Report Overview

India Automotive Airbag Market - Industry Trends & Forecast Report, 2028

India Automotive Airbag Market size to reach a value of USD 6.45 billion by 2028, growing at a CAGR of 26.7% during the forecast period between 2022 and 2028. Increasing customer awareness on vehicle safety features, growing focus to prevent frequent fatal vehicle accidents, and stringent government regulations on vehicle safety are major contributors to the growth of India automotive airbag market. An airbag is a soft cushion like balloon and serves as the fundamental vehicle safety device. Automotive airbags are engineered such that they can inflate quickly and cushion the driver or passenger during vehicle collision and protect against interior objects, such as steering wheel or window. Hence, they are referred to as Supplementary Restraint Systems (SRS). An airbag comprises three major parts: an inflatable bag, an impact sensor, and an inflation system. During a collision, the airbag inflates quickly. Once the occupant’s body comes in contact with the airbag, the gas in the bag disperses, causing the cushion to deflate completely. Previously, the airbag was exclusively available to front-seat passengers. However, due to strict government regulations, public demand for safety technology features, and a rise in deadly accidents, modern vehicles include several airbags.

India Automotive Airbag Market

Growth Drivers

Increasing safety concerns among consumers

India has been witnessing increasing number of road accidents and the number of fatal accidents is growing. According to National Crime Records Bureau (NCRB), 4,03,116 road accident instances were registered nationwide in 2021, an increase from 3,54,796 in 2020. The rate of fatalities per 1,000 vehicles rose from 0.45 in 2020 to 0.53 in 2021. It was the highest during the five-year period between 2017 and 2021. To reduce the fatalities in road accidents, the Government of India increasing focuses on safety measures and devices in vehicles. Consumers also are increasingly demanding and aware of technology advancements pertaining to safety, as they are getting access to information through their smartphones. As a result, they are willing to spend more on purchasing vehicles that provide better driving experience and safety. Hence, vehicle buyers’ awareness and willingness to spend on safety devices is expected to drive the expansion of India automotive airbag market during the forecast period.

Stringent government policies, norms, and safety regulations

Earlier, most of the hatchback variants only had driver airbags. With the increase in on-road vehicles and road accidents, the regulatory bodies are focusing on initiating stringent in-vehicle safety regulations. Focusing on the same, the Government of India mandated driver and passenger side airbags in vehicles in April 2019 and January 2022 to reduce the impact of lateral and frontal on persons seated in the front. In addition, the governing bodies have increased safety by mandating six airbags in cars starting in October 2023, following the tragic death of Mr. Cyrus Mistry, former Tata Sons Chairman, in a car accident caused by speeding and lack of front-facing airbags for the rear passengers.

Restraints

Buyers’ preference for cheaper products could compromise passenger safety

Automobile manufacturers' race to integrate modern safety technological features will intensify with stringent government regulations. Automobile pricing and replacement costs will escalate because of this policy. Furthermore, airbag systems are not a paramount concern for car owners in developing countries. Hence, customers may prefer cheaper airbags for cost savings, jeopardizing passenger safety and may limit the growth of the India automotive airbag market.

Impact of COVID -19 on India Automotive Airbag Market

Covid-19 caused uncertainty in all markets especially the automobile industry. The demand and production declined, and supply disruptions occurred due to individual’s postponing their car purchases, high price of raw material, and closure of assembling plants and rising cost of production. As the supply chain has been disrupted there has been a decrease in exports and imports as well as delay in new product launches. However, with new limitations and policies in place, a steady rebound in retail product sales may have a favorable impact on India automotive airbag market due to the latest technical developments in car safety.

India Automotive Airbag Market

Segmental Coverage

India Automotive Airbag Market- By Vehicle Type

Based on vehicle type, the India automotive airbag market is categorized into Hatchback, SUV/MPV, Sedan, LCV, and other vehicles. Among the other vehicles, the sports utility vehicle (SUV) dominated the market during historical period between 2014 and 2019 because of increase in airbags adoption combined with other passenger safety features. However, the Hatchback segment holds the highest share in the market share in India automotive airbag market due to large sales of the vehicles and strict safety regulations to compulsorily provide airbags in vehicles.

India Automotive Airbag Market - By Type

India automotive airbag market is segmented into Front Airbag, Knee Airbag, Side Airbag, and Curtain Airbag. The fastest growing segment in Indian automotive airbag industry is curtain air bags to protect an individual’s head and torso during car collision.

India Automotive Airbag Market - By Sales Channel

India airbag market by sales channel is bifurcated into Original Equipment Manufacturers (OEMs) and Aftermarket segments. Among these two segments, the OEM segment is projected to continue maintain its dominance in the India automotive airbag by sales channel, as vehicle manufacturers need to comply with the mandatory norm of fixing airbags in vehicles. However, the aftermarket segment is expected to grow at a faster rate during the period in analysis.

India Automotive Airbag Market – By Region

By region, India automotive airbag market is segmented into North India, South India, East India, and West India. Among these regions, South India holds the major market share and is projected to continue its dominance in India automotive airbag market during the forecast period. Chennai, located in the southern Indian state of Tamil Nadu, is home to many automobile manufacturers and OEMs. As the OEMs segment has a higher market share in India automotive airbag market, South India, having a greater number of OEMs, is largest region in the market.   

