India Airbag Market to Grow at 14.17% CAGR by FY2026
Continuously growing demand for airbags due to increasing
road fatality rate and strict government safety regulations is expected to
propel the India airbag market through FY2026.
According
to TechSci Research report, “India Airbag Market By Vehicle Type (Hatchback,
Sedan, SUV & MPV, LCV), By Airbag Type (Front airbag, Knee airbag, Curtain
airbag, Side airbag), By Demand Category (OEM, Replacement), By Region,
Competition, Forecast & Opportunities, FY2026F”, India airbag market is estimated to reach USD 1185.08
million by 2026 and forecast to grow at a CAGR of 14.17% during 2021E-2026F.
Growth in the India airbag market is driven by the increasing road fatality
rate in the country and government strict safety regulations. India is the
largest country in terms of road accident deaths with an average of over 0.3
million people loses their lives on the road annually. The increasing fatality
rate is a huge concern for the country and now people are aware of the
situation. People in the country are now demanding safety equipment’s from the
dealers while buying vehicles. On the other hand, the government is also taking
necessary steps to deal with the increasing fatality rate by imposing strict
regulations for passenger cars. In 2019, the government of India imposed the
regulation according to which driver-side airbag was made necessary. The law
showed a good impact on India airbag market and a sudden increase in demand for
airbags was observed. In 2020, the government improved their previous
regulation of one airbag, and now both the front airbags will be necessary from
April 2021 for new cars and august 2021 for existing cars. The demand for
airbags is directly proportional to the number of cars produce in the country
and in recent years, it was observed that production has increased
consistently. The Rise in demand for airbags for four-wheelers has stimulated
airbag production in India and has opened up the market for new entrants. The India
Airbag Market is majorly dominated by the west zone and north zone. These zones
account for the highest number of airbag sales in the region, with their
combined market share being well over 65% in 2020 in the India Airbag market.
With new entrants coming into the India airbag market
the competition is getting tough and for survival companies are introducing the
latest technologies in airbags and making more safer and reliable airbags for
passenger’s safety. West India accounts for the maximum share in the India
Airbag market on account of large fleet of four-wheelers and large-scale
production of four-wheelers across the region.
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India Airbag market can be segmented based
on-demand category, vehicle type, airbag type, and region. In terms of vehicle
type, the SUV and MPV segment accounts for the largest share and the trend is
expected to continue in the forthcoming years as well. While sedan segment is
expected to grow at an impressive rate in the forecast period. The demand for
SUV and MPV cars are less than the hatchbacks but in terms of airbag
consumption, it is way ahead. SUV and MPV are leading because of more demand in
the west region.
The demand for front airbags was more in the
historic period and it is expected to lead the airbag market in the forecast
period also. One of the reasons behind the demand for the front airbag is
government made the front airbags necessary and other is the demand of
hatchback cars which provide more of front airbags rather than others.
ZF India Pvt. Ltd., Autoliv, Toyoda Gosei, Takata,
Denso are among some of the
leading players operating in the India Airbag market. Apart from these
companies, India-based airbag manufacturers are also increasing their marketing
activities and enriching their product portfolio in the region to increase
their customer outreach. Major companies in the India Airbag Market industry
are also focusing on increasing their dealer and distributor network to grab a
larger share in the region’s airbag market.
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“In 2020,
west zone accounted for the largest share i.e., 33.74% in India Airbag market.
The region is expected to maintain its dominance over the next five years as
well, but North India is also giving a good competition. West India is one of
the leading four-wheelers manufacturing region in India. Increase in
four-wheeler sales and expanding fleet size in the region is boosting demand
for Airbag in west India.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“India Airbag Market By Vehicle Type (Hatchback,
Sedan, SUV & MPV, LCV), By Airbag Type (Front airbag, Knee airbag, Curtain
airbag, Side airbag), By Demand Category (OEM, Replacement), By Region,
Competition, Forecast & Opportunities, FY2026F” has evaluated the future growth potential of India
airbag market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in India Airbag market.
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