The Usage of Airbags in India
The penetration of airbag usage in India is quite low due to lack of awareness. Recent efforts to make small cars safer with optional airbags have been met with a lukewarm response from India’s price-sensitive buyers.
The costs of airbags in India range from ₹ 6,000-20,000. Many car companies offer optional airbags as it is not mandatory in India. This is why most people are reluctant to take on this feature.
However, the recent Global New Car Assessment Program (NCAP) crash test, conducted in May 2016, may soon change this mindset. This test has brought global attention to the poor standard of safety among popular Indian cars. Some popular car models have been rated zero star, for showing low levels of adult occupant protection.
Adding to this are the worrying numbers of road accidents occurring in India. According to the Ministry of Road and Highway Transport Research Wing, around 5, 10,423 people have died in road accidents in the year 2015.
With the right information and proper awareness about the importance of seatbelts and airbags, the risk of death can be reduced by 80%.
The Potential Growth in Demand for Airbags
With these recent developments, our government is keen on upgrading the safety standards of cars sold in India, which is going to lead to a boom in the airbag industry. According to research by rating agency, ICRA, the potential market opportunity for airbags in India could swell to ₹ 1, 900-2,300 crores by 2019-20. Currently, it is estimated to be up to 600-800 crores.
Safeguard your vehicle and enjoy worry-free drives by also purchasing a car insurance policy. For vehicles with airbags and other safety features, you can get a lower premium.
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