Germany dominate automotive seat belt market with high revenue shares due to involvement of major car manufacturers

Seatbelts are designed to stretch at a controlled rate to absorb impact energy and reduce the severity of the occupant’s deceleration and thus reduce the risk of injury in many types of crashes.

The National Highway Traffic Safety Administration (NHTSA) reports that seat belts save more than 12,500 lives per year and prevent more than 300,000 serious injuries in the US alone.

The growing number of road accidents across the globe is a major factor driving the growth of the automotive seat belt market. Also, the increasing sales of vehicles and increasing sales of vehicles are pushing the demand for the market to grow.

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Increasing vehicle production across the world, increasing demand for better safety systems, advances in seat belt technology, and the adoption of high safety standards are driving the growth of the automotive seatbelt market over the forecast period. The market is expected to grow owing to increasing awareness among people regarding the safety and stringent safety regulations.

Governments of different countries are implementing various programs to grow consumer awareness about health and safety. This factor has a positive effect on the market. Government bodies are encouraging the use of seatbelts amid rising death toll and severe injuries in case of collision.

The light commercial vehicle segment is expected to register growth due to rising vehicle sales across globe. The proliferating logistics industry, along with increasing freight activities, is increasing the size of the fleet of light commercial vehicles.

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Incorporation of seatbelt reminders in these vehicles, coupled with the frequent launch of new models, will drive the market growth of automotive seatbelts. Moreover, the Passenger vehicle segment is also expected to show lucrative growth owing to increase in standard of living thus leading to increase in sales of vehicles.

The automotive seatbelt market is segmented on the basis of design into 2 point, 3 point, other which include 4 point, 5 point, 6 point. 3-point seatbelts dominate the market share owing to superior comfort and safety.

The seat belt is widely preferred across the vehicle type because of its advantage of a safer journey by providing a grip diagonal as well as over the lap. Moreover, the product offers flexibility in adjustment for pregnant women and children, which will boost the demand for seatbelts.

Global Automotive Seatbelt Market is experiencing massive decline as COVID-19 Outbreak

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COVID-19 will significantly impact the automotive industry. This is the most affected verticals due to the ongoing COVID-19 outbreak. The market has been significantly impacted the supply chain and product demand in the sector and is currently amidst unprecedented uncertainty.

The demand for commercial vehicles is also on the decline with the shutdown of the services. Moreover, changes in consumer buying behavior will have serious implications for the future of the market. 
 

Automotive Seatbelt Market: Regional Outlook

In Europe, Germany is the largest market and the largest contributor to the automotive seat belt market in the world due to the involvement of major car manufacturers in Germany.

The Asia region is expected to dominate the market with a high market share due to increasing vehicle sales and regulations for the installation of seatbelts in every vehicle a compulsion.

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East and South Asia's automotive industry is booming on the back of rapid urbanization in the developing economies of China, India, and South Korea. This region is the largest producer of automobiles. The rising stringent safety norms across the region will increase the demand for the seatbelts in the market.

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