The rising prevalence of road accidents and the increasing awareness amongst the people about passenger and vehicle safety are some of the key factors fuelling the rising demand for airbags in cars in India. The vehicular population in the country has tripled over the last decade and this is one of the major factors responsible for the heavy road traffic congestion in the country. Moreover, the negligible growth in the road density in many cities and towns has contributed significantly toward the increasing incidence of road accidents in the country.
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The other major factor responsible for the rising incorporation of airbags in cars in India is the presence of stringent government policies pertaining to the adoption of airbags in cars in the country. Owing to the increasing number of road accidents, the government and various other regulatory bodies are increasingly enacting strict measures and regulations for mandating the adoption of airbags, even in the low and medium-range cars in the country. Due to these factors, the Indian car airbag market is predicted to register huge growth during the forecast period (2020—2030).
There are two main car airbag distribution channels in the country— the original equipment manufacturers (OEMs) and the automobile aftermarket. Of these, the OEMs recorded higher sales of airbags during the historical period and this tend is also expected to continue during the forecast period. This is primarily attributed to the presence of strict government regulations mandating the incorporation of airbags in certain vehicles in the country. However, as per many surveys and studies, the aftermarket distribution channel is expected to record faster rise in popularity and thus, faster growth in the Indian car airbag market during the forecast period.
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Hence, it can be said with certainty that the adoption of airbags will shoot-up in the cars in India in the upcoming years, on account of the rising incidence of road accidents and increasing enactment of policies and regulations aimed at promoting the adoption of airbags in cars in the country by the government and other regulatory bodies.