India Airbag Systems Market Size (2024 - 2029)

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.