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India Automotive Safety Market


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 percent 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 percent from last year, but fatalities went up by 3.2 percent. 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 the world's sixth-largest car market, 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 in the growth of this market. The 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 consist of electronic control units, micro-controller units, and various sensors. These components, in turn, increase the complexity of the safety features, thereby making it more costly making it one of the key restraint. For more Imformation : https://www.maximizemarketresearch.com/market-report/india-automotive-safety-market/13925/ India automotive safety market 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 the severity of prevalent road accidents along with a 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 the 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. A 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 from project Toyota Etivas Liva, Volksvagon Polo as few amongst the safer choices and have been credited 4 star ratings accordingly. 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 This Report Is Submitted By @Maximize Market Research Company Customization of the report: Maximize Market Research provides free personalized of reports as per your demand. This report can be personalized to meet your requirements. Get in touch with us and our sales team will guarantee provide you to get a report that suits your necessities. About Maximize Market Research: Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors. Contact info: Name: Lumawant Godage Organization: MAXIMIZE MARKET RESEARCH PVT. LTD. Email: sales@maximizemarketresearch.com Address: Omkar Heights, Sinhagad Road, Manik Baug, Vadgaon Bk,Pune, Maharashtra 411051, India. Contact: +919607195908

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