Automotive Seat Belt Market Analysis | 2023-2028

“The Automotive Seat Belt Market was estimated at US$ 18.12 million in 2022 and is expected to grow at a CAGR of 3.6% during 2023-2028 to reach US$ 22.47 million by 2028.”

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Market Dynamics

Introduction

Automotive seat belts are essential safety devices in vehicles. They consist of a sturdy strap and buckle, securing occupants in their seats during accidents or sudden stops. Seat belts serve to restrain movement, distribute collision forces across the body, reduce inertia, and complement airbag protection. Their primary purpose is to minimize injuries and save lives in vehicular accidents.

Wearing seat belts is legally mandated in most countries due to their proven effectiveness in preventing severe injuries and fatalities on the road. These simple yet crucial restraints are a vital part of modern vehicle safety systems, emphasizing the importance of buckling up every time you get into a car.

Market Drivers

Growing awareness regarding the safety of passengers coupled with ongoing initiatives to minimize injury severity and fatality rate, increasing enhancements in safety systems to improve their efficiency, growing production and demand for passenger vehicles, and the presence of many distributors are some of the major factors driving the market growth during the forecast period.

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Segments Analysis

By Type

“3-point seat belts dominate the market during the forecast period.”

The automotive seat belts market is segmented into 2-point seat belts and 3-point seat belts. 3-point seat belts are estimated to be the dominant segment of the market owing to superior comfort and safety efficiency offered by them. These seat belts also offer flexibility in adjustment for pregnant women and children, accelerating the growth of the segment during the forecast period.

By Vehicle Type

“LCV dominates the market during the forecast period.”

The market is segmented into PCV, LCV, and HCV. LCV is estimated to witness significant growth owing to increasing vehicle sales globally during the forecast period. Factors such as the growing logistic industry coupled with increasing freight activities, boosting the LCVs’ fleet size, and frequent launch of new models with the incorporation of seatbelt reminders in these vehicles are expected to fuel the market growth during the forecast period.

By Component Type

“Retractor components accounted for over 35% share of the market during the forecast period.”

The market is segmented into webbing straps, retractors, buckles, tongues, and pillar loops. Retractor components dominate the market owing to the development of products including emergency locking retractors and automatic locking retractors. Implementation of emergency locking retractors in new vehicle models by the automotive industry players is further expected to boost the segment’s growth during the forecast period.

On the other hand, the webbing strap segment is estimated to witness a significant growth rate in the market owing to its implementation for restricting the body movement of the occupant upon impact during collision. Factors such as the application of ultra-high-molecular-weight polyethylene coupled with high-performance aramids and the development of heated seat belts with heated power devices are further expected to fuel the market growth over the forecast period.

By Distribution Channel Type

“The aftermarket distribution channel dominates the market during the forecast period.”

The market is segmented as OEM and aftermarket. The aftermarket distribution channel is projected to register a higher growth rate in the market during the forecast period owing to the increasing adoption of pre-owned vehicles. The replacement of seat belts from older vehicle models coupled with the development of cost-effective products is further expected to accelerate the segment’s growth over the forecast period.

Regional Analysis

“Asia-Pacific is estimated to be the dominating region in the market during the forecast period.”

Owing to the growing vehicle sales and regulations in various countries for installing seatbelts in each vehicle. Moreover, ongoing investments made by the government authorities to spread awareness regarding vehicle safety are further expected to fuel the growth of the regional market over the forecast period.

Europe and North America are also expected to offer substantial growth opportunities during the forecast period.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.  

The following are the key players in the automotive seat belt market (arranged alphabetically).

• Ashimori Industry Co., Ltd.
• BK Seat Belt
• Continental AG
• Goradia Industries
• Hyundai Mobis Co., Ltd.
• Joyson Safety Systems
• Ningbo BX Automotive Co., Ltd.
• Tokai Rika Co., Ltd.
• Toyoda Gosei Co., Ltd.
• ZF TRW Automotive Inc.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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Market Segmentation

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Competitive Benchmarking

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