Press release
Product Innovations and Advancements in Technology to Boost Automotive Seatbelt Market Growth
Seatbelts are designed to stretch at a controlled rate to absorb impact energy and reduce the severity of the occupant’s deceleration and thus reduce the risk of injury in many types of crashes.The National Highway Traffic Safety Administration (NHTSA) reports that seat belts save more than 12,500 lives per year and prevent more than 300,000 serious injuries in the US alone. The growing number of road accidents across the globe is a major factor driving the growth of the automotive seat belt market. Also, the increasing sales of vehicles and increasing sales of vehicles are pushing the demand for the market to grow.
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Increasing vehicle production across the world, increasing demand for better safety systems, advances in seat belt technology, and the adoption of high safety standards are driving the growth of the automotive seatbelt market over the forecast period. The market is expected to grow owing to increasing awareness among people regarding the safety and stringent safety regulations. Governments of different countries are implementing various programs to grow consumer awareness about health and safety. This factor has a positive effect on the market. Government bodies are encouraging the use of seatbelts amid rising death toll and severe injuries in case of collision.
The light commercial vehicle segment is expected to register growth due to rising vehicle sales across globe. The proliferating logistics industry, along with increasing freight activities, is increasing the size of the fleet of light commercial vehicles. Incorporation of seatbelt reminders in these vehicles, coupled with the frequent launch of new models, will drive the market growth of automotive seatbelts. Moreover, the Passenger vehicle segment is also expected to show lucrative growth owing to increase in standard of living thus leading to increase in sales of vehicles.
The automotive seatbelt market is segmented on the basis of design into 2 point, 3 point, other which include 4 point, 5 point, 6 point. 3-point seatbelts dominate the market share owing to superior comfort and safety. The seat belt is widely preferred across the vehicle type because of its advantage of a safer journey by providing a grip diagonal as well as over the lap. Moreover, the product offers flexibility in adjustment for pregnant women and children, which will boost the demand for seatbelts.
Global Automotive Seatbelt Market is experiencing massive decline as COVID-19 Outbreak
COVID-19 will significantly impact the automotive industry. This is the most affected verticals due to the ongoing COVID-19 outbreak.
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The market has been significantly impacted the supply chain and product demand in the sector and is currently amidst unprecedented uncertainty. The demand for commercial vehicles is also on the decline with the shutdown of the services. Moreover, changes in consumer buying behavior will have serious implications for the future of the market.
Segmentation Analysis of Global Automotive Seatbelt Market
Global Automotive Seatbelt Market is bifurcated into five major categories: vehicle type, design type, technology, sales channel and region.
On the basis of vehicle type, the global market for automotive seatbelt is divided into:
Passenger
Commercial
Light Commercial Vehicle
Heavy Commercial Vehicle
Others
On the basis of design type, the global market for automotive seatbelt is divided into:
2 point
3 point
Others (4 point, 5 point, 6 point)
On the basis of technology, the global market for automotive seatbelt is divided into:
Pretension
Retractable
Inflatable seatbelt
Others
On the basis of sales channel, the global market for automotive seatbelt is divided into:
OEM’s
Aftermarket
Based on the region, the global market for automotive seatbelt is segmented as:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
Automotive Seatbelt Market: Regional Outlook
In Europe, Germany is the largest market and the largest contributor to the automotive seat belt market in the world due to the involvement of major car manufacturers in Germany.
The Asia region is expected to dominate the market with a high market share due to increasing vehicle sales and regulations for the installation of seatbelts in every vehicle a compulsion. East and South Asia's automotive industry is booming on the back of rapid urbanization in the developing economies of China, India, and South Korea. This region is the largest producer of automobiles. The rising stringent safety norms across the region will increase the demand for the seatbelts in the market.
Automotive Seatbelt Market: Competition Outlook
Major players operating in the market include GWR Co., Joyson Electronics, ZF Friedrichshafen AG, Autoliv Inc., Continental AG, Goradia Industries, Elastic Berger GmbH & Co KG, Robert Bosch GmbH, Ashimori Industry Co. Ltd, Ningbo BX Automotive Co., LTD, Hemco Industries, Safety Belt Solutions Ltd, MG Seating Systems Pvt. Ltd., Seatbelt Solutions LLC, and Belt-tech. Players are investing in R&D to design and develop innovative components for seatbelts to attract consumers. Automotive manufacturers are working with research organizations to develop biometric sensors to predict driver health.
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The research report presents a comprehensive assessment of the automotive seatbelt market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. This automotive seatbelt market report provides analysis and information, according to market segments such as vehicle type, design type, technology, and region.
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