Portland, OR, Sept. 15, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart seat belt technology market was estimated at $19.3 billion in 2021 and is expected to hit $36.8 billion by 2031, registering a CAGR of 6.5% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market. The report is exclusively meant to help the readers with a comprehensive valuation of industry analysis and trends.
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Smart Seat Belt Technology Industry Report Coverage & Details:
| Report Coverage | Details | |
| Forecast Period | 2022–2031 | |
| Base Year | 2021 | |
| Market Size in 2021 | $19.3 Billion | |
| Market Size in 2031 | $36.8 Billion | |
| CAGR | 6.5% | |
| No. of Pages in Report | 380 | |
| Segments Covered | Type, Sales Channel, Vehicle Type, Propulsion, and Region. | |
| Drivers | Increase in consumer awareness toward automotive safety and rise in number of road accidents | |
| Restraints | High initial cost and software failures associated with automotive sensors | |
| Opportunities | Surge in automotive safety norms | Increase in vehicle production in developing countries |
Covid-19 scenario-
- Sales and aftersales services of the automotive industry were severely hit by the pandemic, giving way to rise in adoption of cost-cutting measures by the automotive companies such as decreasing operational costs and workforce across the world, which impacted the global smart seat belt technology market negatively.
- However, as the automotive manufacturing and sales operations got back to normalcy, the global market for smart belt technology also started restoring at a quick pace.
The global smart seat belt technology market is analyzed across type, sales channel, vehicle type, propulsion, and region. The report takes in an exhaustive analysis of segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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Based on type, the active seat belt segment contributed to nearly three-fourths of the global smart seat belt market revenue in 2021, and is expected to dominate by 2031. The attention retention system (ARS) segment, on the other hand, would showcase the fastest CAGR of 12.0% throughout the forecast period.
Based on sales channel, the original equipment manufacturer segment accounted for nearly two-fifths of the total market revenue in 2021, and is expected to dominate by 2031. The aftermarket segment, simultaneously, would cite the fastest CAGR of 9.7% throughout the forecast period.
Based on vehicle type, the passenger vehicles segment held nearly three-fifths of the total market revenue in 2021, and is expected to dominate by 2031. The heavy commercial vehicles segment, simultaneously, would cite the fastest CAGR of 7.3% throughout the forecast period.
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Based on region, the market across Europe generated around one-third of the total market revenue in 2021, and is anticipated to retain the lion’s share by 2031. The same region would also showcase the fastest CAGR of 7.4% during the forecast period. The other regions studied in the report include North America, LAMEA, and Asia-Pacific.
The key market players analyzed in the global smart seat belt technology market report include Far Europe Inc., GWR Safety Systems, HYUNDAI MOBIS, ITW Safety, Joyson Safety Systems, TOKAIRIKA, CO, LTD., ZF Friedrichshafen AG, DENSO CORPORATION, Autoliv Inc., Ashimori Industry;Co., Ltd, Yanfeng, Samsong, GWR, FinDreams (BYD), and CONTINENTAL AG. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance, product portfolio, operating segments, and developments by the top players.
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Similar Reports We Have on Seat Belt Industry:
Active Seat Belt System Market by Component (Retractors, Pretensioners, Buckle Lifters), by Application (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), by Sales Channel (Oem, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020-2030.
Seat Belt Retractor Market by Type (Belt-in-seat, Six-point belt, Five-point belt, Four-point belt, Three-point belt, and Two-point belt), by Technology (Emergency locking Retractor, Automatic locking Retractor, and Switchable Retractor), by Seat (Front and Rear), and Vehicle Type (Passenger Vehicle, Commercial Vehicle, and Electric Vehicle): Global Opportunity Analysis and Industry Forecast, 2020–2030.
Automotive Safety System Market by Type (Active safety system and Passive safety system) and Application (Internal Combustion Engine (ICE) Vehicles, Electric Vehicles and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.
Automotive Safety Electronics Market by Component (Electronic Control Unit, Sensors, Current Carrying Devices, and Other), Sales Channel (Original Equipment Manufacturer (OEM), and Aftermarket), and Application (ADAS, Infotainment, Body Electronics, Safety Systems, and Powertrain Electronics): Glob al Opportunity Analysis and Industry Forecast, 2021–2031.
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