The integration of advanced seat belt safety systems has been, and will continue to grow in importance in the automotive industry, worldwide, upon which, consumer confidence is primarily developed. Continuous evolution in the automobile industry works in tandem with several regulatory measures, leading to constant developments in the safety features and components of automobiles. Today, vehicle demand is perpetually on an upward swing, but most buyers are not inclined to part with their hard-earned money unless the most-advanced safety features are incorporated into their vehicles.
The sea change taking place in the automotive safety scenario in general, and the automotive seat belt pretensioner market in particular, is hard to overlook. The market continues to make a mark in the global landscape, as industry participants are mandated to adhere to various seat belt-related legislations. Transparency Market Research (TMR), in its new study, brings to light the undercurrents that are likely to be instrumental in the progress of the automotive seat belt pretensioner market in the future.
Automotive Seat Belt Pretensioner Market: Increasing Vehicle Production Accelerating Market Growth
Globally, vehicle production has been on the rise since the last five years, though, accompanied by increasing concerns regarding safety. An estimated 1.35 million deaths occur each year as a result of road traffic accidents around the world, and the consequent costs related to treatment and loss of productivity amount to almost 3% of the GDP of most countries. Various government efforts towards preventing thousands of deaths as a result of road accidents, by formulating and mandating seat belt legislations, have stimulated a surge in the adoption of pretensioners designed to make seat belts more effective.
Consumer perception regarding automotive safety components has been changing, as innovations drive the launch of new features that improve vehicle safety. The TMR study on the automotive seat belt pretensioner market has found that, seat belts equipped with pretentioners reduce the risk of fatality by nearly 13%. By model year 2008, all new cars and LTVs sold in the U.S. were equipped with pretensioners as well as load limiters on the front seats of both, the driver and passenger. The automotive seat belt pretensioner market recorded sales of nearly US$ 4 billion in 2018, and stringent road safety standards are expected to continue to underpin the future sales of automotive seat belt pretensioners.
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Impact of Undercurrents on the Automotive Seat Belt Pretensioner Market Growth
The maximum application potential for automotive seat belt pretensioners is identified in the front seats of passenger cars. Leading vehicle manufacturers are targeting increasing the integration of automotive seat belt pretensioners in light commercial vehicles, which are in high demand, attributable to the strong investment scenario in SMEs and robust industrial development around the globe. In addition, product development and innovation strategies are highly influenced by the need for automotive seat belt pretensioners to enhance the belt effectiveness in vehicles and prevent injuries that can be caused by frontal impacts.
With government organizations in several countries implementing laws on seat belt use that align with the best practices, and expanding these laws to back seat occupants as well, product penetration as far as rear seats are concerned is likely to achieve new heights in the future. TMR’s study finds that, the implementation of effective measures to safeguard vehicle occupants from injury in the event of a crash, and increasing support towards seat-belt programs and policies will create potential business opportunities for the automotive seat belt pretensioner market.
Manufactures are further directing their focus towards the development advanced varieties of automotive seat belt pretensioners that work in combination with the active safety systems in vehicles. In tune with this, seat belt retractor pretensioners are witnessing relatively high integration in most passenger vehicles. Leading automotive companies are adopting strategies to cater to the rising demand for advanced safety technologies, which will invariably work to the advantage of the automotive seat belt pretensioner landscape.
Success Strategies to Enhance Regional Footprint and Sync with New Trends
The automotive seat belt pretensioner market is becoming highly competitive with the significant increase in the sales of vehicles, along with the presence of well-established seat belt manufacturers. Industry participants are focusing on consolidating their position by expanding their manufacturing capabilities and establishing new companies, especially to improve their geographical footprint.
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In addition, prominent players in the automotive seat belt pretensioner market are competing to maintain their lead in the market by collaborating with regional manufacturers of various automotive components. Prominent markets for automotive seat belt pretensioners, such as Asia Pacific, followed by Europe and North America, continue to show positive growth signs, representing a sizeable share, backed by a notable rise in vehicle production and incorporation of various safety technologies.