Global Automotive Seatbelt Pre-tensioners Market 2019-2023
Automotive seatbelts fall under the passive safety systems segment. Thus, with the increase in stringent government regulations to improve passenger safety the adoption of passive safety systems is increasing. Passive safety systems like frontal airbags and seatbelts have been mandated by the governments of most countries. Hence, advanced safety systems that are used in premium vehicles like seatbelt pre-tensioners are used in mid-segment and entry-level segment vehicles as product differentiators. Hence, the adoption of advanced passive safety systems like seatbelt pre-tensioners is higher in these vehicles. Thus. these passive safety systems that are product differentiators in developing countries support the growth of the market. Technavio's analysts have predicted that the automotive seatbelt pre-tensioners market will register a CAGR of over 7% by 2023.
With the growing penetration of both active and passive safety systems in vehicles. coupled with the increasing awareness programs initiated by both governments and non-government agencies. the global annual rate of fatalities has decreased in the last couple of years. Positive feedback received from both OEMs and end-users on the incorporation of safety systems like pre-tensioners and airbags in automobiles has managed to elevate the safety quotient of vehicles.
Products that have defective components or improper assembly are being recalled o prevent potential damage of the product or user. This adds up the cost to the manufacturers and suppliers involved in the upstream value chain of manufactured products. Recall cost is shared among the players in the value chain of the product. The add-on cost to the manufacturers impacts them negatively; and it affects the particular market involved in it.
For the detailed list of factors that will drive and challenge the growth of the global automotive seatbelt pre-tensioners market during the 2019-2023, view our report.
The market appears to be highly concentrated and with the presence of few companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.