Why Automotive Seat Belts Market are Booming So Rapidly? Industry in-Depth Analysis with Growing Trends || Ashimori, BK Seat Belt Co. Ltd, Autoliv AB, GWR Co., Goradia Industries, Hyundai Mobis, KSS, Nihon Plast, Takata Corporation, Toyoda Gosei, Tokai Ri
Meanwhile, surging passenger vehicle sales in the country will raise the automotive seat belts market growth to new levels. For instance, according to the Society of Indian Automobile Manufacturers (SIAM), the sale of passenger vehicles (PV) rose by 2.70% in April-March 2019 whereas PV sales are projected to grow by 3-5% in FY20. Furthermore, introduction of new vehicle segments equipped with advanced safety features will boost product penetration.
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Increasing road safety awareness and ongoing initiatives to lessen the severity of road crash injuries have been equipping automotive seat belts market players with continuous development opportunities. The momentum gained by several safety projects worldwide would undeniably propagate the importance of automotive seatbelts and consequences of ignoring them, highly boosting their usage over the forthcoming years. Seatbelts, especially when paired with airbags, have changed automobile safety dynamics to such a fundamental level that today it is difficult to even imagine a vehicle without these protective features.
Reportedly, seatbelts are able to reduce front-seat passenger fatalities be approximately 45% while also reducing the risk of severe injury by nearly 50%, which is exactly why they come as standard in automobiles today. Supported by the ongoing digital transformation of the automobile industry, auto makers have been making significant inroads in further enhancing the capabilities of their seatbelts to promote higher safety, bringing remarkable growth to the automotive seat belts market in recent years.
Additionally, primary seat belt enforcement laws and heavy penalties for seat belt law violation are also likely to supplement automotive seat belts market growth. For instance, based on reliable reports, penalty amounts have increased on an average from $39 to $70 in the U.S. while seat belt use has increased by an average of about 9.1% in the country. In addition to stern fines, in 2019, officials in New York have also pushed a bill mandating the use of seat belt in rear passenger seats, cite news reports.
Advancements in seat belt technology coupled with growing investments by OEMs to develop advanced sensor-based seat belts will drive automotive seat belts market growth. Technologies like seat belt tensioners and load limiters have significantly helped improve the seat belt effectiveness whilst lowering impact on travelling passengers. Seat belt reminder (SBR) systems that come with audiovisual aids have also proven to be extremely effective in increasing product traction. In fact, a declining trend in unbelted driving has been recorded while unbelted drivers have reduced by 80% in vehicles with advanced SBR systems.
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The demand for automotive seat belts is gaining momentum due to rising awareness regarding passenger safety along with new government regulations to minimize road fatalities. The development of advanced seat belt reminding technologies will propel market share.
Table of Contents (ToC) of the report:
Chapter 5. Automotive Seat belts Market, By Vehicle
Chapter 6. Automotive Seatbelt Market, By Component
6.1. Global automotive seatbelt market share by component, 2018 & 2025
6.1.1. Webbing strap
126.96.36.199. Market estimates and forecast, 2013-2025
188.8.131.52. Market estimates and forecast, by region, 2013-2025
184.108.40.206. Market estimates and forecast, 2013-2025
220.127.116.11. Market estimates and forecast, by region, 2013-2025
18.104.22.168. Market estimates and forecast, 2013-2025
22.214.171.124. Market estimates and forecast, by region, 2013-2025
126.96.36.199. Market estimates and forecast, 2013-2025
188.8.131.52. Market estimates and forecast, by region, 2013-2025
6.1.5. Pillar loops
184.108.40.206. Market estimates and forecast, 2013-2025
220.127.116.11. Market estimates and forecast, by region, 2013-2025
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