Global Air Bag Market Research and Analysis, 2015-2022

Indian airbag market is going to experience a boom in near future

Tommy Lasorda profoundly relates road safety with baseball. He states that "Baseball is like driving, it's the one who gets home safely that counts". Apparently, 2018-19 will be going to witness a milestone for the cars safety in India. As per Ministry of Road Transport of India, the country reports about 150,000 mortalities each year along with half million injuries due to road accident and it is the highest numbers across the globe. Around 56% of the total road crashes were due to over-speeding and 6% were due to overtaking. Several injuries can be reduced by implementing proper active and passive safety equipment in cars such as airbags.

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Indian economy with the contribution from growing automobile industry has been witnessing an impressive growth in the past few years. Growing safety concerns and cohesive government policies will provide an impressive growth to the Indian airbag market. Sales of the passenger cars have been increasing continuously in India. By unit sales volume, the Indian passenger car market has shown an impressive growth rate of 8.8% in 2017 year-on-year basis. India had registered around 3.2 million new passenger cars in 2017. Prior to this in 2016, car sales have shown a growth rate of 7% year-on-year basis. Indian car market has been one of the fastest growing car markets among major market globally.

Another positive factor for the market is the government involvement. The government of India is fully determined to adopt the new safety standards for the cars. Implementation of several rules regarding the safety of the driver & other passenger in the vehicle and pedestrian on the road in current scenario is appreciable. Union Road Ministry of India has mandated the installation of airbags in cars from Oct, 2019 as a basic safety standard in all old and new vehicle models. Additional to that, they are also going to mandate the speed limit reminders, seat belt reminders, reverse parking sensors and a manual override switch for central locking systems in passenger cars. All the new vehicle model launched after Oct, 2017 are required to have compulsory airbags in the country whereas old models have to be equipped with airbags by Oct, 2019.

The strong determination of government is clearly visible as they might implement these regulations earlier to deadlines. It is suggested by some reports that airbag installation might be 6 months earlier to the deadline of Oct, 2019, however official notification and updates are yet to come. Along with these safety norms, to access the vehicle safety India has founded BNVSAP (Bharat New Vehicle Safety Assessment Program) in 2014. It is a vehicle evaluating program which offers safety rating to the vehicles, after the vehicles are tested through various crash test. The program is similar to various NCAP offered by various organization in the countries. It had been delayed due to unavailability of technical labs and infrastructure at that time and it is expected that it will start evaluating vehicles in 2018.

It is estimated that the car prices will observe a hike of 8-10% due to increased safety features though they are justified to the safety of a driver and his family. According to data available on leading India car search venture, CarDekho.com about 1,226 cars variants are available out of which 994 variants have at least driver airbag installed in them. Maruti Suzuki is the leading 4-wheeler manufacture in the country which offers airbags in 133 car variants out of 166 total variants. They are providing these features in their seven models since 2015 which is near to 75-80% of their all-over profile in the country. It is expected that the company will fulfill all requirement earlier to deadline. Similarly, Hyundai offers 88 cars variants with airbags out of total 102 variants. Out of 328 Sedan variants, 291 and out of 323 SUVs variants 374 offers airbag. These factors may boost the Indian airbag market and will provide significant opportunity to the market players in the near future.

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