Rising safety and security concerns of vehicle occupants and strict government regulations are resulting in mounting usage of tire pressure sensors and airbag sensors in vehicles, especially passenger vehicles, in India. The combination of new regulations and the Global New Car Assessment Program’s (NCAP) ‘Safer Cars for India’ project is raising consumer demand for critical safety features such as airbags and tire pressure sensors, and acting as an impetus for global automakers. The automotive sector has witnessed significant growth over the past years, and this growth is estimated to persevere over the coming years as well. The India tire pressure sensor and airbag sensor market is estimated to expand at an impressive CAGR of more than 8% over the forecast period of 2021-2031.
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Key Takeaways from India Tire Pressure Sensor and Airbag Sensor Market Study
- The Road Transport Ministry of India has notified mandatory installation of safety technologies such as TPMS and airbag systems.
- Manufacturers are focusing on enhancing product line and quality by implementing new technologies and adopting advanced features at economical rates.
- Rapidly growing automotive industry in India is influencing global manufacturers to promote innovative products in terms of wellbeing of people and economy.
- There are jurisdictions in India where it is mandatory for automobile manufacturers to incorporate essential airbag. As widely acknowledged, airbags, in combination with front seat belts, significantly reduce driver and front passenger injury in case of an accident. The driver-side airbag is a mandatory addition in all cars produced from July 2019 onwards.
- Being an easily available technology, manufacturing of tire pressure sensors and airbag sensors can be promoted by the government by incentivizing production in order to meet requirements of the local market. This move would promote the market for tire pressure sensors and airbag sensors, and also help saving precious lives.
- As informed by the Automobile Industry Association, all major original equipment manufacturers (OEMs) have cut down their production by 18-20 percent due to low demand and decline in sales of vehicles as a result of the impact of the COVID-19 pandemic, which has indirectly affected demand for sensors.
- Passenger cars such as compact and mid-sized vehicles, SUVs, luxury vehicles, etc., account for more than 90% demand for tire pressure and airbag sensors, and this share will only get bigger over the next ten years.
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“Rising safety concerns and added responsibility of manufacturers to promote new products complying with a whole new set of specific safety norms to prevent fatal and severe road accidents will continue to aid demand growth of tire pressure and airbag sensors to be used in vehicles,” says an analyst of Persistence Market Research.
Market Landscape Continues to Remain Discreetly Consolidated
The India tire pressure sensor and airbag sensor market has been identified as a significantly consolidated market, with the organized sector occupying a major share of the overall market. Tier-1 manufacturers account for two-third of the market share. Some leading players included in the report are Sensata Technologies, Inc, Mitsubishi Electric Corporation, Robert Bosch GmbH, Continental AG, and DENSO Corporation.
The tire pressure sensor and airbag sensor market in India will grow substantially, attributed to increasing sales of passenger cars and wider audience preference for automated vehicles. Also, government regulations toward public welfare and rising awareness among the population regarding safety and security are putting pressure on companies to develop technologically advanced products. The emerging automobile industry in India is significant driver for the growth of tire pressure sensor and airbag sensor industry in the country.
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Want to Know More?
Persistence Market Research has published a market research report on the India tire pressure sensor and airbag sensor market that contains India industry analysis of 2016–2020 and opportunity assessment for 2021–2031. The report provides in-depth analysis of the market through different segments, namely, sensor type, vehicle type, and sales channel. The India tire pressure sensor and airbag sensor market report also provides supply and demand trends, along with an overview of the parent market.
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