Concerns about the safety of customers are growing faster than the rate at with the global vehicle parc is expanding. With safety becoming the primary criterion for customers while making a decision of purchasing a vehicle, automakers are coming up with more advanced and innovative automotive safety components to succeed in the hyper-competitive industry.
The increasing adoption of cutting-edge technologies has triggered the demand for digressive and progressive seat belt load limiters. However, with the automotive world progressing to embrace smart seat belt safety systems in tomorrow’s vehicles, the automotive seat belt load limiter market is expected to witness a sea change in terms of technological disruption.
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Transparency Market Research (TMR), in its latest offering, provides a 360-degree viewpoint of the automotive seat belt load limiter market and exclusive information about which factors will impact the salient trends in the market. TMR’s study includes valuable, yet actionable insights for market players, which can help them in gaining a competitive edge in such a highly consolidated landscape.
Automotive Seat Belt Load Limiter Market Grows with the Amplifying Need for Vehicle Safety
Customers’ need for safer vehicles has been directing some imperative business strategies of automakers since the past decade, giving rise to some groundbreaking innovations. Seat belt load limiters, albeit not integral, have become an important component in modern vehicles. From being limited to sports cars and high-end vehicles, seat belt pretensioners and load limiters have become ubiquitous in most passenger cars on the roads.
The global market for automotive seat belt load limiters recorded a sales of ~ 230 million units in 2018, reaching a valuation of ~ US$ 3 billion, and is expected to witness healthy growth in the coming future. The market is expected to ride on the coattails of tightening automotive safety regulations. However, the high frequency of the failure of adjacent components and high replacement cost of seat belt load limiters can prove problematic for the expansion of this landscape.
Though occupant safety has gained center stage in automakers’ business strategies, which will continue to drive market growth, the demand for this component largely depends upon automotive production and sales. The volatile nature of the automotive industry may remain a major threat for stakeholders in the automotive seat belt load limiter market.
Demand to Surge in Light Commercial Vehicle Category in Asia Pacific
Since the negative effects of the Great Recession have ebbed, the automotive industry has been flourishing more in Asia Pacific than any other geographical region. The rise in automotive sales and production has contributed to Asia Pacific accounting for ~ 48% of the global sales of automotive seat belt load limiters, in 2018.
As safety features of passenger cars have always had the biggest impact on the purchasing decisions of customers, it creates a high sales potential for seat belt load limiters in various types of passenger vehicles, which accounted for 9 in 10 units of seat belt load limiters sold in 2018.
The substantial rise in the sales and production of various types of passenger vehicles, including hatchbacks, sedans, and utility vehicles in Asia Pacific is fostering business growth for market players in this category. Meanwhile, increasing growth in the industrial landscape of the region has also bolstered the sales of commercial vehicles in developing countries such as India and China.
A potential upsurge in the number of light commercial vehicles running on the roads in these countries is expected to influence the upcoming trends in the automotive seat belt load limiter space. TMR’ study estimates that, global sales of automotive seat belt load limiters in the light commercial vehicle category are set to grow 8X between 2019 and 2027.
Sensing a drift from passenger vehicles to commercial vehicles in Asia Pacific, manufacturers are expected to capitalize on this opportunity by expanding their production capabilities of automotive seat belt load limiters used in light commercial vehicles.