vehicle Type, By Airbag Type, By Material Type,
By Demand Category, Competition Forecast & Opportunities, 2023” has analyzed the potential of India passenger
car airbag market, and provides information and statistics on market structure
and import & export trends. The report intends to provide the intending
clients with cutting-edge market intelligence and help them in taking sound
investment decisions. The report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by India passenger car
airbag market.\
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