India Automotive Safety Market – Industry Analysis and Forecast (2020-2027)
India Automotive Safety Market was valued US$ XX Bn in 2020 and is expected to reach US$ XX Bn by 2027, at a CAGR of 15.6% during a forecast period 2020-2027.
India Automotive Safety Market Drivers and Restrains:
In India, the high proportion of deaths occur due to road accidents and around three to four times higher that of European countries including France, Germany, and Spain. As per the transport ministry report released in September last year, the stated that, 17 people were died in 55 road accidents per hour on an average in 2018, with more than 50 percent of the victims from the 18-35 age group. The report also stated that, the overall number of accidents declined by 4.1 percent from last year, but fatalities went up by 3.2 percent. To give a clear perspective, a total of 1, 40,652 road accidents took place in India last year, resulting in 1,50,785 deaths, and leaving 4,94,624 number of persons with serious injuries. Indian automotive safety standards are rightfully condemned for being insufficient and ineffective.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The World Health Organization data reveals that more than 1.25 million people are killed in road accidents every year and about 50 million people get injured worldwide and India has a lion’s share in it. Though India can boast about having the world’s sixth-largest car market, it is still the only country among the global top ten car markets without a testing program that measures the safety of vehicles. It is estimated that the impact on the vehicle cost will account around 8–15% more if compliance with the safety norms is taken into consideration. However, if these standards are incorporated, it will definitely be beneficial for local automakers to market their products globally.
The growing demand for safety and security in the automobiles are the main factor which plays a vital role in the growth of this market. The growing proportion of India middle class, rising disposable income, stringent government regulations, increasing vehicle electrification, migration to BS IV emission standards, boost to the medium and heavy commercial vehicles due to restrictions on truck overloading are key driving forces for the future growth of India automotive safety Market.
The complexity and the high cost of features are the key restraints for the growth of this market. These systems consist of electronic control units, micro-controller units, and various sensors. These components, in turn, increase the complexity of the safety features, thereby making it more costly making it one of the key restraint.
India Automotive Safety Market Segmentation Analysis:
The India automotive safety market is segmented by technology, offering, vehicle, and application. By technology, market is further sub-segmented into active and passive safety systems. Among these active safety systems held highest market in 2019 and is expected to keep its dominance over forecast period. Continuously increasing demand for luxury vehicles and the growing awareness regarding the severity of prevalent road accidents along with a growing trend toward autonomous vehicles will boost the growth of active safety systems.
By vehicle type, Passenger vehicle segment is expected to hold highest market share over forecast period. This can be attributed to the rise in GDP and the population of India, resulting in improved lifestyle, increased purchasing power of consumers, and the development of infrastructure.
India Automotive Safety Market Competitive Landscape:
Report covers key development and company profiles of market leaders, followers and new entrants. Major players covered in this report are Autoliv Bosch India Ltd, Continental, Denso Infineon, Delphi Technologies, Dorman Products, Inc., Honeywell International Inc., Lydall Inc Takata India and Wabco-TVS India Limited. By using various inorganic and organic growth strategies such as merger and acquisition, joint ventures, expansion and new product launches etc. to increase their business operations and revenues.
Bosch is one of the biggest key player having a strong global footprint in relevance with automotive safety market with an extensive channel of multiple manufacturing facilities and suppliers of various automobile parts and services. The company has its strong presence in India. The recent surge in the stock prices of Bosch India Ltd can definitely be attributed to stricter safety and emission standards along with the electrical-vehicle push.
A government of India has recently proposed The Bharat New Vehicle Safety Assessment Program (BNVSAP) which is a New Car Assessment Program (NCAP) for India. Based on the safety performance cars sold in the country will be assigned by star ratings. It’s a tenth NCAP of its kind across the globe. In 2017-18, Volvo SUV XC90 was bestowed with the title of the safest car in the world by Insurance Institute for Highway Safety (IIHS), U.S. Another SUV XC40 from the same company which received 5-star rating in EURO NCAP crash test is currently on sale in India. On Indian front, National Car Assessment Program (NCAP) results from project Toyota Etivas Liva, Volkswagen Polo as few amongst the safer choices and have been credited 4 star ratings accordingly.
The objective of the report is to present a comprehensive analysis of the India Automotive Safety Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors in the market have been presented in the report.
External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding India Automotive Safety Market dynamics, structure by analyzing the market segments and project the India Automotive Safety Market size. Clear representation of competitive analysis of key players by End-User Industry, price, financial position, Product portfolio, growth strategies, and regional presence in the India Automotive Safety Market make the report investor’s guide.
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Scope of the India Automotive Safety Market
India Automotive Safety Market by Technology
• Active Safety System
• Passive Safety System
India Automotive Safety Market by Offering
India Automotive Safety Market by Vehicle
• Passenger Vehicle
• Commercial Vehicle
• Electric Vehicle
• Industrial Vehicle
• Agriculture Vehicle
India Automotive Safety Market by Application
• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Fuel Cell Electric Vehicle (FCEV)
• Anti-Lock Braking Systems (ABS)
• Automatic Emergency Breaking (AEB)
• Blind Spot Detection (BSD)
• Electronic Brake Force Distribution (EBD)
• Electronic Stability Control (ESC)
• Lane Departure Warning Systems (LDW)
• Tire Pressure monitoring system (TPMS)
• Traction Control System (TCS)
• Forward-Collision Warning (FCW)
Key Players in India Automotive Safety Market
Bosch India Ltd
Dorman Products, Inc.
Honeywell International Inc.
Wabco-TVS India Limited
AOS Technologies AG
HELLA India Automotive Pvt. Ltd
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