The Smart Belt consists of weight sensors in motor vehicle seats, magnetic switches in the seatbelts of those seats, and a top-speed limiter program that operates on the readings from these weight sensors and magnetic switches. If a driver or other vehicle occupant fails to buckle up, the Smart Belt prevents them from going on their journeys.
The Smart Belt can be featured within both commercially and privately-owned automobiles, and demand from both applicable consumer groups can practically guarantee its success. Please read on to learn more about the Smart Belt, which is now available for inclusion in your company’s product line.
Features & Benefits
Of
The Smart Belt
Features
· Weight sensors built into vehicle seats.
· Magnetic switch sensory devices in seatbelt buckles, activated by 10-pound reading from weight sensors.
· Top-speed limiter within vehicle’s stock computer.
· Maximum 10 miles-per-hour setting when pressure is read by weight sensor without activation by magnetic switch sensory devices in seatbelt buckles.
Benefits
· Ensures all vehicle occupants use their seatbelts.
· Allows only low-speed usage when all occupants fail to buckle up.
· Prevents the severity of injuries and even fatalities that could occur without proper seatbelt usage.
· Improves the safety of using vehicles.
· Utilizes components already commonly used in modern motor vehicles.
· Improves the safety of these commonly used components.
· Can ensure full accomplishment of governmental programs.
· Can lead to lower insurance premiums.
· Can join the growing product market of motor vehicle safety enhancements.
· Can be an option in new motor vehicles, an aftermarket product to used vehicles, and even made to be mandatory in all new motor vehicle production.
· Provides consumer-desired improvements in vehicle safety.
SIC / INDUSTRY / NUMBER OF COMPANIES / ANNUAL SALES3711 / Motor Vehicle Manufacturing / 472 / $247.452 billion
3714 / Motor Vehicle Parts & Accessories / 3,053 / $139.674 billion
The Smart Belt can be presented to particular companies in these two industries. SIC 3714 makes automobile parts, including the speed limiters, various electronic components and even the seatbelt mechanisms (not the belts themselves, though, which are produced by companies specializing in fabric-type products). SIC 3711 is the industry for final production of automobiles (Ford, Chevy, etc.), which would have final say-so about including the Smart Belt in their vehicles as an included (and not aftermarket only) component.
The following chart shows the recent sales history of Motor Vehicle manufacturers:
Source: U.S. Bureau of the Census
Annual sales of this industry grew 20.39 percent in the last six-year period of record. While there is some fluctuation in sales between the 2002 totals and the 2000 totals, this industry is in no danger. Costs of materials are the principal variation. For example, while sales for 2002 were 8.1 percent less than 2000, the costs of materials were 8.9 percent less.
While sales for automobiles have slimmed down somewhat, they are still very high overall with over 16 million new cars sold every year since 1998. According to Standard & Poor’s Industry Analysis, any year in which over 15 million new cars are sold is ideal.
The following chart shows the recent sales history of Motor Vehicle Parts & Equipment manufacturers:
Source: U.S. Bureau of the Census
Annual sales of this industry grew 15.48 percent. The big increase in 1999 is due to a large growth in new car sales. For this industry, profit percentages have remained constant in perspective with its sales.
Wholesale Industry
Of
The Smart Belt
SIC / Industry / Companies / Annual Sales(in $ Billions)
5013 / Motor Vehicle Supplies & New Parts / 32,141 / $108.986
The following chart shows the recent sales history of the Motor Vehicle Supplies & New Parts wholesale industry, which could directly supply the Smart Belt to auto manufacturing facilities for final production in new motor vehicles, retail stores for direct sales, and auto electricians/mechanics for installation:
Source: U.S. Bureau of the Census
Wholesale sales of the Motor Vehicle Supplies & New Parts industry rose 39.93 percent in the last five years, and 23.49 percent in the last recorded year alone.
Retail Industry
Of
The Smart Belt
SIC / Industry / Companies / Annual Sales(in $ Billions)
5511 / Auto Dealerships / 35,797 / $706.662
5531 / Auto Supply Stores / 58,849 / $48.616
The Smart Belt could be offered as an optional feature in private and commercial vehicles, or even as a mandatory feature in either or both types of vehicles.
The following chart shows the recent sales history of Auto Dealerships:
Source: U.S. Bureau of the Census
Annual sales of Auto Dealerships increased 9.19 percent in the last five years.
