Automotive Seatbelt Market size to hit $22.5 Bn by 2026
Published Date: July 21, 2020 Authors: Kiran Pulidindi, Akshay Prakash
Automotive Seatbelt Market size is poised to exceed USD 22.5 billion by 2026, according to a new research report by Global Market Insights, Inc.
Rising government support towards the concept of autonomous vehicle coupled with increasing requirement for safer vehicles has encouraged several automotive industry participants to install seatbelt reminders in their vehicles. Additionally, multiple incentives and tax benefits offered by regional government for increasing electric vehicle adoption will escalate the vehicle sales, thereby enhancing the automotive seatbelts industry growth.
2-point seat belts segment will witness around 5% CAGR during 2020 to 2026 owing to cost effective ownership when compared to 3-point seat belt. 2-point seat belts are available in custom lengths and system variations, such as chrome lift latch, providing positive outlook for segment demand.
However, higher risk of injuries associated with this type of seat belts compared with 3-point seat belts will restrict the market growth. Presence of automatic & emergency locking retractor in 2-point seat belts along with auto adjustable solutions and options for minimum weight & space requirements supporting extra comfort during long rides will surge the revenue generation.
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Browse key industry insights spread across 250 pages with 514 market data tables & 11 figures & charts from the report, “Automotive Seat Belts Market Size By Type (2-Point Seatbelts, 3-Point Seatbelts), By Vehicle (Passenger Cars, LCV, HCV), By Component (Webbing Strap, Retractors, Buckles, Tongues, Pillar Loops), By Distribution Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
Safety norms to passenger cars penetration
Passenger cars vehicle segment was accounted for 70% market share in 2019 owing to the increasing launches of new vehicle models by automotive OEMs. Several vehicle manufacturers are focusing on enhancing passenger cars safety with the incorporation of advanced safety features. For instance, in March 2019, Tata Motors announced that company secured 5-star rating for Nexon SUV and is now planning to build vehicles with all passive safety features.
Automotive seatbelt tongue market is expected to achieve significant growth during 2020 to 2026 driven by the increase in the manufacturing of vehicles. Further, stringent regulatory norms mandating the installation of safety equipment in vehicles, will provide a positive outlook for the industry expansion.
Increasing vehicle production from emerging nations to escalate revenue generation from OEM
Rising automotive production and regulations mandating the fitment of seat belts to promote safety will drive automotive seatbelt market demand. Factors such as, stringent crash tests and car assessment programs are encouraging automobile OEMs to adopt stringent safety measures to enhance the safety rates of their vehicles, thus differentiating their portfolio from competitors.
Passenger safety programs in North America to surge product demand
North America automotive seatbelt market share was around 25%in 2019. Several safety programs including 5-Star Safety Ratings Program to enhance the rear seat passenger safety will support product demand in the region. Moreover, growing awareness regarding the importance of implementing passive safety systems and rapid urbanization acts as key driver for automotive seatbelts demand in the region.
Investment in product innovation and advancement to enhance competition
Industry participants are developing advanced seatbelts technologies that combine airbag and seatbelts system to offer the additional level of passive protection during crash incidents. Innovations, such as inflated seat belts, reduce the pressure on occupant’s chest by distributing the crash force energy across than to the occupant’s body. Major automotive seatbelt market participants include, Ashimori, Autoliv AB, BK Seat Belt Co. Ltd, GWR Co., Hyundai Mobis, Goradia Industries, Tokai Rika, Co, Ltd, Takata Corporation, ZF TRW, and Toyoda Gosei.