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The global automotive seat belts market size was USD 10.37 billion in 2018 and is projected to reach USD 14.37 billion by 2025, exhibiting a CAGR of 4.9% during the forecast period.
The automotive seat belt is a vital component in a vehicle. Seat belt is designed in such a way that it helps to avoid severe injuries to the occupants in case of collision. Automotive seat belt ensures that a very less contact is made between the vehicle and the occupant and significantly lowers the risk of occupants being thrown out from the vehicle in case of accidents. They also help to keep the user intact in the same position especially during sharp turns. As per the World Health Organization, wearing seatbelts has minimized the risk of fatalities, especially among drivers and co-drivers. Whereas passengers who do not wear seat belts are more prone to frontal crash and have high chances to suffer from fatal injuries.
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The automotive seat belts market is expected to grow during the forecast period owing to increasing awareness among people regarding the safety and stringent safety regulations. Governing bodies worldwide have actively promoted the use of seat belts amid rising death toll and severe injuries in case of a collision. This has encouraged automotive companies to equip technologically advanced seat belts such as inflatable seat belts, active seat belts, and active pre-tensioners. Rising sales of the vehicles and increasing adoption of advanced safety technology have also influenced automotive seat belts market growth in the forecast period.
“Stringent Government Regulations Regarding Occupant’s Safety is Expected to Drive the Market”
Road accidents are one of the leading cause for deaths worldwide and is much higher than Diarrhoeal, HIV-AIDS, and Tuberculosis disease. Taking into consideration the alarming number of deaths caused by road accidents across the world, governments have imposed strict regulations on automobile manufacturing for the installation of seat belts in vehicles. Ruling organizations worldwide have come up with stringent regulations to minimize the number of death tolls because of users not wearing restraints. Automotive companies are coming up with an advanced sensor, notifying the driver to put on seat belt while driving.
“Increasing Adoption of Inflated Seat Belts and Active Pre-tensioners to Drive the Market”
Inflated seat belts and active pre-tensioners are expected to drive the market. Rising adoption of advanced seat belts in developing as well as developed countries owing to increasing demand for luxury cars is expected to drive the market. These inflated seat belts act as mini airbags and give protection to rear passengers to avoid head injuries caused by front seats in case of collision. Inflated seat belts act as a cushion to fragile bones of adults and children, further helps to avoid breaking or fracturing of collar bones. The rising demand for installation of inflated seat belts in passenger cars, especially in luxury vehicles is expected to increase the automotive seat belts market size in the forecast period.
“Three-Point Seat Belts to continue dominating the seat belts market”
Based on seat belts type, the market has been segmented into two-point, three-point, and others. The three-point seat belt segment holds the major automotive seat belts market share and is anticipated to dominate the global market during the forecast period. This type of belt provides support to passenger’s pelvis and upper body and helps to reduce injuries of the passenger. Along with providing support to the occupant's body, three-point seat belts also help to absorb the impact during a crash.
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Two-point seat belt segment is expected to decline during the forecast period owing to less applicability in modern-day automobiles. Occupants are prone to injuries such as fracture of the lumbar spine and abdominal injuries, as these seat belts do not provide protection to the shoulders. The other seat belts types such as the four-point seat belts are gaining increased installation, especially in performance vehicles and motorsports.
“Passenger Vehicle Segment to Show Rapid Growth Over the Forecast Timeframe”
By vehicle type, the market is segmented into passenger cars and commercial vehicles. Passenger car segment is anticipated to hold the majority of share owing to the rising production of passenger cars. Increasing production of passenger cars such as SUVs, luxury, and premium cars is projected to boost the market for inflated seat belts and active pre-tensioners market. The commercial vehicle segment is also anticipated to show good growth owing to stringent government regulations on the use of safety features. For example, on 6th July 2016, FMCSA made changes in federal motor safety regulations by making it a mandate to use seat belts when commercial vehicles are operating on public roads.
Asia Pacific is expected to dominate the market over the forecast period owing to an increase in vehicle production and sales in developing countries such as India and China. Manufacturers in this region are focusing more on the introduction of advanced seat belts, aiming to strengthen their market position and having a leading edge. Rising disposable income of consumers is expected to increase the sale of passenger cars which, in turn, would drive the automotive seat belt market growth of the region.
Europe Automotive Seat Belts Market Size, 2018
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North America is expected to be the second-largest market. One of the primary automotive seat belts market trend is the implementation of stringent government policies towards the safety of the passengers in this region. Various safety programs such as 5-Star Safety Ratings Program, to enhance the occupant’s safety are also expected to attract high automotive seat belt market revenue to the region.
Europe is anticipated to show good growth over the forecast period. Stringent government regulations for the use of seat belts is expected to boost the market in this region. Additionally, massive investment in R&D by major key players in this region has helped to manufacture technologically advanced systems. Europe is anticipated to witness steady growth owing to the early adoption of advanced active safety features such as inflated seat belts and active pre-tensioners systems.
“General Motors to Strengthen its Market Position by Collaborating with Honda”
In October 2018, General Motors and Honda announced partnership to develop advanced batteries including enhanced chemistry components, modules, and cells. Additionally, Honda announced to invest USD 2.75 billion in GM Cruise Automation. This collaboration is expected to strengthen the market position of General Motors.
The rising adoption of safety and protection systems, coupled with the launch of new products based on advanced technologies, is expected to boost the global automotive seat belts market growth.
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Along with this, the report provides an elaborative automotive seat belt market analysis of the global market dynamics and competitive landscape. Various key insights presented in the report are recent industry developments such as mergers & acquisitions, the regulatory scenario in crucial countries, technological advancements in safety features, key strategies adopted by market leaders, competitive landscape and company profiles.
Volume ( Million Units) & Value (USD Million/Billion)
By Vehicle Type
Fortune Business Insights says that the market was at USD 10.37 billion in 2018 and is projected to reach USD 14.37 billion by 2025.
In 2018, the market was at USD 10.37 billion.
Growing at a CAGR of 4.9%, the market will exhibit steady growth in the forecast period (2019-2025)
The seat belts type segment is expected to be the leading segment in this market during the forecast period.
Stringent regulations regarding occupant safety is the key factor that is driving the global market.
ZF FRIEDRICHSHAFEN AG, Hyundai Mobis, are the top players in the market.
Asia-Pacific is expected to hold the highest share in the global market.
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