Selbyville, Delaware, May 08, 2019 (GLOBE NEWSWIRE) --
The automotive seat belt market is poised to rise from USD 7 billion in 2018 to around USD 10 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Ongoing initiatives to minimize injury severity and fatality in a vehicle crash will support market growth over the study timeframe. The safety belts are designed to absorb the crash impact to the limit influence on occupant’s body. Automotive manufacturers are implementing multiple safety systems to ensure passenger safety. Rising adoption of safety belts is driving the product demand across the globe.
Rising awareness regarding driver and passenger safety is proliferating the automotive seat belt market demand. In 2018, NHTSA announced that the use rate of safety belts rose to around 90% and its use saved around 14,955 lives. Regulatory bodies are adopting stringent regulation to ensure occupant’s safety. In August 2018 European Union announced to adopt UNECE regulations from September 2019. The regulation mandates installation of seatbelt reminders for all front and rear seats.
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Industry participants are investing in R&D to develop biometric sensor technologies that can be incorporated in safety belt to predict cardiac arrest and prevents fatal accidents. The cardiovascular and neurological conditions are frequent causes of attacks while driving. Automotive manufacturers along with research organizations are working to develop sensors to reduce fatalities.
3-point system will showcase a significant growth in automotive seat belt market size owing to superior safety features. In February 2017, NHTSA Fatality Reporting System announced 3-point seatbelt in light trucks reduces fatalities by 75% as that of 73% in 2-point seatbelt system. Commercial vehicle manufacturers are implementing the 3-point system to enhance occupant safety.
PCV will dominate the automotive seat belt market size till 2025. This can be attributed to increasing passenger vehicle sales across the globe. Introduction of new passenger vehicle models along with advanced safety features will enhance the segment penetration. For instance, in March 2019, Tata Motors launched SUV Harrier with advanced safety features including belt reminder and airbags.
Browse key industry insights spread across 250 pages with 511 market data tables & 11 figures & charts from the report, “Automotive Seat Belts Market Size By Type (2 Point Seatbelt, 3 Point Seatbelt), By Vehicle (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles), By Component (Webbing Strap, Retractors, Buckles, Tongues, Pillar Loops), By Distribution Channel (OEM, Aftermarket) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, Netherlands, China, India, Japan, Australia, South Korea, Thailand, Indonesia, Brazil, Mexico, Argentina, Chile, UAE, Saudi Arabia, South Africa, Iran), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-seat-belts-market
Retractors component segment in automotive seat belt market will witness significant growth owing to the development of several retractors including automatic locking and Emergency Locking Retractor (ELR). The vehicle manufacturers are launching vehicles with ELR owing to the higher comfort for seat assembly. In August 2018, Renault launched KWID with the incorporation of rear ELR systems.
North America automotive seat belts market will witness significant growth during the forecast period owing to ongoing initiatives to develop efficient safety belt technologies. The program such as Small Business Innovation Research (SBIR) encourages domestic industry players to develop new designs and prototypes that enhance the safety features. Further, presence of major automotive manufacturers will enhance product demand across the region.
Major industry participants in the automotive seat belt market includes Autoliv AB, Toyoda Gosei Co. Ltd., Hyundai Mobis Co. Ltd., KSS, ZF TRW, Ashimori, and Takata Corporation. Industry players are expanding the product portfolio to serve larger consumer bases.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.