The global automotive seat belt market is is expected to witness a significant increase in demand over the forecast period owing to growing awareness regarding safety and strict traffic rules. Seatbelt ensures the high-level safety of the vehicle occupant, thus preventing major injuries during an accident or collision. It can keep the body stationary and provides better comfort during sharp turns.
The high occurrence of road accidents worldwide is expected to drive the market over the forecast period. Government initiatives to promote the importance of seat belts are expected to play a vital role in augmenting demand. Numerous institutions including the new car assessment program provide safety ratings to cars, thus facilitating technological advancement in this field.
Increasing utilization of inflated seatbelts is expected to promote growth over the next seven years. Exaggerated seatbelts, also known as belt bags, are a combination of airbags and seatbelt. The fabric layers of the seatbelt have an airbag fixed between them, which enables better safety during driving. During a collision or crash, the bag within the belt is inflated by the gas generated in the belt, thereby safeguarding the driver and the passengers.
Belt Pro is an automobile invention that provides protection against health hazards caused by bacteria present on seat belts. This product is increasingly used in public transport including buses and cabs where numerous people use seatbelts. Belt Pro provides protection against bacteria found on the surface of the seatbelt.
Rising costs of the product are expected to hinder market growth over the forecast period. Growing demand for automotive airbags is also projected to restrict automotive seat belt market growth over the forecast period.
The market can be segmented by application as the passenger car and commercial vehicle. The passenger car segment is expected to dominate the market owing to high demand worldwide.
The market can be segmented by product design as a three-point belt segment and two-point belt segment. The three-point belt segment is expected to account for a significant share of the market. The three-point seatbelt is projected to witness a rapid increase in demand owing to high safety levels.
Pre-tensioner technology segment is estimated to dominate the overall market. A pre-tensioner is designed in such a way that it instantaneously withdraws some of the webbings of a seat belt on collision, constricting the seatbelt to confine occupants and decrease the forward movement.
Load limiters help in protecting the occupants from seat belt-imposed injury. The load limiter releases the webbing slowly so as to apply low force on the occupants’ chest.
Trade liberalization and innovation to develop superior manufacturing platform for automobiles are expected to augment the market over the next seven years. The free and open flow of capital, unrestricted movement of goods, and an increase in foreign direct investment (FDI) are expected to develop new opportunities for the market.
Asia Pacific is one prominent market for seatbelts owing to rapidly growing automotive manufacturing in China and India. Increasing investment by various market players is expected to have a positive impact on growth over the next seven years. The consumers in China are more accustomed to enhanced safety and comfort, thereby leading to the development of high performance, cost-effective seat belt systems that meet customer expectations. The market in the Middle East & Africa is also expected to witness significant growth on account of increasing purchasing power of consumers, growing standard of living, increasing vehicle demand, and supportive government regulations.
Europe is the largest manufacturer of automobiles which is expected to have a positive impact on the automotive seat belt market. The overall production of automobiles in Europe was 19.8 million units in 2013 and grew to 20.4 million units in 2014. The production of vehicles has been increasing at a significant rate thus contributing to 4.0% of the region’s GDP. In addition, R&D activity in the development of automotive vehicles is highest in Europe, which is expected to augment demand in the region. In addition, North America has been witnessing high demand on account of the early adoption of new technology and increasing vehicle sales.
Key companies include Toyoda Gosei Co Ltd, ZF TRW Automotive Holdings Corp, Denso Corporation, Takata Corporation, Continental AG, Hyundai Mobis Co Ltd, Robert Bosch GmbH and Tokai Rika CO. Ltd. Companies focus on research and development to produce innovative products in order to remain competitive in the market.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.