Automotive Seat Belts Market To Reach USD 7730.8 Million By 2028, Growing At A CAGR of 3.4% | Valuates Reports
The global market for Automotive Seat Belts estimated at USD 6324.8 million in the year 2022, is projected to reach a revised size of USD 7730.8 million by 2028, growing at a CAGR of 3.4% during the forecast period 2022-2028.
Major factors driving the growth of the Automotive Seat Belts market are
The demand for sophisticated safety features in passenger and commercial cars is predicted to rise along with customer awareness of safety features, which is expected to fuel the Automotive Seat Belts market expansion.
Government rules that are very strict also help the Automotive Seat Belts market to expand. Technology advancements and the availability of new, improved seatbelt systems are predicted to boost seatbelt sales. The growing awareness of road safety is driving up demand for seat belts.
Additionally, the growing number of traffic accidents worldwide has sparked worries about traffic safety, providing a significant window of opportunity for vehicle seat belt producers to expand.
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TRENDS INFLUENCING THE GROWTH OF THE AUTOMOTIVE SEAT BELTS MARKET
Seat belts are intended to keep passengers in a car from moving dangerously during an accident or an abrupt halt. Due to their crucial role in occupant safety and ability to lower the overall risk of serious injuries, seatbelts are regarded as the principal restraint device. The regular introduction of new models, simple access to financing, and numerous incentives offered by automakers to boost sales will underpin Automotive Seat Belts' market revenue. The implementation of contemporary safety features is being emphasized by automakers as a way to increase passenger automobile safety.
Due to rising public awareness of the strict safety regulations put in place by various regulatory bodies throughout the world, the automotive seat belt market is predicted to expand significantly over the projected period. Due to the increased incidence of accidents resulting in injuries and fatalities, organizations dedicated to vehicle safety, such as the Euro NCAP and NHTSA in the US, have actively encouraged the use of seat belts. The development of technically novel seat belts like active pre-tensioners, inflatable seat belts, and active seat belts has been sparked by this, according to major automobile firms. During the anticipated period, the Automotive Seat Belts market will rise as a result of rising auto sales and expanding use of improved safety measures.
AUTOMOTIVE SEAT BELTS MARKET SHARE ANALYSIS
Due to the constantly expanding automotive industry in China and India, the Asia Pacific region is a significant market for seatbelts. Over the next seven years, growth is anticipated to benefit from increased investment by major market players. Because Chinese consumers are more used to increased safety and comfort, high-performing, economical seat belt systems have been developed to fulfill customer demands.
The OEM category is expected to witness the highest growth during the forecast period. Seat belts are required to be installed in vehicles to increase safety due to the proliferation of the automotive industry and strict regulatory laws. Automobile OEMs are also motivated to use safety measures to improve their vehicles' safety ratings in order to differentiate their portfolios from rivals and boost sales. These considerations include rigorous crash tests and car assessment programs.
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Market By RegionNorth AmericaEuropeAsia-PacificLatin AmericaMiddle East & Africa
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Key playersAutolivJoyson Safety SystemsToyoda GoseiHemco IndustriesBerger GroupAshimori IndustryBeam's SeatbeltsTRW AutomotiveAPV Safety ProductsQuick fit Safety Belt ServicesKey Safety SystemsTokai Rika QssSecuronVELMgwrcoSearsseatbeltsplusmyairbagsseatbeltplanetSeatbelt Solutions
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