Thursday, February 9, 2023

Automotive seat belts will reach 7,730.8 million by 2028

According to Values ​​reports, the automotive seat belts market will reach $7,730.8 million by 2028, growing at a CAGR of 3.4%.

Automotive Seat Belt Market is segmented by Type – Inflatable Seat Belt, Common Seat Belt, Single Stage Belt Force Limiters, Application – OEM, Aftermarket. Global Opportunity Analysis and Industry Forecast, 2023 – 2028. Posted in Vehicle parts and accessories category, under Price reports.

The global automotive seat belt market, estimated at $6,324.8 million in 2022, is expected to reach a revised size of $7,730.8 million by 2028, growing at a CAGR of 3.4% over the forecast period 2022-2028.

Major Factors Driving the Growth of the Automotive Seat Belt Market

Increased customer awareness about safety features as well as demand for sophisticated safety features in passenger and commercial cars is expected to drive the expansion of the automotive seat belts market.

Government regulations that are very strict also help to expand the market for car seat belts. Technological advances and availability of new and improved seat belt systems are expected to boost the sales of seat belts. Increasing awareness towards road safety is driving the demand for seat belts.

In addition, the increasing number of traffic accidents around the world has raised concerns about traffic safety, providing an opportunity for vehicle seat belt manufacturers to expand.

View Table of Contents and List of Figures at https://reports.valuates.com/market-reports/QYRE-Auto-26W9986/global-automotive-seat-belt

Trends Affecting the Growth of the Automotive Seat Belt Market

Seat belts are designed to prevent car passengers from being thrown forward dangerously during an accident or sudden stop. Because of their important role in passenger safety and their ability to reduce the overall risk of serious injury, seat belts are considered the primary restraint device. Regular introduction of new models, easy access to financing, and several incentives offered by automakers to boost sales will support revenue from the automotive seat belt market. Car manufacturers emphasize the implementation of contemporary safety features as a way to enhance the safety of passenger cars.

The automotive seat belt market is anticipated to expand significantly over the forecast period, owing to increasing public awareness about the stringent safety standards set by various regulatory bodies across the globe. Due to the increasing incidence of accidents resulting in injuries and deaths, organizations dedicated to vehicle safety, such as Euro NCAP and NHTSA in the US, have actively encouraged the use of seat belts. According to major automotive companies, this has spurred the development of technologically novel seat belts such as active pretensioners, inflatable seat belts and active seat belts. During the forecast period, the automotive seat belts market will grow as a result of increasing automobile sales and expanding use of advanced safety measures.

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Automotive seat belts will reach 7,730.8 million by 2028

Automotive Seat Belts Market Share Analysis

The Asia Pacific region is a major market for seat belts, owing to the ever-growing automotive industry in China and India. Over the next seven years, the growth is anticipated to benefit from increased investments by major market participants. As Chinese consumers are accustomed to greater safety and comfort, high-performance and economical seat belt systems have been developed to meet customer demands.

The OEM category is expected to witness the highest growth during the forecast period. Due to the proliferation of the automotive industry and stricter regulatory laws, seat belts must be installed in vehicles to increase safety. Auto OEMs are also motivated to use safety measures to improve the safety ratings of their vehicles to differentiate their portfolio from rivals and increase sales. These considerations include rigorous crash testing and car evaluation programs.

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Thus, the automotive seat belt market will reach $7,730.8 million by 2028, growing at a CAGR of 3.4%, according to a Valuables report.

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