Market Size of India Airbag Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Airbag Systems Market Analysis
The Indian airbag system market is valued at USD 4.06 Billion in 2021 and is expected to reach USD 6.95 Billion by 2027. The Indian airbag system market is expected to register a CAGR of over 7% during the forecasted period (2022 - 2027).
Amid the halted vehicle production activities and disrupted supply chain due to the halt in transportation activities, India's automotive airbag system market witnessed a significant slump for the year 2020. However, since 2021, as vehicle sales rebound and governing bodies focus on implementing stringent safety standards, the automotive airbag system market is anticipated to witness significant growth during the forecast period.
Over the long term, installing severe vehicle safety requirements and regulations drives the Indian airbag market. Furthermore, increasing road accidents and the growing desire for safer driving experiences will likely boost the market's growth in the coming years.
