During the anticipated period, a CAGR of 8.2% is predicted for the India tyre pressure sensor and airbag sensor market. In 2023, the market is anticipated to be worth US$ 311.3 million. By 2033, it is predicted that the tyre pressure sensor and airbag sensor markets in India would be worth US$684.6 Mn. Persistence Market Research experts have noted a historical CAGR of 4.1% in their corresponding research.
This report provides in depth study of “India Tire Pressure Sensor And Airbag Sensor Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The India Tire Pressure Sensor And Airbag Sensor Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.
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.
Key Players:
The report has profiled some of the important players prevalent in the global like – Sensata Technologies, Inc, Mitsubishi Electric Corporation, Robert Bosch GmbH, Continental AG, and DENSO Corporation and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the India Tire Pressure Sensor And Airbag Sensor.
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.
“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.
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Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
- Asia-Pacific (China, India, Japan, Southeast Asia etc.)
- South America (Brazil, Argentina etc.)
- Middle East & Africa (Saudi Araia, South Africa etc.)
Key Stakeholders
- India Tire Pressure Sensor And Airbag Sensor Market Manufacturers
- India Tire Pressure Sensor And Airbag Sensor Market Distributors/Traders/Wholesalers
- India Tire Pressure Sensor And Airbag Sensor Market Subcomponent Manufacturers
- Industry Association
- Downstream Vendors
Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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