A seat belt is safety equipment that safeguards drivers and passengers from collision and sudden stop. A seatbelt applies an opposing force, in order to the driver and passengers to prevent them from falling out or making contact with interior of the car. Moreover, seatbelts are deemed as primary restraint systems (PRS) due to their vital role in occupant safety. Seat belts have been made mandatory for drivers and passengers in the car in many countries, in order to avoid impact of collisions.
The global automotive seat belt market is expected to surpass US$ 18,220.1 Mn in terms of value by the end of 2028.
Global Automotive Seat Belt Market: Driver
Rising production of vehicles combined with increased demand for passenger vehicles is expected to accelerate growth of the global automotive seat belt market during the forecast period. Vehicle production has increased significantly in the recent past across the globe. According to the International Organization of Motor Vehicle Manufacturers (OICA), total vehicle production in 2017 worldwide was 97,302,534 units. As a result of this, the demand for innovative seat belt technologies is expected to increase significantly in the near future.
Global Automotive Seat Belt Market: Opportunity
Growing adoption of low and mid-segment cars can provide lucrative opportunities for market players. Global seat belt manufacturers are focusing on production of low-cost safety systems designed specifically for low mid-range cars such as compact, sub-compact, and SUVs. This is primarily owing to growing global demand for passenger cars in this segment and rising consumer awareness about automotive safety.
Global Automotive Seat Belt Market: Recent Developments
Global Automotive Seat Belt: Restraint
Lack of stringent rules in emerging economies is expected to hamper the global automotive seat belt market growth over the forecast period. Low awareness among car owners and lack of stringent passenger safety rules are major factors hindering growth of the market. Although some countries have strict laws with severe monetary penalties, these laws are not stringently exercised.
Global Automotive Seat Belt Market - Impact of Coronavirus (Covid-19) Pandemic
The global automotive seat belt market has witnessed a significant decline since the outbreak of COVID-19 pandemic in China in December 2019. Following the outbreak, many countries temporarily shut down international travel and trade. Furthermore, to curb the spread of virus, governments of various countries adopted mandatory lockdown policies, briefly terminating manufacturing activities in different sectors. The automotive industry witness major negative impact due to these factors with stringent regulations on physical distancing. As a matter of fact, the sales of automotive vehicles dipped during this period, eventually impacted automotive OEMs. However, manufacturers are optimistic with several countries relaxing the COVID-19 regulations. With rollout of vaccines and companies focusing on adopting to new changes, the market is expected to witness resurgence in the near future.
Seat belt manufacturers are increasingly focused on development of safety systems for rear seats, as car manufacturers are now laying emphasis on integrating advanced systems such as pretensioner, active seat belts, and seat belt reminder systems for rear seats as well, especially for mid- and high-range cars.
Belt-in-seat type seat belts are finding greater application in commercial buses, especially school buses due to various government regulations mandating the use of the same. Racing car manufacturers tend to use four-, five- and six-point seat harness belts in cars as these offer advanced safety as compared to standard seat belts used in standard cars. These seat belts are highly resistant and more effective during high-impact collisions associated with powerful racing cars.
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.