Some of the significant players in the Automotive Seat Belts Marketinclude:
- AB Volvo
- General Motors
- GWR Co.
- Robert Bosch GmbH
- ZF FRIEDRICHSHAFEN AG.
- Ashimori Industry Co. Ltd
- Hyundai Mobis Co. Ltd
- Goradia Industries
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The global automotive seat belts market size is projected to rise considerably during the forecast duration owing to the increasing importance of road safety worldwide. In a report titled, “Automotive Seat Belts Market Size, Share and Industry Analysis, By Type (two-point, three-point, others), By Vehicle (Passenger Cars, Commercial Vehicle), and Regional Forecast, 2019-2025,” Fortune Business Insights presents a 360-degree overview of the market.
As per the report, the automotive seat belt market is expected to be worth USD 14.37 billion by the end of 2025 from 2018. The forecast period is set from 2019 to 2025 and the market is prognosticated to rise at a CAGR of 4.9%. As per current automotive belts market trends, the market is categorized on the basis of type and vehicle type. As per vehicle type, the market is dominated by the passenger car segment on account of the rise in the production of passenger cars such as luxury cars, SUVs, premium cars, and others.
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The report offers a comprehensive overview of the automotive seat belt market, primarily focusing on growth drivers and restraints. Names of players operating in the market are mentioned with key industry developments. It also puts special emphasis on key insights, interesting information of product launches in the recent past, and upcoming opportunities and challenges of the automotive seat belts market. Various strategies adopted by players such as mergers and acquisitions, investments in research and development, company collaborations, and others are listed in the report. The information present in this report will help stakeholders to make business decisions.
Stringent Regulations Imposed on Road Safety to Aid in Expansion of Market
The increasing number of road accidents all around the globe is a major factor boosting the market for automotive seat belts. Besides this, the surge in the number of accidental deaths worldwide is expected to promote the automotive seat belt market growth in the forthcoming years. Seat belts are used for keeping the passenger intact, thereby preventing them from tripping off the vehicle in cases of sharp turns or accidents. The World Health Organization states that the maximum number of passengers in car accidents escape fatal injuries because of wearing seat belts. Passengers not wearing seat belts are more prone to suffer from frontal crash and suffer from fatal injuries. The increasing awareness about using seat belts is yet another driver for increasing the market share in the years to come.
Moreover, stringent regulations imposed by governments regarding road safety and implementing compulsory rules of using seat belts while driving are further expected to bode well for the automotive seat belt market in the future.
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Asia Pacific to Dominate Market Owing to Rise in Production and Sale of Vehicles
Fortune Business Insights projects Asia Pacific to earn the maximum automotive seat belt market share in the past owing to the surge in production and sales of vehicles especially in the emerging nations such as China and India. Increasing disposable incomes of people is further prognosticated to help increase the passenger car sale, and this will ultimately help the regional market continue dominating in the coming years.
On the other hand, strict government rules and regulations imposed on the use of seat belt in Europe is anticipated to help this region witness remarkable automotive seat belt market growth in the coming years. Moreover, huge investments in research and development by significant market vendors will help manufacturers develop technologically advanced systems. The early adoption of such advanced active safety features such as inflated seat belts, active pre-tensioners systems and others will help to earn high automotive seat belt market revenue in the future.
Key Industry Developments
Some of the key industry developments in the automotive seat belt market include:
Oct 2018 Honda and General Motors entered into a partnership for the development of advanced batteries that includes enhanced chemistry cells, modules, and components. Moreover, Honda announced an investment of USD 2.75 billion in GM Cruise Automation. This collaborative strategy is anticipated to strengthen the market position of General Motors.
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