According to the US department of Transportation, there were over 33,654 motor crashes in United States in 2018, leading to over 36,000 deaths. Moreover, this amounts to over 11.2 deaths per 100,000. Moreover, despite rising awareness about the benefits of seat belt wearing, New Hampshire witnessed just 76% compliance, resulting in 71 deaths among unrestrained occupants, as opposed to 29 deaths among restrained occupants of vehicles. According to the President of National Council for Safety, “The death toll of 38,000 is unacceptable. Roadway deaths can have prevented by doubling down on what works, embracing technology advancements, and creating a culture of safer driving.” The gigantic death toll due to road-crashes in the US, growing advancement in automotive technology, and promising benefits such as mandatary compliance will drive major growth for the automotive seat belt market.
Rise of Electric Vehicle Will Remain a Key Opportunity for Growth
Thanks to rising demand for sustainable fuels, and advancement in electrical vehicle technology, e-vehicles will likely to occupy the roads globally in the near future. International Energy Agency estimated that the sales for electric vehicles topped 2.1 million globally in 2019. Moreover, the rise in sales amounted to 40% year-on-year growth, and is projected to reach 3% total passenger vehicle market in 2020. Furthermore, China has become home to more than half a million electric buses with number of cities reporting fully electric or near-fully automated bus systems on display. The rising electrification of public, and private transport will remain a major boon for growth for automation.
In 1960s, only 1% of car components remained electric. However, in 2010, over 30% component are electric, necessitating the use of advanced computers to deliver an array of features including satellite navigation, array of sensors, and networking. The growth in electric vehicles is a promise for the automation of vehicles to provide more safety for all drivers on the road.
OEM remain Key to Drive Growth as Costs for Electric Adoption Remain High
OEM promise to provide in-built safety for next-gen cars. Thanks, to the rising costs of electric vehicle costs, due to lack of subsidies, and growing awareness about road-crashes, the pressure on OEMs to install Automotive seat belt market will rise in near future. Moreover, in countries like the US, wearing seat belts is often tied into paying low-insurance costs for vehicle-owners. The auto insurance cost remain a major promise for growth, as their mandatory rules to wear seat-belts expansion among 90% of the US population. The rising comfort among US population with seatbelts, growing awareness about driving, and growing demand for electric vehicles will remain a major promise for growth for the automotive seat belt market.
Demand for Vehicles Promise to Rise As Covid-19 Pandemic Subsides
According to the International Energy Agency, over 9 million consumers delayed their purchase in 2019. The key reasons for delay in purchase remained horizon of futuristic, but high-cost electric vehicle, pending regulations like Bs-6, and financial difficulties due to the pandemic. As the pandemic subsides, the demand shows promise for expansion. The influx of low-cost electric vehicles from China, growing seriousness on part of government to legislate technological advancement, and low-cost automotive seat belt offering promise to drive robust growth for the market during the forecast period.
The key players of this market are oyoda Gosei Co Ltd, ZF TRW Automotive Holdings Corp, Denso Corporation, Takata Corporation, Continental AG, Hyundai Mobis Co Ltd, Robert Bosch GmbH, Tokai Rika CO. Ltd. and others.
The Automotive Seat Belt Market is Segmented as Below:
Light Commercial Vehicles
Heavy Commercial Vehicles
By Distribution Channels
Rest of Europe
Rest of APAC
Rest of South America
Middle East & Africa
Rest of MEA
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