According to a new report published by Allied Market Research, titled, “Active Seat Belt System Market,” The active seat belt system market was valued at $11.9 billion in 2020, and is estimated to reach $22.3 billion by 2030, growing at a CAGR of 6.6% from 2021 to 2030.
The active seat belt system utilizes a motor that retracts seat belt webbing in critical situations before a crash occurs. It can be triggered by environmental sensors, such as radar, which provides the relative speed and distance to the vehicles ahead. The active seat belts technology uses braking and stability control sensor information to sense a potential accident. It reacts by securing the driver and passenger seat belts by removing seat belt slack so the occupant’s position on the seat is improved in advance of an impending crash. In addition, it reduces some of the seat belt slack in dynamic driving situations and fatality by 45%.
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The combined effect of the seatbelt with the airbags provides the occupant with an added sense of safety and guards from further potential injury. Furthermore, it decreases the possibility of the occupants being thrown out of the vehicle. The increasing adoption of the latest technologies in passenger vehicles is the primary factor that is anticipated to boost the active seat belt system market during the forecast period. For instance, in December 2019, DENSO Corporation entered into a partnership with PiNTeam Holding GmbH, a German company highly evaluated for its in-vehicle embedded software technology, to develop essential software for providing the basic functions required to operate electronic control units (ECUs).Moreover, the significant purpose of a seat belt is to ensure the accurate position of passengers for maximum efficiency of airbags. Hence, in 2021, Autoliv Inc. collaborated with global steel company SSAB to produce the world’s first fossil-free steel components for automotive safety products, such as airbags and seatbelts.
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Factors such as increased consumer awareness towards automotive safety, rise in automotive safety norms, and high demand for luxury vehicles foster the growth of the global active seat belt system market. However, the high cost of active seat belts hinders the global development of the active seat belt system market. Furthermore, biosensors as an input source for future active seat belt systems and a rise in passenger vehicle registration are the significant factors anticipated to provide a remarkable growth opportunity for the players operating in the market.
KEY FINDINGS OF THE STUDY
The passenger car segmentleads the market in terms of growth rate.
By component, the buckle lifters segment leads the market in terms of growth rate.
By region, LAMEA is projected to lead the market in terms of growth rate.
COVID-19 IMPACT ANALYSIS
The COVID-19 pandemic has hit the business world with unprecedented scale and speed.
It has caused the closures of businesses, factory outputs, and disruption to global manufacturing industries & their supply networks.
The government authorities worldwide have taken strong measures to stop the spread of this new disease, such as national-wide lockdown and isolation of people at high-risk areas due to the high infectivity and destructiveness of COVID-19 suddenness of its outbreak.
Owing to the continuous shutdown of manufacturing facilities and disruption of the supply chain across various parts of the world, the growth of the active seat belt system market has been hampered due to the impact on vehicle production.
The majority of the manufacturing plants are shut down, municipalities are functioning slowly compared to the past, and the automotive and semiconductor industries are at a halt, negatively impacting the market.
The reduced production of automotive components due to the temporary shutdown of manufacturing plants is expected to negatively impact the growth of the market.
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The key players profiled in the active seat belt system industry report include Autoliv Inc., Continental AG, DENSO Corporation, Far Europe Inc., GWR Safety Systems, Hyundai Mobis, ITW Safety, JOYSON, TOKAIRIKA, CO, LTD., and ZF Friedrichshafen AG.
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