NEW YORK, May 4, 2021 /PRNewswire/ -- According to the latest revised report by Persistence Market Research, a research and consultancy company, the global automotive seatbelt market is expected to reach a valuation of US$ 7.5 Bn in 2021. According to the study, the market is estimated to expand at approximately 6.5% CAGR from 2021 to 2031. COVID-19 had a significant effect on the demand and sales of automotive seatbelts in 2020, which dropped dramatically. However, it is expected that the market will recover soon as get back to its original growth trajectory.
Rising demand for automotive seatbelts is the result of increased awareness about safety in the automotive industry. Increasing road accidents across the world has heightened the need for automotive seatbelts. Strict government laws and initiatives by various countries with regard to safety have boosted the sales of seatbelts. Moreover, increasing demand for passenger vehicles is adding to the demand for seatbelts, as these are used as standard equipment in passenger cars to minimize the effects of car accidents. Growth in demand also will be aided by rising urbanization and development in developing countries, as well as development in the industry and automation field.
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Key Takeaways from Market Study
- The automotive industry has grown steadily over the last decade, prospects of further expansion in the years ahead. In the near future, innovations in seatbelts are expected as the automotive industry grows.
- Leading authorities have made it mandatory to wear seatbelts while travelling in both, commercial and passenger vehicles.
- Top industry players are investing in research & development to design and develop advanced seatbelt components in order to gain more market share. Industry leaders are enhancing their safety systems to make seatbelts safer.
- North America, Europe, and Asia Pacific account for a substantial portion of the global automotive seatbelt market, owing to the presence of numerous manufacturers and a large number of vehicles in these regions.
- Because of their versatility and utility, 3-point seatbelts, retractors, and pretensioners are witnessing high demand.
- Pretensioner seatbelts are projected to hold over 27% overall market share by 2031-end.
- The market in the U.K. is projected to expand at a CAGR of around 7%, while that in the U.S. at close to 6%, through 2031.
- The market in India and China is set to surge at around 9% and 8.5% CAGR, respectively, over the next ten years.
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"Surge in demand from passenger vehicles and increased awareness toward vehicle safety in recent years are expected to provide an impetus to sales of automotive seatbelts," says a Persistence Market Research analyst.
At both, regional and global levels, the market is fiercely competitive highly consolidated. Some of the key players included in the report are Autoliv, Joyson, ZF Ag, Tokai Rika, Ashimori, and Faurecia. In terms of sales, the market's top corporations hold a significant share. These businesses have a global brand presence due to their adherence to government guidelines and regulations.
To increase their market share, leading manufacturers are focused on improving existing products and launching new products. Seatbelt manufactures work with vehicles manufacturers to design custom solutions for varying needs. To attract customers, industry players are investing in R&D to design and improve innovative seatbelt components. Key players are focusing on increasing the production capacity of their plants in developing countries to gain a competitive advantage in this space.
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Demand for automotive seatbelts has shown significant growth over the years, and manufacturers are aiming to make seatbelts even safer by introducing new technology and also improving existing technology. North America, Europe, and Asia Pacific account for a substantial portion of the global market.
More Valuable Insights
The research report analyzes demand trends for automotive seatbelts. The global market report is based on the COVID-19 impact, macroeconomic factors, market trends, and market background. As per Persistence Market Research's scope, the market studied and analyzed on segments such as vehicle, design, technology, and region. The report gives qualitative and quantitative information about automotive seatbelt companies. The report also tracks the market from both, supply side and demand side.
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