India Automotive Safety Market

1. India Automotive Safety Market – Industry Analysis and Forecast (2018-2026) – by Technology, Offering, Vehicle and Application. India Automotive Safety Market is estimated to register a CAGR of 14.5% during the forecast period, 2018 to 2026. In India, the proportion of deaths due to road accidents is around three to four times that of European countries including France, Germany and Spain. In a report from the transport ministry released in September last year, the stats showed as many as 17 people died in 55 road accidents per hour on an average in 2017, with more than 50 per cent of the victims from the 18-35 age group. The report also stated one major fact - the overall number of accidents declined by 4.1 per cent from last year, but fatalities went up by 3.2 per cent. 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 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 world's sixth-largest car market, but 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 is the main factor playing a vital role for the growth of this market. 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 some of the 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 consists of electronic control units, micro-controller units, and various sensors.

2. The India automotive safety market is segmented by technology, offering, vehicle and application. In terms of technology market is further sub-segmented into active and passive safety systems. Continuously increasing demand for luxury vehicles and the growing awareness regarding severity of prevalent road accidents along with growing trend toward autonomous vehicles will boost the growth of active safety systems. The automotive safety market has been segmented by vehicle into passenger, commercial, electric, industrial and agriculture vehicles. Passenger vehicle segment is estimated to be the fastest growing of this market. This can be attributed to the rise in GDP and the population of India, resulting in improved lifestyle, increased purchasing power of consumers, and development of infrastructure. 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. 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, 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 project Toyoto Etivas Liva, Volksvagon Polo as few amongst the safer choices and have been credited 4 star ratings accordingly.

3. 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 • Hardware • Software 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)

4. • Tire Pressure monitoring system (TPMS) • Traction Control System (TCS) • Forward-Collision Warning (FCW) Maximize Market Research Address: Omkar Heights, Manik Baug, Vadgaon Bk, Opp. Indian Hume Pipe Co., Sinhagad Road, Pune – 411051. (Maharashtra, India) Contact: +912066303320