Major automotive seatbelts market participants include Goradia Industries, B.K Seat Belts Co., Ltd., Tokai Rika, Continental AG, ZF-TRW, Key Safety Systems, Hyundai Mobis, Joyson Safety System, and GWR Co. among others.
Selbyville, Delaware, April 12, 2022 (GLOBE NEWSWIRE) —
The automotive seatbelts market is expected to surpass USD 23 billion by 2028, as reported in a research study by Global Market Insights Inc. Stringent regulatory norms pertaining to automobile safety across the globe will spur market growth.
The 3-point seatbelts segment accounted for approximately 85% of the revenue share in 2021 owing to the increasing adoption of 3-point seat belts in automobiles. Additionally, 3-point seat belts offer higher strap capacity and minimum clearance that will further provide a positive outlook for automotive seatbelts market expansion.
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The HCV segment is projected to reach around USD 435 million by 2028. This is mainly credited to stringent regulatory norms implemented by various authorities and governments to avoid injuries. For instance, in 2016, the U.S. Federal Motor Carrier Safety Administration mandated seat belts for drivers and passengers in HCVs, providing a positive outlook for industry expansion.
The webbing strap segment is estimated to exhibit over 3.6% CAGR from 2022 to 2028. The requirement to hold a passenger in the seat in an event of a crash or accident is driving the webbing strap industry demand. The improved strength & durability along with the availability of significant stretch flexibility plays a major role in business expansion.
The OEM segment will dominate more than 95% of the automotive seatbelts market by 2028. The mandatory requirement to use seat belts will enhance product penetration. Vehicle manufacturers are launching new vehicles with compulsory passive safety systems. Furthermore, increasing investments from OEMs focusing on passenger safety to improve active & passive safety systems in vehicles will boost the industry growth.
The automotive seat belts market in Europe is slated to observe 4.4% gains through 2028. The increasing demand for automotive seat belts in Europe is attributed to various factors such as newer government policies and the rising demand for enhanced safety among automotive customers across the region. Additionally, the improving standard of living and increasing vehicle demand act as key market drivers in the region.
Some of the major findings in the automotive seatbelts market report include:
The 3-point seat belts segment accounts for a significant share in the automotive seat belts industry.
The rising logistics & transportation industry has accelerated the demand for seat belts in HCVs. The segment is anticipated to witness 2.1% CAGR through 2028.
Key participants are continuously investing in R&D to significantly enhance their product line-up along with integrating innovative technologies into their commercial vehicles to attract customers.
The automotive seatbelts market is highly fragmented with the presence of big & small players and new entrants face a low to moderate barrier to entry owing to high initial investments, a requirement of technical expertise, and optimum supply of raw materials.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Automotive seat belts industry 360° synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 Type trends
2.1.3 Vehicle trends
2.1.4 Component trends
2.1.5 Distribution channel trends
2.1.6 Regional trends
Chapter 3 Automotive Seat Belts Industry Insights
3.2 Industry landscape, 2018 – 2028
3.3 Industry ecosystem analysis
3.4 Technology landscape
3.5 Pricing trends
3.6 Cost structure analysis
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth driver
220.127.116.11 Stringent government regulations pertaining to passenger safety
18.104.22.168 Advancements in automotive seat belt technologies
22.214.171.124 Increasing production and demand for passenger vehicles
126.96.36.199 Rising commercial vehicles demand
3.8.2 Industry pitfalls & challenges
188.8.131.52 Growing adoption of active safety system
184.108.40.206 Temporary closure of manufacturing facilities due to COVID-19
3.9 Innovation & sustainability
3.10 Growth potential analysis, 2021
3.11 Porter’s analysis
3.12 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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