(MENAFN- Ameliorate Digital Consultancy)
Increasing adoption of passenger vehicles across the globe is slated to push the automotive seatbelts industry growth over the coming years. Additionally, growing awareness about passenger safety and the introduction of several stringent road safety regulations as well as awareness programs across the globe is likely to significantly complement the market expansion over the forthcoming timespan.
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In line with growing awareness, several technological advancements are being witnesses in the field of passenger safety by automobile manufacturers. Industry players are focusing on these advancements to offer greater level of convenience while facilitating a higher level of safety, which would positively impel the market size. Taking March 2019 for instance, Tool Inc., a product design, and manufacturer firm partnered with the U.S. National Highway Traffic Safety Administration, to innovate a unique seatbelt design, ALR (Automatic Locking Retractor). This seatbelt is equipped with a safety feature that holds a child car seat in place and decrease seatbelt entrapment risk. If the seatbelt is mishandled, for instance, if a child pulls the seatbelt completely out of the retractor, the ALR device activates and locks the seatbelt in place, tightening it completely till it is reset by putting the belt back in the retractor.
According to Global Market Insights Inc., the automotive seatbelts market would likely surpass a valuation of $22.5 billion by the end of 2026.
How are the 3-point seatbelts emerging as key revenue generators for the automotive seatbelts market?
With respect to type, the market is bifurcated into 3-point and 2-point seatbelts. Of these, greater flexibility and easier operation of 3-point seatbelts are projected to foster their demand over the forecast timeframe. Higher safety and convenience offered by these seatbelts along with inertia locking belt retractor mechanism should stimulate their adoption over the forthcoming timeframe.
Moreover, the product has also been proven to offer a greater level of protection while effectively minimizing fatalities on the passengers sitting in the center rear seat across both light passengers as well as commercial vehicles, which is growing their demand in the automotive sector.
Why are automotive seatbelts witnessing increasing demand from HCVs?
In terms of vehicle type, the automotive seatbelts industry is bifurcated into light commercial vehicles (LCVs), heavy commercial vehicles ( HCVs), and passenger cars. Of these, seatbelts market is anticipated to observe tremendous demand from HCVs (heavy commercial vehicles) over the coming years. This projected growth is attributed to the rapid and continuous expansion of the global logistics sector. Furthermore, strict regulatory guidelines and norms that mandate the use of seat belts would further play a vital role in fostering segment share over the forthcoming timespan.
Citing an instance, in 2016, the U.S. Federal Motor Carrier Safety Administration devised a new law that made use of seatbelts compulsory for both passengers and drivers in HCVs.
Why is the deployment of automotive seatbelts increasing across Europe?
On the regional front, stringent regulatory norms and laws by local governments that mandate the use of seatbelts, for the rear as well as front-seat passengers, would positively impel the Europe automotive seatbelts market share. Various retrofit regulations across countries such as Italy would majorly impel the regional market share over the coming years. Additionally, an upsurge in the number of regional vehicle sales and the innovation of more safe seat belts is projected to foster the industry size throughout Europe.
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Apart from Europe, several other regions are tightening their road safety norms to reduce road accident associated fatalities. The introduction of such stringent regulations across numerous other nations is projected to impel product deployment. Taking July 2019 for instance, the Indian Government passed a law that mandated the use of seatbelts by imposing hefty fines for people caught not following the law. Such growing government initiatives are likely to shape the market landscape over the forthcoming years.
The competitive landscape of the global automotive seatbelts market is inclusive of players such as Toyoda Gosei, Takata Corporation, ZF TRW, Hyundai Mobis, Tokai Rika, Goradia Industries, Autoliv AB, BK Seat Belt, Ashimori and GWR Co. among others.
Partial Chapter of the Table of Content
Chapter 1 Methodology and Scope
1.1 Market definition
1.2 Base estimates & working
1.2.1 North America
1.2.2 Europe
1.2.3 Asia Pacific
1.2.4 Latin America
1.2.5 Middle East & Africa
1.3 Forecast calculations
1.3.1 COVID-19 impact calculations on industry forecast
1.4 Data Sources
1.4.1 Secondary
1.4.1.1 Paid
1.4.1.2 Unpaid
1.4.2 Primary
Chapter 2 Executive Summary
2.1 Automotive seat belts industry 3600 synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 Type trends
2.1.3 Vehicle trends
2.1.4 Component trends
2.1.5 Distribution channel trends
2.1.6 Regional trends
Chapter 3 Automotive Seat Belts Industry Insights
3.1 Introduction
3.2 Industry landscape, 2018 – 2028
3.2.1 COVID 19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Distribution channel analysis
3.3.2 Value chain disruption analysis (COVID 19 impact)
3.3.3 Vendor matrix
3.4 Technology landscape
3.4.1 Seat Belts Reminder System
3.4.2 Inflatable Seat Belt
3.4.3 Active Control Retractors
3.5 Pricing trends
3.5.1 North America
3.5.2 Europe
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 MEA
3.6 Cost structure analysis
3.7 Regulatory landscape
3.7.1 U.S.
3.7.2 Europe
3.7.3 China
3.8 Industry impact forces
3.8.1 Growth driver
3.8.1.1 Stringent government regulations pertaining to passenger safety
3.8.1.2 Advancements in automotive seat belt technologies
3.8.1.3 Increasing production and demand for passenger vehicles
3.8.1.4 Rising commercial vehicles demand
3.8.2 Industry pitfalls & challenges
3.8.2.1 Growing adoption of active safety system
3.8.2.2 Temporary closure of manufacturing facilities due to COVID-19
3.9 Innovation & sustainability
3.9.1 Smart Seat Belt
3.9.1.1 Intelligent Ignition System (IIS)
3.9.1.2 Attention Retention System (ARS)
3.9.2 Intelligent Seat Belt
3.10 Growth potential analysis, 2021
3.11 Porter's analysis
3.11.1 Supplier power
3.11.2 Buyer power
3.11.3 Threat of new entrants
3.11.4 Industry rivalry
3.11.5 Threat of substitutes
3.12 PESTEL analysis
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