The automotive seatbelts market size is prognosticated to reach USD 14.37 billion by the end of 2025, on account of the increasing number of road accidents tantamount to rising number of deaths worldwide. In a Fortune Business Insights report titled, “Automotive Seat Belts Market Size, Share & Industry Analysis, By Type (two-point, three-point, others), By Vehicle (Passenger Cars, Commercial Vehicle), and Regional Forecast, 2019-2025” the market size was USD 10.37 billion in 2018. The report foretells the market to exhibit 4.9% CAGR during the forecast period set from 2019 to 2025.
An automotive seat belt is the most important component of any vehicle. It is designed to protect the passengers against any collision in case of accidents. This is done by ensuring minimum contact between the occupant with the vehicle so that the passenger does not get thrown out of the vehicle in case of sharp turns and accidents. The World Health Organization states the major reason why people survive accidents is because they had their seat belts on. Passengers not using seat belts are more prone to suffer from the frontal crash and have a high risk of fatal injury.
To get a detailed report summary and research scope of this market, click here:
Major factors boosting the automotive seat belts market growth include a rise in awareness about people’s safety, stringent traffic rules set by governments, and increasing popularity and purchase of vehicles around the world. Manufacturing companies are focusing on equipping advanced seat belts such as active pre-tensioners, active seat belts, and inflatable seat belts in the new vehicle models with the help of advanced safety technology. This, in turn, will increase the automotive seat belts market revenue in the future.
Key Segments of Automotive Seat Belts Market
- Type: In terms of type, the market is classified into three-point, two-point, and others. With a 96.5% share, the three-point seat belt segment earned the highest Automotive Seat Belts Market share in 2018. This is because three-point seat belts provide support to the upper body and pelvis area of the passenger thus, preventing injuries during a crash. On the other side, the two-point seat belt segment may show a sluggish growth rate because of its declining application in modern-day automobiles. In addition to this, occupants using two-point seat belts are more prone to abdominal and lumbar spine injuries since these seat belts are incapable of providing any protection to the shoulders.
- Vehicle: On the basis of vehicle type, the market is segmented into commercial vehicle and passenger cars. Among these, the passenger car segment is expected to dominate the market on account of the surge in the production of passenger cars, SUVs, premium cars, luxury cars and others globally. Owing to the factors mentioned above this segment is likely to continue dominating the market in the forthcoming years as well. On the other side, the commercial car segment is anticipated to witness a sluggish growth owing to the stringent traffic regulations imposed by governments for the safety of passengers.
- Geography: From a geographical perspective, the global automotive seat belts market is dominated by Asia Pacific on account of the surge in vehicle production and sales in developing nations such as China and India. Manufacturing companies in this region are emphasizing on the development of advanced seat belts for strengthening their market position and gaining a competitive edge in the market. Accelerating disposable incomes of consumers in this region is anticipated to increase the sale of passenger cars. This, in turn, is foreseen to increase the regional Automotive Seat Belts Market growth in the future. On the other side, North America is projected to emerge as the second-largest market for automotive seat belts on account of strict government policies in terms of passenger safety. Different safety programs such as the 5-star safety rating program are introduced by the regional government in order to enhance the safety of the occupant, and this, in turn, is likely to help increase the automotive seat belts market size in the forthcoming years.
Recent key industry developments of the automotive belt market include:
- September 2018 –A new active control retractor seat belt system was launched by ZF FRIEDRICHSHAFEN AG. This system has a compact design, is lightweight, and offers advanced functions such as alerting the driver of any potential danger by vibrating and tightening of the seat belt.
Collaborative Partnerships to Help Companies Strengthen their Base and Collectively Earn Market Revenues
Vendors operating in the automotive seat belts market are focusing on entering into strategic collaborations to complete their future vision of mobility collectively. For instance, General Motors and Honda entered into a partnership wherein the latter will invest about USD 2.75 billion in the cruise automation technology of General Motors. Such strategies will bode well for the market in the future.
List of significant players operating in the automotive seat belts market are mentioned below:
- Robert Bosch GmbH
- GWR Co.
- General Motors
- Hyundai Mobis Co. Ltd
- Goradia Industries
- Ashimori Industry Co. Ltd
- AB Volvo
- ZF FRIEDRICHSHAFEN AG.
The global automotive seat belts market can be categorized in the following manner:
Volume ( Million Units) & Value (USD Million/Billion)
By Vehicle Type
- Passenger Cars
- Commercial Vehicle
- North America (U.S., Canada, Mexico)
- Europe (U.K., Germany, France, and the Rest of Europe)
- Asia Pacific (Japan, China, India, South Korea, and the Rest of Asia Pacific)
- The Rest of the world