NEW YORK, Oct. 20, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Smart Seat Belt Technology Market Size, Share and Industry Trends Analysis Report, by Advancement, Sales Channel, Vehicle Type, Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06352778/?utm_source=GNW
For example, ZF Friedrichshafen AG has created Active Control Retractor (ACR) technology, which uses the vibration of the seat belt to notify the driver if the car is leaving the lane or getting too close to another vehicle.
Several aspects such as increasing consumer awareness of automobile safety and increase in traffic accidents are expected to stimulate the market expansion of smart seat belt technology. Furthermore, the smart seat belt technology segment is expected to benefit from the increase in vehicle safety standards and the increase in vehicle production in emerging countries in the near future.
Many lives could be saved if countries’ manufacturing and production standards adhered to several UN vehicle safety standards. They require manufacturers to ensure that almost all vehicles have seat belts and airbags. If these basic prerequisites are not met, road accidents greatly increase the risk of internal and external injury. On the other hand, rising disposable income of consumers is driving demand for luxury car sales featuring enhanced safety measures as standard equipment. This factor is also accelerating market development. Growing demand for seat belts owing to increasing public awareness regarding the need for safe driving has contributed to the expansion of the market.
COVID-19 Impact Analysis
Auto parts makers have adjusted their operations in response to the coronavirus pandemic due to the pandemic’s disruption to the auto, transportation and tourism industries. Vehicle production and sales have been severely impacted due to disruptions to supply chains and manufacturing plans due to the COVID-19 pandemic, which adversely affected the smart seat belt technology market in 2020. Smart seatbelt sales are intricately connected on a global scale. Automobile production and sales industry. Output losses could increase if lockdowns around the world are prolonged.
Market Growth Factors
Increased consumer awareness of car safety
Globally, road accidents are a major problem, especially when driving on highways with heavy traffic and poor weather conditions. According to the World Health Organization, 1.25 million people die in traffic accidents every year around the world. Consumers’ lifestyles have become increasingly chaotic in recent years, with bad driving habits such as browsing the web, texting, and making phone calls while driving leading to crashes.
Increased number of road accidents
While the auto industry is rapidly expanding due to its significant advantages and improvements, the increased risk of road accidents for riders can sometimes be a factor limiting vehicle usage. In the United States, millions of drivers are involved in accidents every year. According to data released by the National Highway Traffic Safety Administration (NHTSA), there were 6,756,000 police-reported motor vehicle crashes in 2019.
High initial cost and complex structure
The high cost of implementing safety applications in automobiles is expected to restrain the growth of the smart seat belt technology market as it increases the price of vehicles. The cost of installing sensors related to smart seat belt technology has led to higher car prices. Furthermore, smart seat belts offer additional features such as buckle lift, pre-tension and better safety compared to traditional seat belts; however, they are significantly more expensive than passive seat belts.
On the basis of type, the smart seat belt technology market is segmented into active buckle lifters, active seat belts, smart ignition systems, and attention retention systems (ARS). In 2021, the Active Buckle Lifter segment achieved a significant revenue share in the smart seat belt technology market. The Active Buckle Lifter is a relatively small example of innovation that improves convenience and safety. The vertical movement of the seat belt buckle is done by an electric motor.
Based on propulsion, the smart seat belt technology market is segmented into combustion engine, electric and hybrid, and alternative fuel vehicles. The ICE segment will have the highest revenue share in the smart seat belt technology market in 2021. This is due to the expansion of the auto industry in emerging countries. For example, the Indian government requires all local automakers to produce flex-fuel engines. Gasoline in an internal combustion engine (ICE) is ignited and consumed within the engine itself.
Sales Channel Outlook
On the basis of sales channel, the smart seat belt technology market is segmented into original equipment manufacturers and aftermarket. In 2021, the OEM segment will gain a significant revenue share in the smart seat belt technology market. Due to the growing emphasis on passenger safety, the production of technologies that could reduce the number of fatalities from motor vehicle accidents has increased significantly. OEMs have reinvented many safety-related technologies to make their products more reliable.
By vehicle type, the smart seat belt technology market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger vehicle segment will capture the largest revenue share in the smart seat belt technology market in 2021. In developing economies, the number of passenger cars is growing at a considerable rate. This is due to improved lifestyles, increased purchasing power of consumers, and expansion of infrastructure. Airbags and seat belts are mandatory equipment in passenger cars in most countries to avoid fatalities from accidents.
From a regional perspective, the smart seat belt technology market is analyzed in North America, Europe, Asia Pacific, and Latin America. In 2021, the Asia Pacific region will gain a significant revenue share in the smart seat belt technology market. This growth is attributed to the mature automotive industry in developing countries such as China and India. Furthermore, increasing investments by the market leaders and their strategic partners are expected to contribute to the market expansion in the region over the forecast period. Given the region’s growing population, Asia’s economies and industries are in a state of flux.
The market research report covers the analysis of the key stakeholders of the market.Major companies profiled in the report include 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.
area of research
Market segments covered in the report:
• Active seat belts
• Active buckle lifter
• Smart ignition system
• Attention Retention System (ARS)
• Electric and hybrid
• Alternative fuel vehicles
in the sales channel
By vehicle type
• Passenger cars
• Heavy commercial vehicles
• Light commercial vehicles
• North America
o United States
o Rest of North America
o United Kingdom
o Rest of Europe
o Rest of Asia Pacific
o United Arab Emirates
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Autoliv Corporation
• Denso Corporation
• Tokai Rika Co., Ltd.
• ZF Friedrichshafen AG
• Hyundai Mobis Corporation
• GWR safety system
• ITW Automotive Products Ltd.
• Joyson Safety Systems Aschaffenburg Ltd.
• Yanfeng International Automotive Technology Co., Ltd.limited company
• Detailed reporting
• Most market tables and data
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