India Automotive Airbag Market Report 2022: A Potential INR 565.24 Billion Market by 2027 - Significant Reliance on End Users Remain Major Market Problems
Dublin, March 01, 2023 (GLOBE NEWSWIRE) -- The "Automotive Airbag Market in India 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The automobile airbag industry in India has been expanding rapidly in recent years. This is a result of consumers becoming more mindful of passenger safety in cars. In FY 2022, the market was worth INR 75.30 Bn.
The market is anticipated to develop at a compound annual growth rate (CAGR) of 49.07% between FY 2023 and FY 2027, reaching INR 565.24 Bn by FY 2027. The availability of competent labour at affordable rates, strong R&D facilities, and affordable raw material production are only a few of the elements that drive the Indian automotive airbag business.
The demand for airbags has dramatically increased over the past two to three years because of growing public awareness of safety features. The government rule requiring driver seat airbags in all new vehicles sold starting in June 2019 is anticipated to considerably boost demand for airbags. The demand for airbags per vehicle - from front seat airbags to rear seat airbag protection - has also increased as consumers' understanding of the safety benefits of airbags has risen.
Although the airbag sector has had tremendous growth, weak infrastructure, excessive taxes, and the industry's fragmented character with a significant reliance on end users remain major market problems. The production of airbags is facing difficulties because of weak pipeline connections, inadequate power supplies, and inadequate shipping facilities in some areas of India. Transporting finished products and raw materials to and from port sites increases the cost for businesses. As a result, the total cost of production has significantly increased.
COVID-19 Impact Analysis:
Leading airbag manufacturers in the country are pursuing more and more digitisation across their processes to push sales at a time when prospective buyers were not so willing to physically venture out to warehouses to make purchases in the early COVID-19 stages.
Auto dealers were stuck with finished goods inventory due to the complete lockdown and faced a liquidity crunch due to blocked working capital in BS VI inventory. Out of almost 15000 Indian dealerships, 8-10% of automotive airbag manufacturers faced closure. The largest impact was seen in metros and tier-1 markets.
The problems faced by the automotive airbag industry in India amidst the COVID-19 outbreak largely revolved around lack of funding. For airbag manufacturers to sustain their fundamental operations, it requires funding, which was seemingly absent, more during the time of crisis. Indian airbag manufacturers and suppliers considered an alternate option for importing airbag components such as Nylon66 and polyamide.
Key Topics Covered:
Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
Chapter 4: Market Overview
4.1. Automotive Airbag Market in India - An Overview
4.1.1. Market size and growth forecast (FY 2020 - FY 2027e)
4.2. India Automobile Production Trends
Production of passenger vehicles in India (FY 2018 - FY 2022)
Production of commercial vehicles in India (FY 2018 - FY 2022)
Production of three-wheeler vehicles in India (FY 2018 - FY 2022)
Production of two-wheeler vehicles in India (FY 2018 - FY 2022)
4.3. Automotive airbag market - Total exports
Chapter 5: COVID-19 Impact Analysis
5.1. COVID-19 impact analysis
Chapter 6: Growth opportunities
6.1. Opportunities in the automotive airbag market in India
6.2. Favourable industrial policies
6.3. Financial Support to the industry
6.4. Investments in the industry
Chapter 7: Market Trends Analysis
7.1. Market Trend Analysis
Chapter 8: Trade Analysis
8.1. Trade analysis
Chapter 9: Market Influencers
9.1. Market drivers
9.2. Market challengers
Chapter 10: Competitive landscape
10.1. Porter's five force analysis
10.2. Bosch Limited
Key financial performance indicators
Key business segments
Key geographical segments
Note: Financial data and segment-wise data is available for public companies only
10.3. Gabriel India Limited
10.3. Mahindra CIE Automotive Limited
10.4. Minda Industries Limited
10.5. Autoliv India Private Limited
10.6. Ashimori India Private Limited
10.7. Continental Automotive India
10.8. Denso International (India) Private Limted
10.9. Daicel Chiral Technologies (India) Private Limited
10.10. Mobis India Limited
Chapter 11: Recent developments
For more information about this report visit https://www.researchandmarkets.com/r/2mg2so-automotive?w=12-airbag?w=12
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