The Indian automotive active/passive safety market is projected to grow at a CAGR of 9.0% during the forecast period. The active safety system is expected to hold the largest market share, as vehicle designers build cars with a high level of active safety, along with superior design. Active safety systems play an important role in avoiding accidents and crashes by providing the driver with extra assistance in steering/controlling the vehicle, by giving advance warnings.
The government has taken measures such as relaxation of foreign exchange regulations, reduction in tariffs on imports, and reformation of bank policies, which have played a significant role in the Indian automotive industry. This has also made giant auto manufacturers enter the Indian market and affect the competitive environment.
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Key Developments/Recent News:
The automotive industry is a major pillar of the Indian economy and is considered the key driver for technological advancements and macroeconomic growth. Moreover, increasing government regulations pertaining to vehicle safety are also projected to boost the growth of the Indian automotive active/safety market. For instance, the government has rolled out BS VI regulations, in order to come at par with the European and US standards. The commencement date for BS VI is April 2020 and it is applicable for all commercial vehicles, three wheelers, and passenger vehicles.
Moreover, the government has also made anti-braking system compulsory for all commercial and passenger vehicles effective from April 2019. All these will have a positive effect on the Indian automotive active/passive safety market.
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Competitive Intelligence & Company Profile
Some of major providers of automotive active/passive safety are Aptiv Plc, Robert Bosch Gmbh, Continental AG, Denso Corporation, Magna International Inc., Valeo, Mobileye, ZF Friedrichshafen AG, Hyundai Mobis Co. Ltd., and Mando Corporation. However, some of the major players in the Indian automotive active/passive safety market are Maruti Suzuki India Limited, Hyundai Motor Company, Tata Motors Limited, Honda Motor Company Limited, and others.
These players have stepped up new product innovations and new product launches, in order to gain more attention from customers. Additionally, the growth of the market is attributed to geographical expansion, strategic mergers & acquisitions, and joint ventures & partnerships, which provide long-term sustenance in the market.
The major companies operating in the Indian automotive active/passive safety market are emphasizing on new and innovative product launches, product development, and several other strategies such as mergers and acquisitions, in order to grab the attention of a greater number of customers. For instance, in June 2019, Volkswagen has partnered with Ford for manufacturing EV and autonomous vehicles.
Key Questions Answered
• What is the market value of the overall Indian Automotive Active/Passive Safety market and segments?
• What are the key segments and sub-segments in the market?
• Which is the largest sub-segment in each segment in the scope of the study?
• What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
• What are the attractive segments and geographies to invest in?
• What is the market value at the country level?
• Who are the key market players and their key competitors?
• Who are the key market players at different stages of the value chain?
• What are the strategies for growth adopted by the key players in the market?