Automotive Seat Belts Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Italy, Russia, China, Japan, India, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development, Competitive Landscape & Forecast, 2017 – 2024
Report ID: GMI1944
Automotive Seat Belts Market size is expected to grow steadily over the forecast period of 2017 to 2024. Increasing awareness about safety, government initiatives to improve safety while driving, increasing demand for automobiles in developing regions, and strict traffic rules are the major driving forces for the automotive seat belts market share.
As per the report by National Safety Council (NSC), more than 40,000 traffic fatalities were recorded in the U.S. in 2016, which is 6% more than 2015. Increasing number of vehicle accidents has improved the awareness about driver & passenger safety, which has driven the demand for including safety belts in automobiles. Strict traffic rules for using safety systems are fueling the demand for the industry.
Several government initiatives to encourage the use of seat belts and other safety accessories are fueling the automotive seat belt market. New Car Assessment Program (NCAP) considers these products for vehicle assessment, which encourage manufacturers to develop technologically-advanced products to get higher safety ratings.
However, lower quality products resulting in severe injuries caused by this product during auto accidents and product failures are the major concerns for the market.
Increasing number of passenger vehicle production and on-road vehicles provides growth opportunities for the manufacturers in this industry.
The introduction of V2V communication and safety systems, such as ADAS, create the need for advanced technology in automotive seat belt systems. The technological advancements include inflatable seat belts, which are developed to provide the protection to occupants’ in the second and third-row seating. This product reduces the intensity of injury by distributing crash force energy across than to the occupant’s body.
Based on the product, the automotive seat belts market is divided in to belt in seat, two points, three points, four points, five points and six points belts. Three-point systems market is expected to dominate the overall industry owing to superior safety, which provides grip diagonally as well as over the lap. Moreover, the penetration of three-point belts is more compared to the other alternatives. This will boost this segment in the coming years.
By technology, the industry is classified as pretensioner, bag in belt, retractor, active seat belt, seat belt reminder system, and load limiter. Pretensioner acquired the largest share in 2016 owing to high reliability and effective performance. The growth of bag in belt segment is affected by the technical failure of the system. Seat belt reminder and load limiter protect occupants from injuries associated with the product.
Based on the vehicle type, the automotive seat belt market is bifurcated into passenger vehicles and commercial vehicles. The passenger vehicle segment is expected to acquire higher market share owing to the increasing demand for passenger vehicles across the globe. Increasing demand for compact vehicles in Europe and Asia Pacific is expected to further stimulate the demand for passenger vehicle segment.
Asia Pacific region is expected to exhibit a higher growth rate as the region is constituted by high passenger vehicle production and demand. This increasing demand for automobiles across the region will fuel the demand for automotive seat belts in the Asia Pacific region during the forecast period.
Latin America and the Middle East & Africa are expected to witness an increased demand for vehicles owing to the growing automobile industry and increasing investments by overseas companies in these regions. In the MEA, expanding luxury vehicle market will stimulate the vehicle accessory market during the forecast period.
Safety regulations fuel North America and Europe automotive seat belt market growth. In 2016, the use of automotive seat belts in the U.S. is increased to more than 90% as per the statistics reported by the U.S. Department of Transportation.
Some of the companies in automotive seat belts market are Takata Corporation, ZF TRW Automotive Holdings Corporation, Autoliv AB, Hyundai Mobis Co., Ltd., Toyoda Gosei Co., Ltd., Continental AG, Tokai Rika Co., Ltd., Robert Bosch GmbH, Denso Corporation, Key Safety Systems, Inc., and Delphi Automotive Plc. The recall of the product due to technical failure is the prime concern of the manufacturers. The companies are developing and testing the products against critical accidents to ensure the compliance with the safety regulations. Long-term contracts with automakers and new technology inclusion are the growth strategies adopted by the manufacturers to retain the market share.
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