Global Automotive Seat Belt Market Projected to Grow at 8.2% CAGR through 2021

Market Research Report Search Engine (MRRSE) has added a new research report in its repository on Automotive Seat Belt. The report has been titled, “Automotive Seat Belt Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast.” The report provides insights into the growth trajectory of the market in terms of past, present, and future scenario. The report also dwells on aspects such as drivers, trends, opportunities, and restraints.

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The automotive industry is currently prospering, not just in the emerging economies wherein purchasing power of urban population has increased but also in the developed regions since the advent of electric vehicles (EVs). However, automotive are also the cause of numerous fatalities and a number of governments across the world have introduced guidelines for the manufacturers to install adequate safety measures into their products. Seat belts, first made mandatory by the US Law in the state of New York in 1984, have evolved exponentially in the past couple of decades and are now regarded as a basic safety measure than can reduce chances of crash deaths by half. Several governments have followed the suit of the US Law and technological advancements have made seat belts highly affordable. During the forecast period of 2017 to 2021, this report on the global automotive seat belt market has projected the demand to expand at a CAGR of 8.2% and estimated it to be worth US$ 19,457.3 Mn by the end of 2021. 

The introduction of European New Car Assessment Program (Euro NCAP) that rates vehicles in terms of safety standards has gained strong popularity in the recent past. Along similar lines, North America has the National Highway Traffic Safety Administration (NHTSA), China has C-NCAP that is administrated by CATARC, and India has Society of Indian Automotive Manufacturers (SIAM). In addition to these safety regulations, increasing production of passenger vehicles, strict traffic rules, advancements such as inflatable seat belts that provide protection to passengers in second and third rows of a vehicle are some of the other factors augmenting the demand in the global automotive seat belt market.

Passenger Vehicles Provide for Maximum Demand

Based on vehicle type, the automotive seat belt market has been segmented into passenger car and commercial vehicle. The commercial vehicle segment is further sub-segmented into light commercial vehicles, heavy trucks, and busses and coaches. Currently, the passenger car segment provides for more than two-third of the total demand, which is a reflection of stringent government regulations and growing awareness among consumers for on-road safety measures. In the near future, manufacturers are expected to focus on producing low-cost safety systems and emphasize on rear passenger seat belts.

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Three-point Belts Key Design-type Segment

Based on design type, the market for automotive seat belt market has been bifurcated into two-point seat belts, three-point seat belts, four-point seat belts, five-point seat belts, six-point seat belts, and belt-in-seat. In the current scenario of the market, the demand is strongest for the three-point seat belt, although the overall dominance of this segment is projected to decline slightly over the course of the forecast period of the report. Three point seat belt systems offer diagonal as well as over the lap grip to the occupants, and are primarily integrated into passenger vehicles.

Pretensioner Emerging as Most Profitable Technology

Technology-wise, the automotive seat belt market has been categorized into active seat belt, pretensioner, retractor, bag-in-belt, load limiter, and seat belt reminder system. Among these, retractor and pretensioner are the two technologies are in high demand, although the latter is poised for moderately better future prospects. Pretensioner offers effective performance as well as reliability.

Asia Pacific Highly Profitable Region

Geographically, Asia Pacific is the most lucrative region in the global automotive seat belt market, both in terms of value and volume. The Asia Pacific automotive industry is booming on the back of rapid urbanization in the emerging economies of China, India, and South Korea. While the China Automotive Technology and Research Center has set stringent regulations for the manufacturers, the Indian Ministry of shipping, road transport, and highways keep a tap on road fatalities.

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This release was published on openPR.