Market Size of India Airbag Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Airbag Systems Market Analysis
The Indian airbag system market is valued at USD 4.06 Billion in 2021 and is expected to reach USD 6.95 Billion by 2027. The Indian airbag system market is expected to register a CAGR of over 7% during the forecasted period (2022 - 2027).
Amid the halted vehicle production activities and disrupted supply chain due to the halt in transportation activities, India's automotive airbag system market witnessed a significant slump for the year 2020. However, since 2021, as vehicle sales rebound and governing bodies focus on implementing stringent safety standards, the automotive airbag system market is anticipated to witness significant growth during the forecast period.
Over the long term, installing severe vehicle safety requirements and regulations drives the Indian airbag market. Furthermore, increasing road accidents and the growing desire for safer driving experiences will likely boost the market's growth in the coming years.
India Airbag Systems Industry Segmentation
The India airbag system market report covers the latest trends and technological development in the automotive airbag system market and the market share of major automotive airbag system manufacturers across the region.
The Indian Airbag Systems market is segmented by Airbag Type and Automobile Type.
Based on Airbag Type, the market is segmented as Curtain, Front, Knee, and Inflatable Seat belt, and By vehicle type, the market is observed as Passenger Cars and Commercial Vehicles.
| Airbag Type | |
| Curtain | |
| Front | |
| Knee | |
| Inflatable Seat Belt |
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
India Airbag Systems Market Size Summary
The Indian airbag systems market is poised for substantial growth, driven by stringent safety regulations and an increasing focus on vehicle safety. Following a downturn in 2020 due to disrupted supply chains and halted vehicle production, the market has rebounded as vehicle sales have surged and regulatory bodies have implemented stricter safety standards. The demand for airbags is further bolstered by the rising number of road accidents and the growing consumer preference for safer driving experiences. The Indian automotive sector, supported by factors such as low-cost skilled labor and robust research and development centers, has become an attractive destination for automobile manufacturers and auto-component makers. Government mandates for driver and passenger airbags, along with plans for additional airbags, are expected to draw global airbag manufacturers to the Indian market.
The market is moderately consolidated, with major players like Hyundai Mobis, ZF Friedrichshafen, Autoliv, and Continental AG actively engaging in mergers and acquisitions to strengthen their market positions. These companies are also focusing on technological advancements to offer cost-effective and efficient airbag solutions. Recent developments include joint ventures and new manufacturing plants aimed at boosting production capacity and meeting domestic and export demands. Despite the positive growth trajectory, challenges such as vehicle recalls due to faulty airbags could impact brand reputation and financial performance. Nonetheless, the market's expansion is supported by ongoing investments and strategic partnerships, which are expected to enhance competition and drive innovation in the airbag systems sector in India.
India Airbag Systems Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.2 Market Restraints
-
1.3 Porters Five Force Analysis
-
1.3.1 Threat of New Entrants
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Bargaining Power of Suppliers
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Airbag Type
-
2.1.1 Curtain
-
2.1.2 Front
-
2.1.3 Knee
-
2.1.4 Inflatable Seat Belt
-
-
2.2 Vehicle Type
-
2.2.1 Passenger Cars
-
2.2.2 Commercial Vehicles
-
-
India Airbag Systems Market Size FAQs
What is the current India Airbag Systems Market size?
The India Airbag Systems Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in India Airbag Systems Market?
ZF Friendrichshafen AG, Hyundai Mobis Co Ltd, Autoliv Inc, Denso Corporation and Continental AG are the major companies operating in the India Airbag Systems Market.
