Seat belt latch plate is the component of the seat belt that connects the seat belt webbing to the buckle in the vehicle seat. The seat belt latch plate is a metallic part that is inserted in the buckle to hold the occupant firmly in the seat in case of an accident.
The seat belt latch plate market is estimated to expand at a significant growth rate during the forecast period, due to a rise in the production of large vehicles and buses with seat belts on all the seats, which requires a higher number of seat belts in a single vehicle. Rising emphasis of the regulatory bodies on using seat belts in order to reduce traffic fatality rates is likely to boost the market for the automotive seatbelts as well as seat belt latch plates. Higher rate of integration of seat belts is anticipated to boost the aftermarket sales of seat belts, which in turn is expected to drive the seat belt latch plate market. High preference for fancy seat belt latch plate among the young generation is likely to propel the automotive seat belt latch plate market at a remarkable pace during the forecast period.
The global seat belt latch plate market for automotive can be segmented based on latch plate type, mounting position, sales channel, vehicle, and region.
In terms of latch plate type, sliding and dynamic locking latch plates are extensively utilized types of latch plates. Locking capability of the dynamic locking latch plate enhances the safety feature of the seat belt, as it prevents the occupant by contributing to hold the occupant along with retractor and pretensioner firmly on the seat in case of sudden deceleration of the vehicle. Therefore, some manufacturers prefer dynamic locking latch plates over other type of latch plates.
Based on the type of mounting, the rear mounted latch plate segment is likely to hold a major share of market owing to the presence of higher number of seat belts on the rear seat, as several vehicles have seat belts for mid rear passenger too. Furthermore, SUVs and MPVs are incorporated with four to five seat belts on the rear seats, thereby contributing to a higher number of latch plates for the rear seats.
In terms of sales channel, the OEM segment is likely to dominate the seat belt latch plate market; however, the aftermarket is expanding at a sluggish pace due to rising preference for decorative latch plates among the young generation and automotive enthusiasts. Moreover, the seat belt latch plate is replaced in case of accidents only with the replacement of whole seat belt system.
Based on vehicle, the passenger vehicles segment is expected to account for a major share of the seat belt latch plate market, owing to the significantly higher production of passenger vehicles as compared to that of commercial vehicles. Furthermore, development of autonomous vehicles is likely to hamper the market for seat belts in commercial vehicles due to driverless operation of these vehicles; however, the seat belts in passenger vehicles are likely to remain intact for the safety of passengers.
In terms of region, Asia Pacific is expected to be a key market for seat belt latch plates, followed by Europe. Presence of significantly large production units in China, India, Japan, and South Korea has significantly contributed to the prominent share of the region in the global seat belt latch plate market.
Key manufacturers of the global seat belt latch plate market are APV Safety Products, Joyson Safety Systems, ZF Friedrichshafen AG, Far Europe Inc., and Robert Bosch GmbH.
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