Automotive Seat Belt Market Analysis and Review by Vehicle Type - Passenger Vehicles | Commercial Vehicles
Industry: Automotive
Published Date: December-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 254
Report ID: PMRREP3178
PMR projects the Global Automotive Seat Belt Market to expand at CAGR of 6.6% during the assessment period (2023-2033) and reach US$ 15.8 Bn by 2033. The market is expected to reach a valuation of US$ 8.3 Bn by end of 2023.
During the event of crash, seat belts distributes the impact across the body, reducing the possibility of severe injuries and enhances the safety of passengers. Seat belts also helps to prevent passengers from impulsive shocks. Wearing seat belts have been made mandatory by the government across the globe and has become a compulsory feature in cars since decades.
The growth in seatbelt market is synonymous with automotive manufacturing and is expected to align with automotive industry trends. This has led many of OEM and aftermarket companies to manufacture seat belt with USPs relating to material type and ease of installation.
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Market Value (2022A) |
US$ 7.9 Bn |
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Market Sales (2023E) |
US$ 8.3 Bn |
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Market Forecast (2033F) |
US$ 15.8 Bn |
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Value CAGR (2023-2033) |
6.6% |
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Collective Value Share: Top 3 Countries (2022A) |
29.2% |
Automobile seat belts have experienced increasing growth in recent years. The demand for seat belt was affected by COVID-19 due to reduction in production rate of automotive vehicles across the globe. However, with increasing economic activities post COVID period the seat belt manufacturers are looking to regain their market share, Automotive vehicle sales and production rates are expected to increase in the coming years which is providing room for increased demand for automotive seat belts.
As of 2022, the global automotive seat belts market is between 25% and 30% of automotive passive safety systems market.
Demand is expected to increase over time as seat belts are compulsory for all passenger and commercial vehicles. The increasing urbanization, improving road network and highway infrastructure and growing number of young professionals are expected to increase the demand for automobiles in all regions and hence the demand for automotive seat belts.
Strict government regulations further contribute to the growth of the market. Advancements in technology and the availability of new advanced seatbelt systems are expected to increase sales of seat belts. The demand for seat belts is increasing due to the growing awareness of road safety.
In addition, the increasing road accidents around the world has raised concerns about road safety, creating a huge growth opportunity for automotive seat belt manufacturers.
Key market players are involved in acquisitions, expansions, and collaborations to gain a strong foothold in this landscape. For example, these major players are acquiring regional players to expand their presence in regional markets around the world.
The global economy grew slower than expected in 2020. All major economies posted below-average growth despite global monetary policy. Sales of automotive seat belts in 2019-2020 were relatively lower than in other years. However, Persistence Market Research predicts that the global automotive seat belt market will remain healthy at around 6.6% by 2033.
“Increasing investment in product development is impacting the automotive seatbelt market growth”
Increased investment in R&D activities for innovative product development, especially by prominent market participants, has played an important role in driving the demand for their products in the global market. Apart from that the establishment of manufacturing plants in developing countries like India, Brazil, and Turkey and investment in new technology has greatly benefited the market participants to enhance their revenue generation capabilities, the increasing focus on driver safety & development of high tech products are the key factors behind the excessive demand growth of seat belts in across various regions.
“Government regulations on compulsion of automotive seat belts is spurring the market growth”
Stringent government regulations and growing awareness of rear seat belts has created additional opportunities for industry players. Changing lifestyle and rapid population growth are contributing to the market expansion.
“Investments in new technology such as inflatable seat belts have helped the automotive seat belt industry to grow”
Established players in the market are investing in the research and development of automotive seat belts to provide users with advanced safety features and enhanced comfort. Investments in new technology such as inflatable seat belts have helped the automotive seat belt industry to grow at considerable pace.
Several companies are investing in product development, including seat belt materials, product weight management and the development of technology used in seat belts.
Why is China a lucrative Market for Automotive Seat belts?
“Availability of raw materials at low cost makes China the largest automobile market”
Persistence Market Research projects that East Asia will remain one of the most lucrative markets throughout the forecast period. One of the main factors supporting this is government regulations in China. Another reason is the availability of low cost raw materials, which has helped China to become one of the forerunners in seatbelt supply. As China being the world's largest automobile market, demand for seat belts is expected to proceed ahead with substantial value.
How is India Faring in the Automotive Seatbelt Landscape?
India is a huge market for automotive seat belts. The Indian market is expected to grow at an incremental CAGR during 2023-2033, representing a significant growth rate compared to the rest of South Asia and Pacific.
Increased focus on safety and new technologies has led to significant growth of the automotive seat belt market in India and this trend will continue until 2033.
By Vehicle Type Which Segment Has Higher Market Share?
By vehicle type, passenger cars have the highest market share. The main reasons for this are the rapid increase in the number of passenger vehicles on the road and the growing need to make these vehicles safer by installing seat belts. Due to the current pandemic and other health issues people prefer to travel by private car rather than public transport, which has boosted sales of passenger cars, resulting in increased sales of seat belts.
Why are 3-point Seatbelts Most Widely Used?
3-point seat belts are the most widely used in terms of design. This segment holds the largest share of the global market. This is the most suitable type of seat belt for passenger cars and commercial vehicles because of the features it provides. The biggest benefit of wearing a 3-point seat belt is that it distributes braking evenly around hard parts of the body, such as the pelvis, elbows and chest, making it the preferred seat belt type in terms of design.
The global automotive seat belt market is highly competitive and highly consolidated. Key market players hold large market shares and have global brand presences as they comply with government guidelines and regulations. Major manufacturers focus on improving and introducing new products.
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Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2017-2022 |
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Market Analysis |
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Key Regions Covered |
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Key Countries Covered |
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Key Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon Request |
Vehicle
Design
Technology
Region
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North America, South Asia Pacific, and East Asia, due to presence of countries such as China and India, currently lead the global market for automotive seatbelts. Sales in these countries will grow at a high CAGR throughout the forecast period.
3-point seatbelts are the most popular across the world.
Autoliv, Joyson, ZF Friedrichshafen Ag, Tokai Rika, Ashimori, Faurecia and some other companies are leading manufacturers of automotive seatbelts.
Many manufacturers are focusing more on 3-point seatbelts and also toward retractor and pretensioner technology. Manufactures are also investing in R&D in order to make seatbelts safer than before, with the mix of design and technology improvements.
