The automotive industry is currently prospering, not just in the emerging economies wherein purchasing power of urban population has increased but also in the developed regions since the advent of electric vehicles (EVs). However, automotive are also the cause of numerous fatalities and a number of governments across the world have introduced guidelines for the manufacturers to install adequate safety measures into their products. Seat belts, first made mandatory by the US Law in the state of New York in 1984, have evolved exponentially in the past couple of decades and are now regarded as a basic safety measure than can reduce chances of crash deaths by half. Several governments have followed the suit of the US Law and technological advancements have made seat belts highly affordable. During the forecast period of 2017 to 2021, this report on the global automotive seat belt market has projected the demand to expand at a CAGR of 8.2% and estimated it to be worth US$ 19,457.3 Mn by the end of 2021.
The introduction of European New Car Assessment Program (Euro NCAP) that rates vehicles in terms of safety standards has gained strong popularity in the recent past. Along similar lines, North America has the National Highway Traffic Safety Administration (NHTSA), China has C-NCAP that is administrated by CATARC, and India has Society of Indian Automotive Manufacturers (SIAM). In addition to these safety regulations, increasing production of passenger vehicles, strict traffic rules, advancements such as inflatable seat belts that provide protection to passengers in second and third rows of a vehicle are some of the other factors augmenting the demand in the global automotive seat belt market.
Passenger Vehicles Provide for Maximum Demand
Based on vehicle type, the automotive seat belt market has been segmented into passenger car and commercial vehicle. The commercial vehicle segment is further sub-segmented into light commercial vehicles, heavy trucks, and busses and coaches. Currently, the passenger car segment provides for more than two-third of the total demand, which is a reflection of stringent government regulations and growing awareness among consumers for on-road safety measures. In the near future, manufacturers are expected to focus on producing low-cost safety systems and emphasize on rear passenger seat belts.
Three-point Belts Key Design-type Segment
Based on design type, the market for automotive seat belt market has been bifurcated into two-point seat belts, three-point seat belts, four-point seat belts, five-point seat belts, six-point seat belts, and belt-in-seat. In the current scenario of the market, the demand is strongest for the three-point seat belt, although the overall dominance of this segment is projected to decline slightly over the course of the forecast period of the report. Three point seat belt systems offer diagonal as well as over the lap grip to the occupants, and are primarily integrated into passenger vehicles.
Pretensioner Emerging as Most Profitable Technology
Technology-wise, the automotive seat belt market has been categorized into active seat belt, pretensioner, retractor, bag-in-belt, load limiter, and seat belt reminder system. Among these, retractor and pretensioner are the two technologies are in high demand, although the latter is poised for moderately better future prospects. Pretensioner offers effective performance as well as reliability.
Asia Pacific Highly Profitable Region
Geographically, Asia Pacific is the most lucrative region in the global automotive seat belt market, both in terms of value and volume. The Asia Pacific automotive industry is booming on the back of rapid urbanization in the emerging economies of China, India, and South Korea. While the China Automotive Technology and Research Center has set stringent regulations for the manufacturers, the Indian Ministry of shipping, road transport, and highways keep a tap on road fatalities.
Global Automotive Seat Belt Market: Overview
This report analyzes and forecasts the market for automotive seat belt drive at the global and regional level. The market has been forecast based on revenue (US$ Mn) and volume (Units Mn) from 2017 to 2021. The study includes drivers and restraints of the global automotive seat belt market. It also covers the impact of these drivers and restraints on demand for automotive seat belt during the forecast period. The report also highlights opportunities in the automotive seat belt market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global automotive seat belt market. Porter’s Five Forces model has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, where in end-users are benchmarked based on their market size, growth rate, and general attractiveness.
Global Automotive Seat Belt Market: Segmentation
The study provides a decisive view of the global automotive seat belt market by segmenting it in terms of vehicle type, technology, design type, and region. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for automotive seat belt in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual application segments in all the regions.
Global Automotive Seat Belt Market: Key Research Methodologies
The report provides the estimated market size of automotive seat belt for 2016 and forecast for the next seven years. The global market size of automotive seat belt has been provided in terms of revenue and volume. Market numbers have been estimated based on key technology, vehicle type, design type, and regional segments of automotive seat belt market. Market size and forecast for each major system type, technology, and vehicle type have been provided in terms of global and regional/country markets.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, National government documents, statistical databases, and market reports, American Automobile Association, European Automobile Manufacturers Association, Automotive Research Association of India, Organisation Internationale des Constructeurs d'Automobile (OICA), Factiva, etc.
Major players are focusing on research and development activities in order to introduce innovative products in order to gain a competitive advantage in the market.