AUTOMOTIVE SEAT BELT MARKET ANALYSIS

Global automotive seat belt market was valued at US$ 12,500 million in 2022 and is exhibiting a compound annual growth rate (CAGR) of 6.8% from 2023 to 2030.  A seat belt is a safety device for cars that protects the driver and passengers from severe movement in the event of a collision or sudden stop. By reducing the force of secondary impacts with interior strike hazards, a seat belt reduces the likelihood of death or serious injury during a collision. Many nations have imposed severe financial penalties on those who do not adhere to the law for wearing seat belts while traveling.

Global Automotive Seat Belt Market- Regional Insights

Asia Pacific dominated the global market in 2022, overpowers the business impacted by extending vehicle bargains joined with emerging rules in a couple of countries to take on 100% seat straps in vehicles. The market is expected to expand in this region due to rising passenger vehicle demand and rising vehicle production. In order to increase the number of traveler vehicles in the region, further development of everyday environments, as well as easier-to-support alternative options and solid GDP growth per capita, are important.

North America is the second largest market in 2022, owing to enactment of stringent government policy to ensure the safety of passengers. During the forecast period, numerous safety programs such as the 5-Star Safety Ratings Program, implemented by National Highway Traffic Safety Association (NHTSA) in the U.S. to improve occupant safety is expected to drive the market growth.

Figure 1. Global Automotive Seat Belt Market Share (%), By Region, 2022

Global Automotive Seat Belt Market- Drivers

Increasing Road Accident

Rising incidence of road accidents is expected to propel the global automotive seat belt market growth over the forecast period. High incidence of road accidents across the globe, especially in North America and Europe has boosted the demand for automotive seat belts.

Rising Demand for Inflated Seat Belts and Active Pretensioners

The market is driven by rising demand for luxury automobiles, and growing usage of technologically advanced inflated seat belts in both developed and developing nations. In the event of an accident, these seat belts serve as mini-airbags, and protects back passengers from head injuries caused by front seats. They further go about as a pad to delicate bones of grown-ups and youngsters, assisting with abstaining from breaking or cracking of collar bones. During the forecast period, the global automotive seat belts market is expected to witness growth, owing to rising demand for the installation of inflated seat belts in passenger cars, particularly luxury cars.

Global Automotive Seat Belt Market- Opportunities

Increasing Demand for Three-Point Seat Belt Type

Three-point seat belts are used by automobile manufacturers, as governments all over the world have mandated laws and rules to guarantee the safety of passengers. In February 2022, all front-facing passengers in automobiles must wear three-point seat belts, as mandated by the government. The standard will also apply to the middle seat in a car's rear row.

Expansion of Multi Type Seat Belts

Manufacturers of automobiles focus on implementing various safety belt wellness frameworks that include high-level components. Drivers and passengers' safety is improved by using burden limiters, pretensioners, movable anchors, inflatable seat straps, and pretensioners. In February 2020, many businesses, including Tesla, Audi, and others, are developing innovative automobiles, necessitating vehicle customization equipment.

Global Automotive Seat Belt Market- Impact of Coronavirus (Covid-19) Pandemic

In recent years, the use of seat belts in automobiles has grown at an increasing rate. Due to a worldwide slowdown in vehicle production, the demand for seat belts was impacted by COVID-19. However, seat belt manufacturers are attempting to regain their market share in the wake of increased economic activity following the COVID outbreak. Automotive vehicle sales and production rates are anticipated to rise in the coming years, allowing for an increase in demand for automotive seat belts.

Global Automotive Seat Belt Market- Trends

Installation of Cutting-edge Safety System

Installation of cutting-edge safety systems in brand-new automobiles is mandatory, as various governments have implemented safety laws and regulations. In passenger cars, vans, and SUVs (Sport Utility Vehicle), the government of Australia mandated the installation of sophisticated seat belt reminder systems. In April 2023, the quickest and most sophisticated racing vehicles ever created are Formula 1 cars. They have pushed the limits of innovation and speed for decades and continue to enthrall motorsport enthusiasts everywhere with their design, power, and performance. Formula 1 cars represent the height of engineering prowess, and their growth through the years has been nothing short of spectacular, from the sport's early days to today's cutting-edge technology.

Increasing Growth of EV Vehicles 

Manufacturers of seat belts are producing seat belts made for electric vehicles. These seat belts are lighter and more flexible, and reduces weight that is important to increase efficiency. By September 2022, The Electric Vehicle (EV) sector in India to boost both the economy and the environment.

Global Automotive Seat Belt Market- Restraints

High Cost of New Vehicles and Related Products

During the forecast period, the global automotive seat belt market can be hampered by high cost of new products. Due to the inclusion of newer technologies and fluctuating costs of raw materials, the production of new and advanced products is extremely costly. In order to create novel products, manufacturers have to make significant investments in Research and Development. In April 2022, Maruti Suzuki, the largest automaker in the country, said on Wednesday that it will raise the prices of all of its models later this month to partially offset the sharp rise in input costs. The business has increased prices five times in the last 16 months.

Lack of Awareness about Usage of Seat Belt

Low care among vehicle owners should hamper the overall auto seat strap market advancement over the figure period. In arising economies like Brazil, India, and Indonesia, there is less mindfulness with respect to the upsides of wearing safety belts. Rules relating to traveler wellbeing are not rigorously upheld.                  

Figure 2. Global Automotive Seat Belt Market Share, By Design Type, 2022

Global Automotive Seat Belt Market- Segmentation

Global automotive seat belt market report is segmented into vehicle type, design type, seat belt technology, and region.

On basis of design type, the market has been divided into three-point, two-point, four-point belts, five-point belt, and six-point belts. The three-point seat belts segment dominated the global automotive seat belt in 2022, and is expected to continue to dominate the global market throughout the forecast period. These belt upholds the traveler's chest area and pelvis, and decreases wounds. The occupant's body is supported by a three-point seat belt thatreduces impact in the event of a collision.  

Global Automotive Seat Belt Market- Key Developments

In January 2020, The Four-Wheeler Drivers Association (TGFWDA) of Telangana has resumed its campaign to get people to wear seatbelts in their selfies. The mission is pointed toward advancing security and further expected to help the development of the market.

In December 2021, At the BMW World event, which was held at the company's headquarters in Munich, the brand-new I4 sedan with a seat pretensioner system from Gedia Gebruder Dingerkus was unveiled.

In April 2023, a new tech-enabled safety feature for Uber India's passengers has been introduced. Even when seated in the second row, the brand-new feature reminds passengers to fasten their seat belts.

In October 2022, Seat belts will be required for all automobile passengers. The Mumbai Police given a solicitation telling that wearing seat straps will be required for vehicle drivers and voyagers from November 1, 2022.

Global Automotive Seat Belt Market- Key Companies Insights

Global automotive seat belt market is highly competitive, owing to continuous launch of new technologies due to ongoing R&D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies, in order to expand their presence on regional as well as global basis.

Some of the key players in the global automotive seat belt market are Tokai Rika Co. Ltd., Autoliv Inc., Hyundai Mobis Co. Ltd., ZF TRW Automotive Holdings Corp., Toyoda Gosei Co. Ltd., Takata Corporation, Key Safety Systems Inc., Robert Bosch GMBH, Denso Corporation, and Continental AG.

*Definition: In the event of a collision or sudden stop, a seat belt protects the driver and passengers from significant movement. A seat belt lowers the risk of death or serious injury in a collision by reducing the force of secondary impacts caused by interior strike hazards. Numerous countries have forced serious monetary punishments on the individuals who don't comply with the law for wearing safety belts while voyaging.