Press release
Increasing Sales Of Vehicle Is Pushing The Demand For The Automotive Seatbelt Market To Grow
Global Automotive Seatbelt Industry Outlook in 2021 and BeyondThe Automotive Seatbelt industry is looking forward to 2021 with a sense of optimism. In 2020, Automotive Seatbelt sales recovered in the last quarter to salvage lost momentum during March-April 2020. And, as vaccine rollout gains momentum, most automakers are hoping for better performance in 2021.
US Automotive Seatbelt Industry Set to Recover in 2021
In 2019, US Automotive Seatbelt sales were to the tune of 17.1 million. The outbreak of COVID-19 in early 2020, and subsequent shutdown created apprehensions that 2020 may be the worst year for US auto industry since Great Depression.
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However, Automotive Seatbelt sales climbed back slowly in US, partly helped by a quick shift to online sales. Many US automakers are now investing highly in online sales channel, with 2021 expected to witness high online sales.
As per early success of vaccine inoculation and consumer receptivity toward online sales, it is highly likely that 2021 will be a better year for sales. Total Automotive Seatbelt sales in US are likely to be in the range of 15.5 million to 16 million.
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
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Europe Automotive Seatbelt Market Players Can Benefit from Foreign Exports
The Europe automobile market is also likely to witness a recovery in 2021. The European Automobile Manufacturers' Association is hoping for a 10% increase in sales.
As is the case in US, European auto industry is hoping that vaccine inoculation brings the pandemic under control. Many countries in Europe have witnessed severe waves of COVID-19 pandemic, and are now in recovery phase.
While the domestic Automotive Seatbelt demand is likely to recover at a steady pace in Europe, exports to China, Latin America, and Asia Pacific are likely to induce momentum for European auto companies.
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
Belt-tech.
China will Further its Lead as World's Largest Automotive Seatbelt Market
The Automotive Seatbelt industry in China represents the brightest optimism for any country globally. The pandemic recovery in China is at an advanced stage as compared to western countries. Further, the government in China is focusing on a massive infrastructure push, which is likely to help automakers exporting their wares to China.
China is the only major economy to have grown in 2020, and country's China Association of Automobile Manufacturers is forecasting 26 million sales in 2021. Volkswagen Group and General Motors are likely to maintain their position as the country's largest foreign automakers.
China is the world's largest automobile market, and going by the economic scenario and COVID-19 recovery, the country is likely to remain at numero uno position in the future as well.
Indian Automotive Seatbelt Outlook Subdued by COVID-19 Resurgence
The Indian automobile industry is beset with challenges arising due to a nation-wide second wave of COVID-19 epidemic. Things were looking up for the Indian automobile industry, however, lockdown measure to contain a more virulent COVID-19 can dent overall sales in 2021.
The localized restrictions imposed by governments can have an impact on dealership activity, logistics, and in-showroom consumer visits. Also, it is anticipated that India may have to brace up for further waves of COVID-19, which can dent consumer sentiment.
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Key Long-term Trends
Overall, the Automotive Seatbelt industry is looking for a recovery year in 2021. While China is anticipated to take the lead, healthy recovery in US and Europe markets will create necessary impetus. Amidst the recovery phase, there will be some mega trends and some subtle trends that will have a bearing on Automotive Seatbelt market in the long run. These include,
Automotive Seatbelt digital retail
Automotive Seatbelt digital retail will make further inroads in 2021. As localized restrictions and consumer discretion increase due to COVID-19, more consumers are opening up to the idea of online automobile purchase. This trend is likely to become stronger in 2021, especially in US and Western Europe
Further gains in connected and autonomous cars
Connected and autonomous cars may have lost some of their momentum in 2020, but their long-term forecast remains bullish. Automakers are increasingly aware of the white space Silicon Valley giants are eyeing. In the long run, an increase in proprietary software of partnership with tech companies will be in the offing.
Automotive Seatbelt sales will continue unabated
The sales of Automotive Seatbelts have grown from strength to strength, dispelling the skepticism and early apprehensions. The focus now is on developing a scalable production model and enough charging stations so consumers are confident of investing in the technology of tomorrow.
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