The Smart Belt in aftermarket format could be carried by Auto Supply Stores.
The following chart shows the recent sales history of Auto Supply Stores:
Source: U.S. Bureau of the Census
The annual sales of Auto Supply Stores have increased 15.59 percent in the past five years.
Service Industry
Of
The Smart Belt
SIC / Industry / Companies / Annual Sales(in $ Billions)
7549 / Auto Services NEC / 29,843 / $8.594
This Auto Services NEC industry, which includes companies that specialize in aftermarket installations, could both sell and install the Smart Belt to its customers.
The following chart shows the recent sales history of the Auto Maintenance, NEC service industry:
Source: U.S. Bureau of the Census
Annual sales of this service industry have increased 36.07 percent in the last five years recorded.
Potential Need
For
The Smart Belt
In Privately Owned Vehicles
The Smart Belt can remind drivers of the needed use of seat belts.
· Seat belts are estimated to save over 9,500 American lives every year, and almost 80 percent of all drivers use their seat belts with regularity.
· The safety provided by seat belts is well established. In automobiles, seat belts reduce the risk of death by 45 percent, and reduce the rate of injury by 50 percent. In trucks, seat belts reduce fatalities by 60 percent and injury by 65 percent.
· The Smart Belt can help increase the rate of seat belt usage, as well as further these reductions in deaths and injuries, by making their use mandatory in order to allow standard vehicle operation.
The Smart Belt can assist the efforts of a federal government program.
· The Presidential Initiative to Increase Seat Belt Use Nationwide was formed with the established goals of reaching 90 percent compliance of seat belt use by 2005.
· With a rate of compliance this high, the National Highway Traffic Safety Administration estimated that an additional 5,536 lives could be saved every year, that 132,670 injuries would be prevented annually, and that $8.8 billion in government expenses could be saved year in and year out.
· This goal of 90 percent compliance is estimated to also bring $356 million in annual Medicare and Medicaid savings.
· This high percentage of compliance has not been met, however. Belt usage has only improved to 80 percent in this year of 2005, despite the fact that their usage is legally required in all 50 states.
· By including the Smart Belt in motor vehicles, the goals of the Presidential Initiative to Increase Seat Belt Use Nationwide program can better achieve its goals of saving lives, preventing injuries and reducing expenses.
· In fact, this government program could assist in the legal requirement of the Smart Belt in new motor vehicle production to ensure its life-saving, cost-saving goals.
The Smart Belt can meet the desires of an outstanding portion of the population.
· Americans truly want safety in their motor vehicles. In fact, a recent study found that 75 percent of Americans actually want additional safety implements in their automobiles.
· And auto manufacturers continually respond by meeting these consumer wants, with regularity. For example, the new Electronic Stability Control device is in high demand to prevent rollovers.
· The Smart Belt can meet the wants and needs of American consumers, and auto manufacturers can include this new device with no risks.
Sources: U.S. National Highway Traffic Safety Administration, the Presidential Initiative to Increase Smart Belt Use Nationwide committee, The Washington Post and Traffic Safety Facts.
Potential Need
For
The Smart Belt
In Commercial Vehicles
The Smart Belt can provide needed safety improvements
to commercial vehicles and their drivers.
· Over 92 million vehicles in the U.S. are registered for commercial use. The majority of these vehicles are of larger size and capacity than privately-owned vehicles, ranging from semis to large trucks to delivery vans.
· Freight trucking alone earns $579.6 billion in annual sales, which rises three percent every year on average; over 3.2 million Americans are employed as semi truck drivers, and another 431,000 are driver/delivery workers.
· Vehicles of these sizes and types are more prone to danger than regular automobiles, unfortunately. Every year, over 500,000 accidents involving large trucks occur, which is far above the rate of private automobiles; the fatality rate is even worse.
· Over 2,000 Americans employed within these fields are killed in on-the-job vehicle accidents every year, and over 320,000 are injured; this totals almost two-thirds of all accidents involving commercial vehicles.
· Such dangers are continually growing. The number of vehicle accidents with such commercial trucks has increased 30 percent in the last decade, the fatality rate grew 30 percent, and the injury rate grew 18 percent in the last 10 years.
