According to Acumen Research and Consulting, the global automotive seat belts market is expected to grow at noteworthy CAGR around 6.2 % throughout the forecast period and reach around US$ 10.1 billion by 2026.
Seat loops are essential vehicle components. In times of accidents, seat belts are called life saviors. Such belts protect the driver and co-passengers of a vehicle in the event of an accident and it is therefore recommended that seat belts be used during vehicle driving at all times. Six different types of seat belts are available, such as a two-point belt, a three-point belt, a four-point belt and a five-point belt. At two end points a two-point seat belt is attached. A lap belt, which wraps the waist and a sash belt, holds the shoulder, includes a seat belt.
The report provides analysis of global Automotive Seat Belts market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
The automotive seatbelt market will increase awareness of passenger and driver safety over time. In order to prevent and reduce accident injuries, the belts are highly efficient. According to ANCAP, some 90 per cent of accidents involve some form of human mistake and safety straps increase the chances of survival in the accident situation, according to ANCAP. In addition, automakers equip cars with various safety features to increase the growth of the industry.
The market share of automotive seat belts increases in vehicle ownership in both developed and emerging countries. In 2017, the sales of passenger vehicles rose by over 11,5 percent as regards 2013, according to the International Organization of Motor Vehicle Manufacturers (OICA). Growing car sales in some areas like Europe will boost the growth of the market along with the proposed mandate for safety belt reminders systems. In addition in the next six years, easy upgrades of these vehicle systems will help to penetrate product.
Governmental legislation is established to reduce cases of fatal injury and to improve safety for passengers in the integration of a safety system. In June 2017, the Center announced that the car, truck and SUV had been forced to wear protective belts. The regulations also impose penalties for non-compliance with the laws. These initiatives will drive the market size of automotive seat belts over time.
Participants in the industry upgrade their product range to improve efficiency and safety. In March 2019, Tool, Inc. designed and developed prototype retractors, including buckle control, buckle-button control and the buckle-button control, in the context of small business innovation research (SBIR) programs to ensure lockability and to minimize the risk of trapping in the event of abuse. Continued efficiency advances will boost market growth.
Implementing innovative systems, including V2V and ADAS, requires belt sensors to support product demand. Advanced products like inflatable seat belts are combined with airbag technology to provide an additional passive level of crash protection. The inflatable seatbelt has been designed to reduce thorough pressure and to give the rear seat passengers a greater head and neck motion. It also reduces the intensity of injury through the distribution of crash force energy throughout the occupant's body. These developments will enhance the penetration of the market over time.
Due to availability in customized lengths, multiple color combinations and variations such as chromium latches, the market share of two automotive seat belts will be significantly expanding. Low building costs and their implementation will improve segment penetration for rear passengers. Higher risks of related injuries than the three-point system will, however, reduce segment growth over the next six years.
Due to increased safety and superior comfort, 3 points held about 85 percent of the market size in 2018. With minimum length, the product offers higher strap capacity. Increased flexibility to adjust belt to children and women will induce substantial growth potential in the landscape of industry. Furthermore, compulsory use of the system in passenger vehicles will increase product demand further.
Seatbelt share of passenger vehicles is expected to increase sharply as vehicles become more and more adoptive and new car models are introduced. Increased expenditure on consumers and easy access to finance increase ownership of vehicles. Participants in the automotive industry are introducing advanced safety-related vehicles to serve the larger consumer basis. For example, Renault India launched in April 2019 the upgraded Captur model, featuring several security features including an adjustable height belt and a reminder.
Due to the proliferation of the logistics industry, light commercial vehicle has a significant market share in the car seat strap market. Increasing cargo activity worldwide generates demand for vehicles. OICA says that LCV increased in 2018 compared to 2017 by more than 5.5 %. The emergence of heavy commercial vehicles will show substantial growth in order to reduce crash deaths and injury severity.
Because of its implementation, webbing straps play a significant role in the market to support the individual on impact. The better esthetics of webbing strips and the integration of polyethylene and high performance Aramids with ultra-high molecular weight will promote a segment's penetration. In addition, manufacturers also develop electrically powered seat belts with webbing brakes. Due to the development of new active control retractors (ACRs), retractor will see substantial growth which will improve passenger safety in critical situations. The ACRs combine passive and active vehicle safety, combined with an AEB system, for the occupant to stay in the required positions.
With its execution during the production of cars, OEM dominates the market size of automotive seat belts. The dominance can also be attributed to increased production of vehicles and the compulsory need to incorporate products into new vehicles in several countries. Over time periods the industry is boosted by new vehicle launches with advanced safety functions.
Thanks to the development of low-cost belt technologies, the aftermarket is growing considerably in the market. In February 2016, for example, Amherst University of Massachusetts developed a revision belt for minibusses and coaches. College of Engineering. The new design enables car owners to install safety belts at a cost of one third to a half. In addition, increased demand for replacement of old-fashioned vehicles will boost demand for product.
With increasing vehicle sales as well as a regulatory outlook, Asia Pacific dominates the market to 100 percent safety belts in vehicles. Increased facilities for vehicles in the entire region will drive demand for products. Middle East & Africa is on the way forward, with the adaptation of luxury vehicles anticipating significant growth. Due to obligatory vehicle seatbelt requirements, the market size of the car seatbelt will increase significantly in North America. Increase industry growth is developing various safety programs, including a program for 5-star safety ratings to improve passenger and driver safety. In the month of May 2016, for example, the NHTSA announced safety testing in the rear seats.
Global Automotive Seat Belts Market, By Type
Global Automotive Seat Belts Market, By Vehicle
Global Automotive Seat Belts Market, By Component
Global Automotive Seat Belts Market, By Distribution Channel
Global Automotive Seat Belts Market, By Geography
The market research study on “Automotive Seat Belts Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Automotive Seat Belts market segments with market dynamics and their impact. The report also covers basic technology development policies.
Key Players & Strategies
Market players on automotive seatbelt are Autoliv AB, Takata Corporation, Nihon Plast, Ltd., ZF TRW, Toyoda Gosei Co., Ashimori and KSS Ltd., Hyundai Mobis Co., and more.The production facilities of seatbelt producers are expanding to meet increasing demand for products. For example, Takata Corporation announced that the seat belt plant would expand in January 2016 with an investment of 18 million dollars.
In order to ensure compliance with the new safety regulations, industry participants test newly developed products against stringent crash tests. The growth strategies adopted by companies to increase market share are long-term contracts with car manufacturers and R&D investment to develop new products.
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