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Introduction of New Safety Features in Entry-level Passenger Vehicles Signals Changing Perceptions in the Indian Passenger Vehicle Safety Systems Mark - The Indian passenger vehicle safety systems market holds great potential despite the low penetration and modest growth pace it is currently exhibiting
Introduction of New Safety Features in Entry-level Passenger Vehicles Signals Changing Perceptions in the Indian Passenger Vehicle Safety Systems Mark

 

PRZOOM - /newswire/ - Mumbai, India, 2008/11/20 - The Indian passenger vehicle safety systems market holds great potential despite the low penetration and modest growth pace it is currently exhibiting.

   
 
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The spurt in growth is primarily due to regulations imposed by the government concerning the mandatory use of seatbelts. Further, as awareness on safety increases among users, vehicle manufacturers (VMs) are using safety features as differentiators to market their low-end vehicles. For the near future, the active safety systems segment is expected to grow at a faster pace when compared to passive safety systems.

New analysis from Frost & Sullivan (automotive.frost.com), Indian Passenger Vehicle Safety Systems Markets, finds that the market size was approximately 10.8 million units in 2006 and estimates this to reach 30.2 million units in 2012.

If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the Indian passenger vehicle safety systems markets, then send an email to Ravinder Kaur/ Nimisha Iyer, Corporate Communications, at ravinder.kaur[.]frost.com/ niyer[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.

In 2006, the active and passive safety systems constituted 6.2 percent and 93.8 percent of the total safety systems market in India, respectively. By 2012, the trend is expected to change with increase in the share of active safety systems to approximately 10.6 percent.

"Among active safety systems, anti-lock braking system (ABS), which was present only in high-end vehicles, is penetrating at a higher rate into the low-end segment due to increased competition," says Frost & Sullivan Industry Analyst Sanjay Vasudevan. "Among passive safety systems, only seatbelts have 100 percent penetration since installation is mandatory in India, while airbags are expected to be made mandatory by 2010, and will see the next highest penetration."

Advanced safety features remain confined to the luxury vehicle segment and, apart from ABS, electronic brakeforce distribution (EBD) and brake assist system (BAS) are seeing widespread adoption. However, features such as traction control system (TCS) and electronic stability control (ESC) are limited to high-end vehicles at present.

Cost implications play a critical role in the choice of a particular model, particularly in the market for entry-level cars and utility vehicles. Customers have indicated a distinct unwillingness to pay a premium for all these features, impeding the penetration of safety systems. This is obvious from the fact that the sale of variants with these features is less as against the sale of other variants. Hence, VMs are offering them as optional add-ons in a few models, rather than standard fitments.

"Strict enforcement of safety regulations by the government and promoting customer awareness on the advantages of using safety systems will go a long way in overcoming these challenges," suggests Vasudevan.

Manufacturers have to resort to sourcing safety systems from other countries, as joint ventures or tie ups are required to facilitate the transfer of technological know how. In the past, demand for safety systems was negligible, and economies of scale in production were a matter of concern for safety system suppliers. Efforts to develop the local vendor base for procuring the safety systems will bring down costs and the benefits can percolate to all members along the supply chain.

"Liberalization of the Indian economy has led to many demographic changes in Indian consumers and exposure to developed markets' characteristics has increased the expectation level of Indian customers, making them highly discerning," explains Vasudevan. "To cope up with this, VMs are trying various means to make their products more attractive."

This is particularly important as India emerges as a major hub for small car exports to Europe, Asia, and Africa. The need for strict compliance to the safety requirements in these countries may eventually encourage the use of advanced safety features in domestic models as well.

At present, the market comprises a small number of suppliers that have met international compliance requirements. The number of suppliers accomplishing quality standards is on the rise and eventually, procurement of safety systems from domestic suppliers will increase.

Indian Passenger Vehicle Safety Systems Markets is part of the Automotive and Transportation Growth Partnership Service program, which also includes research in the following markets: strategic analysis of the automotive batteries aftermarket in India and passenger vehicles infotainment systems market in India. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.

Frost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's TEAM Research, Growth Consulting and Growth Team Membership™ empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents.

Indian Passenger Vehicle Safety Systems Markets
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Introduction of New Safety Features in Entry-level Passenger Vehicles Signals Changing Perceptions in the Indian Passenger Vehicle Safety Systems Mark

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