· With these high accident rates, high injury rates and high fatality rates, each of which continues to grow, an improved safety factor must be implemented. In each and every one of these vehicles, seat belt usage must improve to save lives.
· These accidents affect more than the lives of employees; of course, employers are dramatically affected, as well, if only financially.
· On-the-job traffic accidents cost employers $22,000 per crash and $110,000 per injury, coming to an unbelievable annual total of $23.844 billion dollars in related expenses ($3.942 billion health fringe, $19.902 billion non-fringe).
· The Smart Belt can provide these needed improvements in safety as well as costs, by ensuring employee compliance with seat belt usage.
The Smart Belt can assist the safety programs of many companies.
· Traffic and Safety Awareness programs that are followed by employees are reported to have granted a wonderful reduction in costs to these companies, including reduced compensation premiums, reduced auto liability premiums, reduced liability expenses and an overall reduction in all crash-related costs.
· Most importantly, such programs resulted in a reduced number of vehicle accidents.
· The Network of Employers for Traffic Safety organization estimates that companies can save $5 for every $1 spent on traffic safety implements.
· The Smart Belt can assist these safety program-participating companies in their efforts to protect their employees and their assets.
Sources: National Center for Statistics and Analysis; Crashes, Fatalities, Injuries & Costs; National Highway Traffic Safety Administration; and Network of Employers for Traffic Safety.
Potential Consumer Base
For
The Smart Belt
As noted, the Smart Belt can definitely be used within both private automobiles and commercial vehicles.
Private Consumers
The Smart Belt can be sold as an option to new vehicle purchasers, if not made a legal requirement, and can also be sold to the persons who buy used vehicles in order to upgrade their safety to the level that some new vehicles now offer. Analysis of consumers who buy aftermarket electronic products to be installed can also be included.
Demographic Analysis of New Vehicle Purchasers,Used Vehicle Purchasers and
Aftermarket Vehicle Electronics Purchasers
(Using 2004 data) / Purchasers of New Vehicles
n= 16,865,000 / Purchasers of Used Vehicles
n=42,545,000 / Purchasers of Aftermarket Vehicle Electronics
n=11,106,000
By Age
Under 25 / 1.97 % / 4.94 % / 2.38 %
25 to 34 / 16.57 % / 23.00 % / 14.04 %
35 to 44 / 29.49 % / 26.97 % / 24.58 %
45 to 54 / 22.90 % / 23.78 % / 23.68 %
55 to 64 / 16.20 % / 12.40 % / 14.85 %
65 and Older / 12.87 % / 8.91 % / 20.50 %
By Income
Less than $15K / 8.18 % / 8.28 % / 7.38 %
$15K to $25K / 5.37 % / 8.75 % / 10.03 %
$25K to $35K / 7.97 % / 11.28 % / 11.13 %
$35 to $50K / 15.52 % / 17.86 % / 14.22 %
$50K to $75K / 22.28 % / 24.96 % / 23.93 %
$75K to $100K / 14.49 % / 13.72 % / 13.47 %
$100K and Over / 26.19 % / 15.14 % / 19.85 %
By Ethnicity
White / 88.40 % / 88.26 % / 84.98 %
Black / 5.87 % / 8.34 % / 11.11 %
Hispanic / 6.58 % / 8.91 % / 6.75 %
Other / 5.73 % / 3.40 % / 3.91 %
Total Spending (2004) / $392 billion / $367 billion / $3.24 billion
Specific target markets within this consumer market using privately-owned motor vehicles can be identified, as well, simply based on consumer want and need.
· Vehicles Driven by Families with Small Children
The use of safety features such as seat belts and air bags is highest in vehicles that are used by families with small children. The safety and protection desired by these families, of which there are 34.76 million in the U.S., will be the deciding factor in their choice of the Smart Belt.
The primary vehicle choices by these families are SUVs and vans. There are currently approximately 13.8 million SUVs and 15.4 million vans in use, which together represent 13.5 percent of all vehicles in the U.S.
· Vehicles Driven by Young/Minor Drivers
Drivers’ licenses are first issued at age 16 in most states, and 53 percent of all Americans between the ages of 16 and 18 (6.266 million) have drivers’ licenses. While this particular age group represents only 3.5 percent of all licensed drivers, they are unfortunately responsible for 10.9 percent of all traffic accidents and 14.4 percent of all traffic fatalities.