Global Automotive Seatbelt Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Component (Webbing, Buckles, Others), By Type (Two-Point, Three-Point, Belt-In-Seat, Automatic, Others), By Technology (Retractor, Pre-tensioner, Active Seat Belt, Bag-In-Belt, Load Limiter), By Vehicle Type (Compact Car, Mid-Size Car, Large Car), And By Geography - Forecasts From 2022 To 2027

The global automotive seat belt market is projected to grow at a CAGR of 3.24% during the forecast period, reaching a total market size of US$8.218 billion in 2027 from US$6.576 billion in 2020. The automotive seatbelt market is expected to witness a significant increase in demand over the coming years owing to growing awareness regarding safety and strict traffic rules. A seat belt which is also called a safety belt or a safety harness is a vehicle safety device designed to secure the people present inside the vehicle in case the vehicle crashes or comes to a stop. A seat belt reduces the chances of death or serious injury in a traffic collision and does this by reducing the force of secondary impacts with interior strike hazards, by keeping persons inside positioned correctly so that they are in the range where the airbag has maximum effectiveness (if equipped): and by preventing the people inside being ejected from the vehicle in the event of a crash or if the vehicle rolls over. Increasing automotive production across the region, combined with stricter regulations and standards regarding safety, is boosting the growth of the automotive seat belt market across the globe.

Government initiatives and investments in automotive and safety to drive market growth

The active involvement of various governments in the automotive industry is expected to propel the growth of the market. For instance, the finance ministry of India a stimulus program valued at USD 266 billion in 2020 in order to reverse and even boost the downturn of the industry due to the pandemic. Additionally, the 5-star safety rating program in the US by the NHTSA (National Highway Traffic Safety Association) in order to enhance the safety of the occupants in a vehicle is further expected to augment growth in the market.

By Type

By type, the global automotive seat belt market is segmented as two-point, three-point, belt-in-seat, automatic, and others. The three-point seat belt is expected to prevail as the significant segment of the global automotive seat belt market. It  is widely preferred across vehicle types because it provides a good amount of protection to the driver and passengers

By Vehicle Type

By vehicle type, the global automotive seatbelt market is segmented into compact cars, mid-size cars, and large cars. The compact car segment promises to hold a significant market share in the global automotive seat belt market due to its preference over other vehicle types.

By Geography

Geographically, the global automotive seat belt market is segmented into  North America, Europe, Middle East & Africa, Asia-Pacific, and South America. Asia Pacific is the most lucrative region in the global automotive seat belt market, both in terms of value and volume. The Asia Pacific automotive industry is booming on the back of rapid urbanization in the emerging economies of China and India. Europe is also one of the biggest manufacturers of automobiles, which is expected to have a positive impact on the automotive seatbelt market.

Key Developments

• April 2021: According to the BNVSAP (Bharat New Vehicle Safety Assessment Program, starting April 2021, front dual airbags were made to be mandatory for all the vehicles to be sold in India, along with seat belt alarms for the driver and co-driver seats which must sound until the seat belts are fastened, along with a speed warning system if the speed goes over 80mph and further 120mph. all this was done in order to promote road safety which has propelled the growth in the automotive seat belt market.
• January 2020: The four-wheel drivers’ association of Telangana, India resumed itself with a campaign concerning seatbelts. The aim of the campaign was to promote safety, which also helped in propelling the growth of the market.
• September 2019: Hyundai Mobis developed a freshly new Safety Integrated Control Module. This system integrates two separate electronic control modules for airbags and electronic seatbelts into one single unit and would also augment the reliability and efficiency of these devices.
• February 2019: Rane TRW Steering Pvt Ltd which is a joint venture between Rane TRW Steering and ZF Group, went on with its plans of expansion by opening a novel facility in Tamil Nadu for the manufacturing of occupant safety products, in order to catalyze the production of seat belt assemblies and airbags.

COVID-19 Insights

The COVID-19 pandemic caused a disruption in the automotive supply chain worldwide. The outbreak did not only disrupt production facilities around the world for these parking sensors but also negatively affected vehicle sales globally. For instance, in China, sales fell by 71% in February and by April, the US and Europe experienced a plunge of 47% and 80% respectively. Even the sales of the commercial vehicles of Tata Motors dipped from 36,955 units to 14,435 units between March 2021-April 2021, which impacted the parking sensor installations in vehicles. This automatically decreased the demand for parking sensors, leading to a decline in the market. Furthermore, the budget allocated for R&D was also significantly affected during this period, which deeply affected the development of fresh and innovative automotive parking sensors.  The demand for this lighting equipment is directly proportional to vehicle production and with the outbreak of COVID-19, this demand for significantly disrupted. 

Global Automotive Seatbelt Market Scope:

Segmentation

The global automotive seatbelt market has been analyzed through the following segments:

• By Component
  • Webbing
  • Buckles
  • Others
• By Type
  • Two-Point
  • Three-Point
  • Belt-In-Seat
  • Automatic
  • Others
• By Technology
  • Retractor
  • Pre-tensioner
  • Active Seat Belt
  • Bag-In-Belt
  • Load Limiter
• By Vehicle Type
  • Compact Car
  • Mid-Size Car
  • Large Car
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Israel
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Thailand
    • Taiwan
    • Others