(I-BusinessNews.Com, September 19, 2021 ) The global Vehicle Seatbelt Market is estimated to surpass $14.8 billion mark by 2026 growing at an estimated CAGR of more than 2.8% during the forecast period 2021 to 2026. The market growth is mainly driven by the factors such as seatbelt ensuring the high-level safety of the vehicle occupant as a primary restraint systemm, thus preventing major injuries during an accident or collision. Increasing utilization of inflated seatbelts, exaggerated seatbelts, also known as belt bags, are a combination of airbags and seatbelt. Belt Pro provides protection against bacteria found on the surface of the seatbelt. It can keep the body stationary and provides better comfort during sharp turns. There is high occurrence of accidents worldwide. Increasing production of vehicles and rising demand for passenger cars, automotive safety norms set up by the government of various countries and automobile standards relating to the safety of driver and passengers in vehicles. These factors are set to boost the market growth for Vehicle Seatbelt during the forecast period 2021-2026
Vehicle Seatbelt Market Segment Analysis – By Vehicle Type
The vehicle seatbelt market is segmented into passenger and commercial vehicles. The Passenger vehicles segment is expected to have highest market share during the forecasted period with 65.2% share in 2020. This is ascribed to the increasing production of passenger vehicle, which in turn is projected improve the demand of inflated seatbelts and active pre-tensioners. The Commercial vehicles are to project the equivalent growth in the forecasted period even after the government’s regulation that seatbelts are mandatory for the commercial vehicles and in turn improve the growth of the vehicle seatbelt market.
Vehicle Seatbelt Market Segment Analysis – By Seat belt design type
Three-point seat belt segment holds the major share at 24.4% in the market in 2020 and dominates the global market. This type of seat belts helps the passengers, avoid from getting injured during the collisions and accidents. Three-point seat belts help to absorb the impact during a crash. Two-point seatbelts doesn’t showcase much growth during the forecasted period as they are not providing much protection and automotive safety as compared to other seat belts. But still it is utilized in some automobiles due to its cost effectiveness.
Vehicle Seatbelt Market Segment Analysis – By Geography
APAC holds the highest market share at 35.1% in 2020 as the developing countries like India and China’s demand has increased and the production of the vehicles. Key player are focusing on introducing the advanced seatbelts to strengthen their market position. Increased disposable income is also another key factor for the increased sales of cars, which in turn improves the seatbelt market. North America is expected to be the second largest market share in the vehicle seatbelt sector. The implementation of stringent government policies for automotive safety is one of the important factors. Europe lies next with same set of factors.
Vehicle Seatbelt Market Drivers
Implementation of Strict Government guidelines
The driving factors of Vehicle Seatbelt Market include factors like prevention of the major injuries during road accidents and death caused accounts for millions of deaths each year. Worldwide, governments have implemented strict guidelines on automobile safety engineering for the installation of seat belts. The increasing adoptions of technology, inflated seat belts are accepted in both developed and developing countries as luxury cars market is growing phenomenally. These seat belts act as mini airbags and give protection to back passengers to avoid head injuries.
Growth of Automobile Industry
The rising demand for vehicles are boosting the growth of the automobile industry. The growing demand for sport utility vehicles and other passenger cars are the major factors which are driving the need for Automotive seatbelts market. The deployment of mass production techniques and the use of technology such as artificial intelligence, machine learning are further boosting the automobile industry which will in turn drive the growth of the market.
The challenges in Vehicle Seatbelt Market are high maintenance cost for the advanced seatbelt hinder the market. Technology related cost for the advanced seatbelt in manufacturing is high and also it hinders the growth of Vehicle seatbelt market. Many Low-end passenger car manufacturers cannot provide three point seatbelt as they are not cost effective which in turn affects the player sustainability in the market.
Vehicle Seatbelt Market Landscape
The market for Vehicle Seatbelt Market is consolidated with the players like ZF Friedrichshafen, Robert Bosch Gmbh, Hyundai Mobis, Tokai Rika Co., Takata Corporation. These players use Acquisition and product developments as their key strategy for the market growth.
In September 2019, ZF FRIEDRICHSHAFEN launched a new active control retractor seatbelt system. This system will alert the driver of any danger by vibrating the seat belt.
In May 2019, ZF to Acquire Software Specialist for Occupant Recognition. The development of new interior concepts for highly automated or autonomous driving include the potential for new seating positions as the driver can hand over responsibility for driving to the vehicle, either in part or in full.
Regulatory authorities have anticipated increasing the stringent and automotive safety guidelines implemented towards the seatbelts market.
Three-point seatbelts are safer than two-point seatbelts which is going to lead the market in the forecasted period.
APAC is the key market for Seatbelts as there is increase in the production of automobiles. Increased number of car sales will improve the market for the seatbelt.
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