Global Automotive Seat Belt Market was valued at US$ 13,450 Mn in 2022. 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. For violating the law and not wearing seat belts while traveling, many nations have imposed severe financial penalties.
Global Automotive Seat Belt Market: Drivers
Rising Demand for Inflated Seat Belts and Active Pretensioners
The market is being driven by the growing use of technologically advanced inflated seat belts and rising demand for high-end automobiles. These seat belts protect back passengers from head injuries caused by front seats in the event of an accident by acting as mini-airbags. Additionally, they serve as a cushion for the delicate bones of adults and children, preventing collarbone fractures. Due to rising demand for the installation of inflated seat belts in passenger cars, particularly luxury cars, the global automotive seat belts market is anticipated to expand during the forecast period.
Global Automotive Seat Belt Market: Opportunities
Increasing Demand for Three-Point Seat Belt Type
Three-point safety belts are utilized via car makers, as states all around the world have ordered regulations and rules to ensure the security of travelers. As mandated by the government, all front-facing passengers in automobiles must wear three-point seat belts by February 2022. The standard will likewise apply to the center seat in a vehicle's back line.
Global Automotive Seat Belt Market: Restraints
High Cost of New Vehicles and Related Products
The high cost of new products may hinder the global automotive seat belt market during the forecast period. Because of the incorporation of fresher innovations and fluctuating expenses of unrefined components, the development of new and high level items is very exorbitant. Manufacturers need to make significant investments in R&D in order to create novel products. All in April 2022, Maruti Suzuki, the biggest automaker in the nation, said on Wednesday that it will raise the costs of its models not long from now to counterbalance the sharp ascent in input costs to some degree. In the last 16 months, the company has increased prices five times.
Global Automotive Seat Belt Market- COVID-19 Impact Analysis
Unprecedented uncertainty is affecting the automotive and transportation industries, which are among the most affected verticals by the COVID-19 outbreak. Globally, the integrated automotive industry has been severely impacted by the pandemic in a short period of time. The disruption of large-scale manufacturing operations throughout Europe, decreased parts exports from China, and the closing of assembly plants and factories in the United States are all indicators.
The automotive industry is coping with a decline in global demand and is likely to see an increase in mergers, acquisitions, and joint ventures (M&A). Be that as it may, businesses
might be hesitant to move creation areas. Due to the low cost of labor and the high demand for their products in China, manufacturers with production facilities in China are reluctant to relocate to other nations like Eastern Europe and South East Asia. The majority of automakers announced lower sales and production.
The profitability of major market players is directly impacted when a large number of passenger cars are cut from production schedules. One of the largest manufacturers of seatbelts, Autoliv, for instance, depends on production volumes for its revenue base. According to a report that will be released by the company in May 2020, COVID-19 will result in a significant drop in revenue of approximately 15% from US$ 8.6 billion in 2019 to US$ 8.6 billion in 2020. As a result, the company will have to cut back on funding for projects like developing advanced yet cost-effective seatbelt systems and other products.
As a result, the next two years will likely see decreased funding for R&D projects and the consolidation of smaller market players with liquidity issues.
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Key Takeaways:
Global automotive seat belt market was valued at US$ 13,450 Mn in 2022, and is estimated to reach US$ 20,220.1 Mn by 2030 at a CAGR of 5.23% between 2023 and 2030.
Passenger car segment held the dominant position in the global automotive seat belt market in 2021, accounting for 59.9% share, in terms of value, owing to increasing approvals and launches of new products.
Global Automotive Seat Belt Market- Trends
Installation of Cutting-edge Safety System
Establishment of state of the art security frameworks in fresh out of the box new vehicles is obligatory, as different legislatures have carried out wellbeing regulations and guidelines. The Australian government required the installation of sophisticated seat belt reminder systems in passenger cars, vans, and SUVs (Sport Utility Vehicles). Formula 1 automobiles will be the fastest and most advanced racing vehicles ever produced in April 2023. Their design, power, and performance continue to captivate motorsport enthusiasts worldwide, pushing the boundaries of innovation and speed for decades. From the early days of the sport to today's cutting-edge technology, the evolution of Formula 1 automobiles has been nothing short of spectacular. They represent the pinnacle of engineering prowess.
Global Automotive Seat Belt Market: Competitive Landscape
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.
Global Automotive Seat Belt Market: Recent Developments
In January 2020, The Four-Wheeler Drivers Affiliation (TGFWDA) of Telangana has continued its mission to get individuals to wear safety belts in their selfies. The objective of the mission is to improve security, and it is also anticipated to support market growth.
In December 2021, At the BMW World event, held at the company's headquarters in Munich, Germany, the brand-new I4 sedan with a seat pretensioner system was launched by Gedia Gebruder Dingerkus a manufacturer of auto parts.
In December 2021, At the BMW World event in Munich, the company's headquarters, the new I4 was unveiled. A seat pretensioner system from Gedia Gebrueder Dingerkus is included in the new I4.
In June 2021, in models with bare-bones specifications, Renault India tested its most fundamental safety features. The Triber model, for example, showed critical upgrades with further developed chest and set out assurance toward back seat travelers. With the help of properly positioned center seat belts, the vehicle provides optimal head and body protection.
