Automotive Seat Belt Market Analysis

A seat belt is a vehicle safety apparatus designed to secure the driver and passengers of a vehicle against a severe movement that results during a collision or sudden stop. A seat belt reduces the possibility of death or serious injury during a collision by reducing the force of secondary impacts with interior strike hazards. Many countries have made it mandatory to wear seat belts during traveling in can have exercised stringent monetary penalties for those who do not adhere to the law. There are six different types of seat belts including belt-in-seat, two-point belt, three-point belt, four-point belt, five-point belt, and six-point belt.

The global automotive seat belt market is estimated to be valued at US$ 12,300.1million in 2021 and is expected to exhibit a CAGR of 5.2% over the forecast period (2021-2028).

Recent Developments:

In Sep 2018, ZF releases new active control retractor seat belt system. Active seat belt systems can vibrate to warn drivers of potential danger and tighten the seat belt in anticipation of an accident.

In Sep 2019, Hyundai Motor launches the i30 N Project C limited edition, a lighter, lower and more extreme version of the critically acclaimed i30 N. This Project C includes seat belts.

In Sep 2021, Toyoda Gosei Co., Ltd. and Ashimori Industry Co., Ltd. are established a capital .and business alliance for the safety system of automotive industry.

Figure 1. Global Automotive Seat Belt Market Value (US$ Mn), by Region, 2020

Asia Pacific Region held dominant position in the global automotive seat belt market in 2020, accounting for 54.0% share in terms of value, followed by Europe and North America, respectively.

Global Automotive Seat Belt Market - Drivers

Stringent government regulations regarding vehicular safety are expected to drive growth of the global automotive seat belt market during the forecast period. Governments of various countries across the globe have enforced strict regulations for passenger safety. Such regulations have made wearing a seat belt mandatory for drivers and passengers in the car. Violation of such laws can lead to monetary penalties and repeated violations can even result in driver’s license suspension.

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. According to the National Highway Traffic Safety Administration (NHTSA), 30,057 motor vehicle traffic crashes were reported in the U.S. in 2013, resulting in 32,719 fatalities. Furthermore, according to Coherent Market Insights’ analysis, Number of road casualties in the U.K. increased to 193,290 in 2014 from 185,738 in 2013.

Global Automotive Seat Belt Market: Opportunity 

Various automobile manufacturers are focused on providing three-point seat belts in their vehicles. This is owing to various mandatory laws and regulations imposed by governments worldwide to ensure passenger safety. Major companies in the market can capitalize on these opportunities by providing novel products and gain a competitive edge in the market.

Automotive car manufacturers focus on implementing various seat belt safety systems which include advanced products such as pretensioners, inflatable safety belts, adjustable anchors and load limiters to enhance safety of drivers and passengers. Key players in the market can capitalize on these opportunities and enhance the market presence.

Automotive Seat Belt Market Report Coverage

Report Coverage	Details
Base Year:	2020	Market Size in 2021:	US$ 12,300.1 Mn
Historical Data for:	2017 to 2020	Forecast Period:	2021 to 2028
Forecast Period 2021 to 2028 CAGR:	5.2%	2028 Value Projection:	US$ 18,220.1 Mn
Geographies covered:	North America: U.S., Canada Latin America: Brazil, Argentina, Mexico, Rest of Latin America Western Europe: Germany, U.K., France, Italy, and Rest of Western Europe Eastern Europe: Poland, Russia, and Rest of Eastern Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific Middle East and Africa: GCC Countries, Israel,  South Africa, North Africa, Central Africa, Rest of Middle East
Segments covered:	By Vehicle Type: Passenger Cars, Commercial Vehicles (Light Commercial Vehicles, Heavy Trucks, Buses and Coaches) By Design Type: Belt-in-Seat, Two-point Belts ( Lap Belts), Three-point Belts, Four-point Belts, Five-point Belts, Six-point Belts By Seat Belt Technology: Retractor, Pretensioners, Active Seat Belts, Bag-in-Belts, Load Limiters, Seat Belt Reminder System
Companies covered:	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.
Growth Drivers:	Stringent government regulations regarding vehicular safety  Rising incidence of road accidents
Restraints & Challenges:	High cost of new products  Low awareness among car owners

Market Trends

Laws and regulations have imposed by various governments regarding automotive safety through implementation of advanced safety systems in new vehicles being produced. For instance, in Australia, the government established a standard for the requirement of advanced seat belt reminder systems for the driver’s seat in passenger cars, vans and SUVs. Furthermore, this trend is expected to continue during the forecast period.

Seat belt manufacturers tend to focus on development of active safety systems, in order to offer advanced safety to the driver and passengers in vehicles in the event of an accident. For instance, in 2014, ZF TRW launched second-generation Active Control Retractor Seat Belt System in North America which offers better securing of the driver and passenger during impact as compared to conventional seat belts.

Figure 2. Global Automotive Seat Belts Market Share, By Passenger Cars, 2020

Key Takeaways of the Graph:

• The passenger cars held dominant position in the market and accounted for 59.5% share in the global automotive seat belts market in 2020. The segment is expected to reach US$ 10,840.9 million in 2028, owing to increasing production of passenger cars
• The three point accounted for the largest share of 1% in the global automotive seat belts in 2020 and is expected to be valued at US$ 14,594.30 by 2028. This owing to increasing use for reduce injuries

Global Automotive Seat Belt Market- Restraints

High cost of new products is expected to restrain growth of the global automotive seat belt market during the forecast period. Production of new and advanced products is highly expensive, owing to inclusion of newer technologies and fluctuating raw materials cost. Moreover, manufacturers are required to invest heavily in research and development activities, in order to innovate novel products.

Low awareness among car owners is expected to hamper the global automotive seat belt market growth over the forecast period. There is still low awareness regarding benefits of wearing seat belts, especially in emerging economies such as Brazil, India, and Indonesia. Enforcement of passenger safety rules is not exercised stringently. 

Competitive Section

Major companies operating 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.

Key Developments

1. Key players in the market are focused on collaboration and partnerships, in order to enhance the market presence. For instance, in September 2017, Autoliv Inc. collaborated with Adient, to address vehicle seating challenges presented by designs for the future cars and integration of autonomous driving.
2. Major companies in the market are involved in research and development activities, in order to gain a competitive edge in the market. For instance, in September 2019, Hyundai Mobis Co. Ltd. developed the ‘Safety Integrated Control Module’ to ensure enhanced efficiency and safety in operating automotive safety devices.