Automotive Seat Belt Market 2022
The global automotive seatbelt market is expected to reach US$ 19.5 Bn in 2022. According to the study, the market is estimated to expand at approximately 6.5% CAGR from 2021 to 2031. COVID-19 had a significant effect on the demand and sales of automotive seatbelts in 2022, which dropped dramatically. 3-point seatbelts are the most popular across the world. 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.
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COVID-19 had a significant effect on the demand and sales of automotive seatbelts in 2020, which dropped dramatically. However, it is expected that the market will recover soon as get back to its original growth trajectory.
Rising demand for automotive seatbelts is the result of increased awareness about safety in the automotive industry. Increasing road accidents across the world has heightened the need for automotive seatbelts. Strict government laws and initiatives by various countries with regard to safety have boosted the sales of seatbelts. Moreover, increasing demand for passenger vehicles is adding to the demand for seatbelts, as these are used as standard equipment in passenger cars to minimize the effects of car accidents. Growth in demand also will be aided by rising urbanization and development in developing countries, as well as development in the industry and automation field.
Key Companies-
- Ashimori Industry Co., Ltd
- Faurecia
- Autoliv, Inc.
- Far Europe, Inc.
- APV Pty Ltd
- SCHROTH Safety Products GmbH
- Tokai Rika Co., Ltd
- ZF Friedrichshafen AG
- Joyson Safety Systems
- Fasching Salzburg GmbH
- GWR Safety Systems Inc.
- Goradia Industries
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Key Takeaways from Market Study
- The automotive industry has grown steadily over the last decade, prospects of further expansion in the years ahead. In the near future, innovations in seatbelts are expected as the automotive industry grows.
- Leading authorities have made it mandatory to wear seatbelts while travelling in both, commercial and passenger vehicles.
- Top industry players are investing in research & development to design and develop advanced seatbelt components in order to gain more market share. Industry leaders are enhancing their safety systems to make seatbelts safer.
- North America, Europe, and Asia Pacific account for a substantial portion of the global automotive seatbelt market, owing to the presence of numerous manufacturers and a large number of vehicles in these regions.
- Because of their versatility and utility, 3-point seatbelts, retractors, and pretensioners are witnessing high demand.
- Pretensioner seatbelts are projected to hold over 27% overall market share by 2031-end.
- The market in the U.K. is projected to expand at a CAGR of around 7%, while that in the U.S. at close to 6%, through 2031.
- The market in India and China is set to surge at around 9% and 8.5% CAGR, respectively, over the next ten years.
“Surge in demand from passenger vehicles and increased awareness toward vehicle safety in recent years are expected to provide an impetus to sales of automotive seatbelts,” says a Persistence Market Research analyst.
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Key Questions Answered in This Report –
- Which is the most lucrative market for automotive seatbelts?
- Which is the most popular design for automotive seatbelts?
- Which are some of the leading automotive seatbelt manufacturers?
- Which trend will impact the market for automotive seatbelts?
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