The market for automotive seat belts witnessed massive slowdown in its progress as a result of the spread of Covid-19 pandemic across the globe. The level of demand declined to the extreme level due to lockdown creating hurdles for the key players operating in this market. However as recovery commences in 2021, major players are recuperating their positions through production expansion, capacity utilizations and online selling in 2021 keeping in view the covid-19 norms.
Leading corporations including GWR Co., Joyson Electronics, ZF Friedrichshafen AG, Autoliv Inc., Continental AG, Goradia Industries, Elastic Berger GmbH & Co KG, Robert Bosch GmbH, Ashimori Industry Co. Ltd, Ningbo BX Automotive Co. LTD, Hemco Industries, Safety Belt Solutions Ltd, MG Seating Systems Pvt. Ltd., Seatbelt Solutions LLC, Belt-tech and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for automotive seat belts with largest market share.
For instance, Rane TRW Steering Systems Pvt. Ltd. and ZF Friedrichshafen AG announced their joint venture to open up a new facility in Tamil Nadu, India. This facility especially catered to the occupant safety products. In addition to this, the Four-Wheeler Drivers Association resumed their seat belt campaign aimed at promoting safety and further boosting the market. In Terms of growth, Germany is anticipated to hold a dominant share and will generate major revenue owing to the large number of car manufacturers. The European and North American region is projected to be lucrative through 2030 because of the emergence of new manufacturers and domestic players. All the other key regions are driving the market growth and opening various opportunities for manufacturers.
Automotive Seatbelt: Market Introduction
Seatbelts are designed to stretch at a controlled rate to absorb impact energy and reduce the severity of the occupant’s deceleration and thus reduce the risk of injury in many types of crashes. The National Highway Traffic Safety Administration (NHTSA) reports that seat belts save more than 12,500 lives per year and prevent more than 300,000 serious injuries in the US alone.
The growing number of road accidents across the globe is a major factor driving the growth of the automotive seat belt market. Also, the increasing sales of vehicles and increasing sales of vehicles are pushing the demand for the market to grow.
Increasing vehicle production across the world, increasing demand for better safety systems, advances in seat belt technology, and the adoption of high safety standards are driving the growth of the automotive seatbelt market over the forecast period. The market is expected to grow owing to increasing awareness among people regarding the safety and stringent safety regulations.
Governments of different countries are implementing various programs to grow consumer awareness about health and safety. This factor has a positive effect on the market. Government bodies are encouraging the use of seatbelts amid rising death toll and severe injuries in case of collision.
The light commercial vehicle segment is expected to register growth due to rising vehicle sales across globe. The proliferating logistics industry, along with increasing freight activities, is increasing the size of the fleet of light commercial vehicles. Incorporation of seatbelt reminders in these vehicles, coupled with the frequent launch of new models, will drive the market growth of automotive seatbelts. Moreover, the Passenger vehicle segment is also expected to show lucrative growth owing to increase in standard of living thus leading to increase in sales of vehicles.
The automotive seatbelt market is segmented on the basis of design into 2 point, 3 point, other which include 4 point, 5 point, 6 point. 3-point seatbelts dominate the market share owing to superior comfort and safety. The seat belt is widely preferred across the vehicle type because of its advantage of a safer journey by providing a grip diagonal as well as over the lap. Moreover, the product offers flexibility in adjustment for pregnant women and children, which will boost the demand for seatbelts.
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Global Automotive Seatbelt Market is experiencing massive decline as COVID-19 Outbreak
COVID-19 will significantly impact the automotive industry. This is the most affected verticals due to the ongoing COVID-19 outbreak. The market has been significantly impacted the supply chain and product demand in the sector and is currently amidst unprecedented uncertainty.
The demand for commercial vehicles is also on the decline with the shutdown of the services. Moreover, changes in consumer buying behavior will have serious implications for the future of the market.
Automotive Seatbelt Market: Regional Outlook
In Europe, Germany is the largest market and the largest contributor to the automotive seat belt market in the world due to the involvement of major car manufacturers in Germany.
The Asia region is expected to dominate the market with a high market share due to increasing vehicle sales and regulations for the installation of seatbelts in every vehicle a compulsion.
East and South Asia's automotive industry is booming on the back of rapid urbanization in the developing economies of China, India, and South Korea. This region is the largest producer of automobiles. The rising stringent safety norms across the region will increase the demand for the seatbelts in the market.
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Automotive Seatbelt Market: Competition Outlook
Major players operating in the market include
- GWR Co.
- Joyson Electronics
- ZF Friedrichshafen AG
- Autoliv Inc.
- Continental AG
- Goradia Industries
- Elastic Berger GmbH & Co KG
- Robert Bosch GmbH
- Ashimori Industry Co. Ltd
- Ningbo BX Automotive Co., LTD
- Hemco Industries
- Safety Belt Solutions Ltd
- MG Seating Systems Pvt. Ltd.
- Seatbelt Solutions LLC
Players are investing in R&D to design and develop innovative components for seatbelts to attract consumers. Automotive manufacturers are working with research organizations to develop biometric sensors to predict driver health.
The research report presents a comprehensive assessment of the automotive seatbelt market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. This automotive seatbelt market report provides analysis and information, according to market segments such as vehicle type, design type, technology, and region.
The Global Automotive Seatbelt Market Report Covers Exhaustive Analysis On:
- Market Segments
- Market Dynamics
- Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
An Adaptive Approach to Modern-day Research Needs
The Global Automotive Seatbelt Market Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (UK, Germany, Spain, France, RoE)
- East Asia (China, Japan, South Korea)
- South Asia & Oceania (India, ASEAN, ANZ, Rest of Oceania)
- MEA (GCC Countries, South Africa, Turkey, Rest of MEA)
The Automotive Seatbelt market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The global automotive seatbelt market report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The global Automotive Seatbelt market report also maps the qualitative impact of various market factors on market segments and geographies.
The Global Automotive Seatbelt Market Report Highlights:
- A Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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Segmentation Analysis of Global Automotive Seatbelt Market
Global Automotive Seatbelt Market is bifurcated into five major categories: vehicle type, design type, technology, sales channel and region.
On the basis of vehicle type, the global market for automotive seatbelt is divided into:
- Light Commercial Vehicle
- Heavy Commercial Vehicle
On the basis of design type, the global market for automotive seatbelt is divided into:
- 2 point
- 3 point
- Others (4 point, 5 point, 6 point)
On the basis of technology, the global market for automotive seatbelt is divided into:
- Inflatable seatbelt
On the basis of sales channel, the global market for automotive seatbelt is divided into:
Based on the region, the global market for automotive seatbelt is segmented as:
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
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