BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects India automotive airbag ECU marketsize to grow at a steady CAGR of 8.9% during the forecast period between 2022 and 2028. Major factors for the expansion of India automotive airbag ECU market include increasing awareness about innovative technology safety features in automobiles, higher automotive manufacturing, and a growing focus on reducing increasing incidence of road accidents. The expansion of the automotive sector due to increased purchasing power and per capita income could spur the demand for automotive airbag ECUs market. However, storage time and data availability limitations due to ECU internal design may limit the growth of India automotive airbag ECU market.
India Automotive Airbag ECU Market - Overview
Airbags are safety inflatable cushion devices used in automobiles to protect the individual's head and torso from inside and outside vehicle objects, such as steering wheels and trees, during collusions. The airbag ECU is a car airbag module that oversees controlling airbag deployment, storing crash data, and transferring information with the engine. Aside from deploying airbags, the ECU also monitors automobile sensors and records seatbelt, accident, and speed data.
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India Automotive Airbag ECU Market – By Vehicle Type
Based on vehicle type, India automotive airbag ECU market has segments as Passenger Vehicles, light commercial vehicles (LCVs), and medium commercial vehicles (MCVs) & heavy commercial vehicles (HCVs). Among the vehicle types, the passenger car segment is expected to grow significantly during the period in analysis, because of an increased demand for luxury-class cars in both developed and developing economies. Currently, the passenger vehicles segment holds the highest market share in India automotive airbag ECU market, due to an increase in disposable income, automobile production, and in purchasing power.
Impact of COVID-19 on India Automotive Airbag ECU Market
Covid-19 caused uncertainty in all markets, along with the automobile industry. The closure of assembly factories, large-scale manufacturing, transportation, and logistic services contributed to a fall in car demand across the countries including India, affecting the airbag ECU market. However, with new limitations and policies in place, a steady rebound in retail product sales may have a favorable impact on the airbag ECU market due to the latest technology developments in car safety. An increase in demand for electric vehicles (EVs) could also present a significant growth opportunity for participants in India automotive airbag ECU market during the forecast period.
Competitive Landscape
Indian automotive airbag ECU market is fiercely competitive, with Autoliv, Bosch, Denso Corporation, Delphi Automotive, ZF Friedrichshafen, Continental, Hyundai Mobis Co Ltd, Infineon Technologies AG, Mitsubishi Electric Corp, and Daicel as prominent players. To further enhance their market share, these players are primarily focused on the development of innovative and efficient products, new product releases, mergers and acquisitions, and other collaborative activities.
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