LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global automotive seat belt sensor market predicts a CAGR of more than 5% during the period 2017-2021.
The report segments the global automotive seat belt sensor market by application (passenger cars and commercial vehicles) and by geography (APAC, EMEA, and the Americas). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global automotive seat belt sensor market, according to Technavio automotive researchers:
- Improvising occupant safety across value chain: a major market driver
- In 2016, the global automotive seat belt sensor market was dominated by the passenger cars segment, which accounted for a share of close to 92%
- In 2016, APAC was leading the market, accounting for a share of close to 54% and it is going to continue leading the market until the end of forecast period
- Delphi Automotive, Standex-Meder Electronics, TE Connectivity, and ZF Friedrichshafen are the leading players in the market
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Improvising occupant safety across value chain: a major market driver
Improvising occupant safety across the value chain is one of the major factors driving the global automotive seat belt sensor market. In an automobile, passenger safety has become a primary concern for players across the value chain and has increased the adoption of passive and active safety systems. Automobile manufacturers are concentrating on improvising the integration of passive safety systems with active safety systems such as seat belts, seat belt sensors, seat belt lock engagement, and side airbags, as they have proven results on reducing the impact of accidents. Passive safety systems such as airbag sensors have become a standard component of every vehicle because of regulatory mandates and increasing consumer awareness on automobile safety.
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APAC: largest automotive seat belt sensor market
Awareness of automotive safety and the need for the same gained importance in developed regions such as Europe and the US. However, the demand for safety features is mixed with respect to countries in APAC. For instance, the Chinese markets that earlier focused on efficient fuel economy, lower maintenance costs, and affordable pricing, have been placing increased emphasis on automotive safety. As these are the highest growth markets for vehicles, the rising awareness levels on safety features will prove beneficial for the automotive seat belt sensor market.
According to Ganesh Subramanian, a lead analyst at Technavio for research on automotive electronics, “APAC has become not only a global production center for all major OEMs but also the largest consumer base for cars. The OEMs have shifted their focus to fulfilling consumers’ needs of style, safety, and comfort and are gradually expected to develop driving interfaces for safer and fuel-efficient drive. The OEMs are improving their investments in the region to attain self-sufficiency in the value chain. The shift from mechanical to electronic drives has also resulted in a higher demand from OEMs for such electronic units.”
Competitive vendor landscape
The automotive seat belt sensor market is moderately fragmented. The market is driven by the increase in safety concerns among people and government regulations to reduce fatality and NCAP ratings. NCAP is a car safety assessment program where cars are given star ratings based on the crash test results. The car with more number of stars means it is equipped with all safety features and it gives confidence to the people while buying a vehicle. Most of the countries follow Euro NCAP standards, where if the vehicle seats are equipped with SBR (Seat belt reminder), 3 points are given to the vehicle and an extra point if the rear seats of the vehicle are also equipped with SBR systems.
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