DUBLIN--(BUSINESS WIRE)--The "Global Smart Seat Belt Technology Market Size, Share & Industry Trends Analysis Report by Propulsion, Sales Channel, Vehicle Type, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Seat Belt Technology Market size is expected to reach $27.9 billion by 2028, rising at a market growth of 6.5% CAGR during the forecast period.
Several aspects including rising consumer awareness of car safety and a rise in traffic accidents are expected to spur market expansion for smart seat belt technology. Additionally, the sector for smart seat belt technology is anticipated to benefit from a rise in automobile safety standards and increased vehicle production in emerging nations in the near future.
If nations' manufacturing and production standards were to adhere to a number of UN vehicle safety criteria, many lives may be saved. They demand that manufactures ensure that almost all vehicles have seat belts and airbags. Road accidents considerably raise the danger of internal and external injuries if these fundamental prerequisites are not met.
On the other hand, rising consumer disposable income is boosting demand for luxury automobile sales, which are characterized by enhanced safety measures as standard equipment. This factor is hastening market development as well. Due to the rising public awareness of the need of driving safely, there is a growing demand for seatbelts, which has contributed to the market's expansion.
COVID-19 Impact Analysis
Due to the disruptions caused by the pandemic in the automotive, transportation, and tourist industries, automotive component manufacturers have adjusted their operations in response to the coronavirus pandemic.
As a result of the COVID-19 pandemic's disruption of supply chains and manufacturing schedules, automobile production and sales suffered substantially, which had a detrimental influence on the market for smart seat belt technology in 2020. Smart seat belt sales are intricately related to the worldwide automobile production and sales industries. If the worldwide lockdowns are prolonged, output losses would likely increase.
Market Growth Factors
Rise in the Awareness among Consumers toward Automotive Safety
Globally, road accidents are a major worry, particularly while travelling on highways with heavy traffic and poor weather conditions. As per the World Health Organization, 1.25 million individuals die each year in traffic accidents worldwide. In recent years, customers' lifestyles have gotten increasingly chaotic, with negative driving practices such as web browsing, texting, and talking on the phone when driving resulting in automobile accidents.
Expansion in the Number of Road Accidents
Despite the fast expansion of the automobile industry as a result of its major benefits and improvements, the rising danger of road accidents for riders sometimes serves as a factor restricting vehicle usage. Every year, millions of drivers are involved in accidents in the United States. As per the data released by the National Highway Traffic Safety Administration (NHTSA), in 2019 there were a cumulative of 6,756,000 police-reported motor vehicle traffic collisions.
Market Restraining Factors
High Initial Cost and Complex Structure
The high cost of implementing safety applications in automobiles is anticipated to restrain the growth of the smart seat belt technology market, as it raises the price of the vehicle. The expense of installing sensors linked with smart seat belt technology contributes to the increased price of automobiles. Additionally, smart seat belts give additional functions like as buckle lift, pretension, and better safety compared to traditional seat belts; nevertheless, their price is significantly higher than that of passive seat belts.
Scope of the Study
Market Segments Covered in the Report:
By Type
- Active Seat Belt
- Active Buckle Lifter
- Intelligent Ignition System
- Attention Retention System (ARS)
By Propulsion
- ICE
- Electric & Hybrid
- Alternate Fuel Vehicle
By Sales Channel
- Aftermarket
- Original Equipment Manufacturer
By Vehicle Type
- Passenger Vehicles
- Heavy Commercial Vehicles
- Light Commercial Vehicles
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Autoliv, Inc.
- Continental AG
- Denso Corporation
- Tokai Rika Co., Ltd.
- ZF Friedrichshafen AG
- Hyundai Mobis Co., Ltd.
- GWR Safety Systems
- ITW Automotive Products GmbH
- Joyson Safety Systems Aschaffenburg GmbH
- Yanfeng International Automotive Technology Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/e1gi8s
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