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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