(MENAFN- GlobeNewsWire - Nasdaq) Wilmington, Delaware, United States, March 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global automotive seat belt system market stood at US$ 24.8 billion in 2022 and the global market is projected to reach us$ 36.8 billion in 2031 . The global market is anticipated to expand at a CAGR of 4.5% between 2023 and 2031.
The rising concern for the automotive seat belt system market is the presence of seatbelts that reduces the risk of fatalities by about 45% and the risk of serious injuries led by crashes by around 60% in totality.
The National Highway Traffic Safety Administration (NHTSA) has estimated that seat belts duly save more than 12,500 lives by preventing more than 300,000 serious injuries in the United States alone every particular year. The crashes led by motor vehicles are said to be the nation's leading cause of death for people aged 1-54.
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Due to rising urbanization, ongoing automotive advancements, customer demand for connectivity, and the shift to electric vehicles, the automotive industry is also at crossroads. The automotive industry is, therefore, ready to emerge when there is improvisation in the change in market conditions and safety standards. A stimulus program of US$ 266 billion was contemplated by the Indian finance ministry for 2023 to boost and also stop the decline of the auto industry.
Growth in demand for vehicles is also due to the rise in population which has increased from 7.87 billion in 2021 to 7.95 billion in 2022. Vehicle sales are not only rising due to a reduction in vehicle loan interest rates but also in the easy availability of finance with the customized financial schemes that are offered by banks, OEMs, and car dealers. An increase in the production of light commercial trucks is also estimated to push the automotive seat belt system market shortly globally.
The three-pointed segment dominated the global market of automotive seat belt system market in terms of design also maintaining its dominance during the forecast period. These three-pointed seat belts have been considered to be safe, technically advanced, and easily accessible which are dominantly preferred in passenger vehicles and light commercial vehicles, where the rising production of passenger vehicles propel the three-point design market during the forecast period.
Key Takeaways of Market Report
Provision of a quantitative analysis of the market segments, current trends, estimations, and dynamics of the active seat belt system market analysis from 2023 to 2032. The rise in concerns with the rise in the number of accidents acts as the major factor inflaming industrial growth. A growth in the automobile industry with increasing sales and production of passenger vehicles that are fuelling demand for automotive seat belt systems. Fatal car accidents are considered to be the seventh most common cause of mortality rate worldwide including young adults to adults varying in the age group of 1-54. Demand for vehicles is rising due to the cut in the vehicle loan interest rates.
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Automotive Seat Belt System Market: Growth Drivers
The rise in the number of accidents with the rise in concerns about road safety led to an industrial growth where the rise in compulsory regulations regarding the installation of seat belts in vehicles in different regions all across the globe is impacting the future of the market thus leading to the growth in sales of the automobile industry and thereby raising the demand for automotive seat belts in the production of passenger vehicles.
Automotive Seat Belt System Market : Regional Landscape
Asia Pacific is said to dominate the market where the rise in vehicle production and sales in developing nations of Asia Pacific, like China and India contribute to business growth. Manufacturers are also on the verge of launching cutting-edge seat belts for gaining additional business opportunities. Simultaneously, North America has the fastest-growing market due to the application of rigorous government policies for the safety of its passengers. Lastly, the rise in government restrictions on the usage of seat belts has also increased R&D for developing technologically advanced seat belt systems in Europe.
Automotive Seat Belt System Key Players: Competitive Analysis
Strategies:
Involves researching an organization's business environment within which it operates. Essential to formulate strategic planning for decision making and smooth working of that organization Predict future events and deduce alternative strategies if a certain plan doesn't work out as expected.
Opportunities:
Marketing: Berger paints is uplifting its game where marketing communications are concerned. With marketing, it will bolster its brand values and will thus create demand from the consumer end. Market potential is untapped: The usage of paints in Indian households is very low. So, there will be a high scope for growth in this segment. Also, the demand for paint is growing rapidly due to urbanization. New launches: Innovation and investment in their R&D to come forward with superior technology for the paint industry. They can also launch eco-friendlier paints and make them health friendly.
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Automotive Seat Belt System Market Segmentation by
Technology
Active seat belt system Passive seat belt system
Design
Two-point Three-point Four-point & Above
Component
Seat belt Reminder Retractor Seat belt pillar loop Buckle Beeper
Seat
Vehicle
Passenger vehicle Light commercial vehicle Heavy commercial vehicle
Sales Channel
Region
North America Europe Asia Pacific South America Middle East & Africa
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