The Global Automotive Seat Belt Market size is estimated to grow at CAGR above 6.2 % over the forecast time frame 2019-2026 and reach the market value around USD 10.1 billion by 2026.
Increasing vehicle production and the increased demand for passenger cars are a major driver on the car belt market. Moreover, the development of a global automotive seatbelt market is driven by the government of various countries ' strict safety standards and the automotive standards for safety of drivers and vehicle passengers. In addition, during the forecast period, growth in the automotive sector and increasing investments in automotive seating belts worldwide will have a significant impact in the market.
Continuous initiatives aimed at minimizing vehicle crash injury and fatality will support market growth over time. The safety belts are intended to absorb the impact on the occupant's body to the limit. Multiple safety systems are implemented by automotive manufacturers for passenger safety. The increasing use of safety belts drives the demand for the product worldwide.
The market demand for automotive seatbelt is increasing awareness regarding driver and passenger safety. In 2018, NHTSA announced a rise in safety belts to around 90% and a life-saving utilization of about 14,955. In order to ensure occupant safety, regulatory bodies adopt stringent regulations. The EU announced in August 2018 the adoption in September 2019 of the UNECE rules. The regulation requires seatbelt reminders to be installed for all front and rear seats.
In order to prevent fatal accidents and prevent biometric sensor technologies, participants in the industry are investing in R&D. Heart and neurological conditions are frequent causes of driving attacks. Automotive manufacturers are developing sensors to reduce fatality, along with research organisations.
Due to the superior security features, the 3-point system shows significant growth of the market size of the car seat belts. In February, NHTSA announced in light weight trucks that the 3-point seatbelt reduces deaths by 75% as the seatbelt system reduced 73%. The 3-point system is implemented by commercial vehicle manufacturers to improve employees safety.
The automotive seat belt market will be dominated by PCV by 2026. The increase in sales of passenger cars around the world can be attributed to this. The introduction of new models of passenger cars and advanced safety characteristics will increase the penetration into the segment. Tata Motors for example launched the SUV Harrier in March 2019, featuring advanced safety features, including band memory and airbags.
A significant growth will be observed in the automotive seatbelt component segment as several retractors have been developed, including automated lock and emergency locking retractor (ELR). Due to the greater comfort for seat assembly, the automakers launch vehicles with ELR. With the incorporation of rear ELR systems in August 2018, Renault launched KWID.
Due to ongoing efforts to develop effective safety belted technology, the automotive seat belts market in North America will see significant increase during the forecast period. The Small Business Innovation Research (SBIR) program encourages domestic industry players to develop new designs and prototypes to improve safety. In addition, the presence of leading automakers will increase demand for the region's products.
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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