Published On : 13 Nov 2018
Rapid advancement in technology has helped the automobile sector to produce vehicles with better efficiency without compromising on the safety of the drivers and passengers. As vehicles have gained more power, acceleration, they have become more prone to road accidents, causing rise in number of deaths. According to a study by the World Health Organization, in the year 2013, the number of deaths caused by road traffics were 1.25 million. Considering this, traffic safety rules across the world have become more stringent. The automotive seatbelts market is likely to see a strong increase in demand during the forecast period due to the rise in awareness among the passenger and drivers regarding the stringent traffic rules across the world.
Growing Cases of Road Accidents to Bolster Market Growth
One of the major factors that is driving the market is the rise in number of road accidents all across the world. Various initiatives undertaken by government of various countries have raised the issue of not wearing seatbelts. Spread of awareness regarding the benefits associated with wearing a seatbelt is likely to increase the demand for seatbelts. Various institutions such as new car assessment program provides rating based on the safety of a cars, this is expected to draw technological advancement, as the car manufacturers dislike to procure poor ratings.
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Rapid Advancement in Technology to Fuel Demand
Rise in usage of inflated seatbelts have helped the market to grow. Inflated seatbelts is a combination of air bag and seatbelt altogether. During a crash, a seatbelt help the people in the car to stay secure on their places during uncontrolled vehicle movement, which might lead to an accident of collision. The airbag coming out from the fiber layers of the seatbelt, provides a soft cushion for the people, preventing from getting their head bang against the dashboard. Numerous users have preferred this type of seatbelts over the conventional one, thus increasing the demand of the product. Another new product known as Belt Pro has helped the market to rise exponentially. Belt Pro protects the seatbelts from various bacteria present. Belt Pro is extensively used in public transport where numerous people travel at a same time.
Rising Demand for Automotive Airbags to Deter Market Growth
Surging demand of vehicles owing to rise in disposable income across the world, coupled with change in lifestyle, has helped the car safety belts market to grow. Surge in investments in the seat belts manufacturing companies have boosted the product demand. However, on the other hand, rising costs of the products are likely to deter the growth of the market. Apart from these, rising demand for automotive airbags recently have caused a negative impact on the growth of seatbelt market.
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