Competitive Landscape

India automotive airbag market is fiercely competitive, with Toyoda Gosei Minda India Private Limited, Autoliv India Private Limited, Rane TRW Steering Systems Limited, Takata India Private Limited, Mobis India Limited, Ashimori India Private Limited, Denso International India Pvt. Ltd., Bosch Limited, Daicel Chiral Technologies India Private Limited, and Continental Automotive India. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In December 2021 - ZF Friedrichshafen AG (ZF) established a joint venture with Rane TRW Steering Systems from the Rane Group manufacture safety equipment, such as airbags and seat belt systems, for the domestic market as well as exports.

• In March 2021 – Autoliv, a Sweden-based leading global supplier of automotive safety systems, announced its plans to establish an airbag inflator production unit at the cost of INR 1 billion in Chennai, Tamil Nadu, India.

Scope of the Report

By Vehicle Type

• Hatchback

• SUV/MPV

• Sedan

• LCV

• Other Type

By Airbag Type

• Front Airbag

• Knee Airbag

• Side Airbag

• Curtain Airbag

By Material

• Polyester Fiber

• Nylon

• Others

 By Sales Channel

• OEM

• Aftermarket

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Airbag Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing Safety Concerns among Customers
         2. Stringent Government Policies, Norms, and Safety Regulations
      2. Restraints
         1. Buyers’ Preference for Cheaper Products Could Compromise Passenger Safety
      3. Opportunities
         1. Competitive Developments with Manufacturer’s Attention on Airbags
      4. Challenges
         1. High Cost of Airbag System
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Airbag Market Overview
   1. Market Size & Forecast, 2018–2028
      1. By Value (USD Million)
      2. By Volume (Million Units)
   2. Market Share & Forecast
      1. By Vehicle Type
         1. Hatchback
         2. SUV/MPV
         3. Sedan
         4. LCV
         5. Other Type
      2. By Airbag Type
         1. Front Airbag
         2. Knee Airbag
         3. Side Airbag
         4. Curtain Airbag
      3. By Material  
         1. Polyester Fiber
         2. Nylon
         3. Others
      4. By Sales Channel
         1. OEM
         2. Aftermarket
      5. By Region
         1. North India
         2. South India
         3. East India
         4. West India
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India Airbag Company Market Share Analysis, 2021
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
6. Impact of Covid-19 on India Airbag Market Industry
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)         
   1. Toyoda Gosei Minda India Private Limited
   2. Autoliv India Private Limited
   3. Rane TRW Steering Systems Limited
   4. Takata India Private Limited
   5. Mobis India Limited
   6. Ashimori India Private Limited
   7. Denso International India Pvt. Ltd.
   8. Bosch Limited
   9. Daicel Chiral Technologies India Private Limited
   10. Continental Automotive India
   11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation

List of Figures

Figure 1        India Airbag Market Segmentation

Figure 2        India Airbag Market Value Chain Analysis

Figure 3        Porter’s Five Forces Analysis

Figure 4        India Airbag Market Size, By Value (USD Million), 2018–2028

Figure 5        India Airbag Market Size, By Volume (Million Units), 2018–2028

Figure 6        India Airbag Market Share, By Vehicle Type, By Value, 2018–2028

Figure 7        India Airbag Market Share, By Vehicle Type, By Volume, 2018–2028

Figure 8        India Airbag Market Share, By Airbag Type, By Value, 2018–2028

Figure 9        India Airbag Market Share, By Material, By Value, 2018–2028

Figure 10       India Airbag Market Share, By Sales Channel, By Value, 2018–2028

Figure 11       India Airbag Market Share, By Region, By Value, 2018–2028

List of Tables

Table 1         India Airbag Market Size, By Vehicle Type, By Value, 2018–2028

Table 2         India Airbag Market Size, By Vehicle Type, By Volume, 2018–2028

Table 3         India Airbag Market Size, By Airbag Type, By Value, 2018–2028

Table 4         India Airbag Market Size, By Material, By Value, 2018–2028

Table 5         India Airbag Market Size, By Sales Channel, By Value, 2018–2028

Table 6         India Airbag Market Size, By Region, By Value, 2018–2028

Table 7         Competitive Benchmarking, By Operating Parameters

Table 8         Mergers, Acquisitions, Partnerships, Joint Ventures

Table 9         Toyoda Gosei Minda India Private Limited Company Overview

Table 10        Toyoda Gosei Minda India Private Limited Financial Overview

Table 11        Autoliv India Private Limited Company Overview

Table 12        Autoliv India Private Limited Financial Overview

Table 13        Rane TRW Steering Systems Limited Company Overview

Table 14        Rane TRW Steering Systems Limited Financial Overview

Table 15        Takata India Private Limited Company Overview

Table 16        Takata India Private Limited Financial Overview

Table 17        Mobis India Limited Company Overview

Table 18        Mobis India Limited Financial Overview

Table 19        Ashimori India Private Limited Company Overview

Table 20        Ashimori India Private Limited Financial Overview

Table 21        Denso International India Pvt. Ltd. Company Overview

Table 22        Denso International India Pvt. Ltd. Financial Overview

Table 23        Bosch Limited Company Overview

Table 24        Bosch Limited Financial Overview

Table 25        Daicel Chiral Technologies India Private Limited Company Overview

Table 26        Daicel Chiral Technologies India Private Limited Company Overview

Table 27        Continental Automotive India Company Overview

Table 29        Continental Automotive India Financial Overview