Automotive Seat Belt Market Size Worth USD 20.58 Billion, Globally, by 2030 at a CAGR of 5.10%

Global Automotive Seat Belt Market to Hit USD 20.58 Billion by 2030; China Recorded Upsurge in NEV Registrations Propelling Industry Expansion

Pune, India, Aug. 21, 2023 (GLOBE NEWSWIRE) — The global automotive seat belt market size was valued at USD 13.66 billion in 2022. The market is anticipated to grow from USD 14.53 billion in 2023 to USD 20.58 billion by 2030, exhibiting a CAGR of 5.10% over the estimated period. The rise is driven by increasing production and sales of automobiles and surging disposable income. Fortune Business Insights™ provides this information in its research report, titled “Automotive Seat Belt Market, 2023-2030”.

The global automotive seat belt market research reports offer a comprehensive and insightful analysis of automotive seat belt industry. This report helps to understand the market landscape, trends, opportunities, challenges, and key players. The research employs a combination of qualitative and quantitative methodologies to present a well-rounded view, including data-driven statistics, expert opinions, and market dynamics. By examining factors such as automotive seat belt market size, growth potential, competitive analysis, consumer behavior, and emerging technologies, this reports aims to help the businesses and stakeholders with valuable insights for strategic decision-making and successful market engagement.

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Report Scope & Segmentation

Drivers and Restraints:

Market Value to Surge Owing to Rising Number of Road Fatalities

One of the major factors propelling the automotive seat belt market growth is an escalation in the number of road fatalities on account of the soaring number of road accidents. The industry expansion is further being impelled by the rising introduction of strict government guidelines for wearing vehicle seat belts.

However, an increase in injuries caused by seat belt failures may hamper industry expansion to some extent.

COVID-19 Impacts:

The pandemic Led to Travel Restrictions and Disruptions in Supply Chains Affecting Industry Growth

The global automotive sector was severely impacted by the coronavirus pandemic. The period led to disruptions in the supply chain and brought about a reduction in the consumption of goods. This was mainly driven by the enforcement of lockdown restrictions across the globe. However, an increase in vaccination campaigns for curbing the spread of the virus led to the revival of automobile demand, impelling industry expansion to a considerable extent.

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Report Coverage

The report gives a comprehensive analysis of the major trends impelling industry expansion throughout the forecast period. It further provides an overview of the key factors boosting the global business scenario over the forthcoming years. Other components of the report include significant steps and initiatives undertaken by leading industry participants for strengthening the positions of their businesses.

Market Segmentation:

Three-point to Exhibit Dominance Impelled by Rapid Urbanization

Based on seat belt type, the market is bifurcated into three-point and five-point. Of these, the three-point segment is estimated to depict the highest market share over the forecast period. The growth is propelled by the soaring product adoption in commercial vehicles and passenger cars.

OEM Segment to Dominate Owing to Surging Vehicle Demand

Based on the distribution channel, the market for automotive seat belts is classified into aftermarket and OEM. The OEM segment dominates the market. The rise is driven by the advantage of supplier or manufacturer warranty.

Passenger Car Segment to Dominate Driven by Growing Production of These Vehicles

By vehicle type, the market is categorized into commercial vehicles and passenger cars. The passenger cars segment is poised to dominate throughout the projected period. The expansion is driven by soaring production and sales of these vehicles.

Based on geography, the market for automotive seat belts has been studied across North America, Europe, Asia Pacific, and the rest of the world.

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Regional Analysis:

Asia Pacific to Emerge Prominent Impelled by Surging Sales and Production of Vehicles in Developing Countries

The Asia Pacific automotive seat belt market share is anticipated to grow at a considerable pace over the projected period. The expansion is driven by the enforcement of stringent road safety norms, upgrading of road infrastructure, and soaring vehicle production.

The North American market is poised to depict lucrative expansion over the study period. The surge is impelled by the growing product usage for the improvement of road safety.

Competitive Landscape:

Pivotal Companies Focus on Strategic Deals to Gain a Competitive Edge

Leading industry players are focused on adopting a range of strategic deals for reinforcing their market positions. These include merger agreements, acquisitions, partnerships, and collaborations. Other initiatives comprise an upsurge in research activities and the development of new solutions.

List of the Companies Operating in the Market:

• Holmbergs Safety System Holding AB (Sweden)

• GWR Safety Systems (U.S.)

• Ashimori Industry Co., Ltd (Japan)

• Joyson Safety Systems (U.S.)

• TOKAIRIKA, CO, LTD. (Japan)

• ZF Friedrichshafen AG (Germany)

• Autoliv Inc. (Sweden)

• AB Volvo (Sweden)

• Hyundai Mobis (South Korea)

• Robert Bosch GmbH (Germany)

Segmentation:

By Seat Belt Type

• Three-point
• Five-point

By Distribution Channel

• OEM
• Aftermarket

By Vehicle Type

• Passenger Cars
• Commercial Vehicles

Major Table of Contents:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments –Mergers, Acquisitions and Partnerships
  • Porters Five Forces Analysis
  • Technological Development
  • Impact of Covid-19
• Global Seat Belt Market Analysis, Insights and Forecast, 2019-2030
  • Key Findings / Definitions
  • Market Analysis, Insights and Forecast – By Vehicle Type
    • Passenger Car
    • Commercial Vehicle
  • Market Analysis, Insights and Forecast – By Distribution Channel Type
    • OEM
    • Aftermarket
  • Market Analysis, Insights and Forecast – By Seat Belt Type
    • 3 Point
    • 5 Point
  • Market Analysis, Insights and Forecast – By Region
    • North America
    • Europe
    • Asia pacific
    • Rest of the world

Toc Continued…

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KEY INDUSTRY DEVELOPMENTS:

January 2023 – China recorded new registrations of a total of 5.35 million NEVs across China in 2022. The number was 81% more as compared to 2021. This led to an escalation in seat belt demand in China.

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