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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Connected car and electrification are the running trends in the automotive vertical. Electric vehicles are the talk of the emerging markets as well. Also, revolution on the part of after-sales is expected. This comes in light of call for certainty. Also, there would be a paradigm shift to computing power (from horsepower). In other words, automakers are needed to re-invent themselves in the form of digital company.
Automotive digital retail would be another form of organized automotive market. Contract durations would also be flexible. Easier vehicle swapping would be turning the tide in the favour of consumers. Persistence Market Research is looking through every facet of the automotive vertical through its dedicated team of analysts and consultants.
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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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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