Automotive seat belts are critical safety components used in vehicles to restrain occupants during sudden stops or collisions, reducing the risk of injury. They are essential in ensuring the safety of drivers and passengers by securing them in their seats, thereby minimizing movement and impact during accidents.
The automotive seat belts market consists of sales, by entities (organizations, sole traders and partnerships), of automotive seat belts that are installed in vehicles to secure occupants in their seats and protect them in the event of a collision or sudden stop.
The global automotive seat belts market was valued at $12,035.5 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 2.0%.
Increased Disposable Income
Increased disposable income propelled the growth of the automotive seat belts market in the historic period. Increased disposable income enabled consumers to purchase new vehicles with advanced safety features, including upgraded seat belts. As demand for high-end vehicles rose, automotive manufacturers enhanced their seat belt technologies. Higher incomes also encouraged consumers to prioritize safety and comfort in their vehicle choices. For instance, according to the Bureau of Economic Analysis (BEA), a US-based government agency that provides official macroeconomic and industry statistics, disposable personal income per capita in the United States increased to $61,047 in November 2023 from $57,339 in November 2022. Additionally, in February 2023, according to estimates from the National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), India's per capita net national income was INR 172,000 ($2,077.35). This is a nearly 100% increase over the INR 86,647 ($1,046.49) per capita income in 2014-15. Therefore, increased disposable income supported the growth of the automotive seat belts market during the historic period.
Upgrading Three-Point Seat Belts With Focus On Enhancing Safety Features
Automotive seat belt manufacturers are upgrading their three-point seat belts to focus on enhancing safety features. Three-point seat belts for every seating position provide comprehensive occupant protection, while seat belt reminder systems ensure passengers are secured before driving. These enhancements improve overall vehicle safety and align with evolving safety regulations. For example, in May 2023, Maruti Suzuki India Limited, an India-based automotive manufacturing company, rolled out new updates for their Baleno models equipped with a three-point seatbelt for the middle passenger in the rear row along with an adjustable headrest and a reminder to wear the seatbelt with the rising need for three-point seatbelts for rear occupants. The Baleno will be the first model to receive this updated seatbelt feature, with plans to extend the upgrade to additional Maruti vehicles in the coming months. Additionally, in May 2023, Hyundai Motor Company, a South Korean-based multinational automotive manufacturing company, implemented a significant update, making 3-point seat belts and seat belt reminder systems standard across all its cars and sport utility vehicles (SUVs). By standardizing these features, Hyundai aims to provide superior protection and elevate the overall safety standards of its vehicle lineup.
The global automotive seat belts market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 73.95% of the total market in 2023.
Automotive Seat Belts Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global automotive seat belts market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for automotive seat belts? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The automotive seat belts market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider automotive seat belts market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by seat belt type, by vehicles, by technology and by sales channel.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the automotive seat belts market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment seat belt type, by vehicles, by technology and by sales channel in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for automotive seat belts providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Seat Belt Type: Three-Point; Five-Point; Other Seat Belt Types
- 2) By Technology: Pretensioner Automotive Seatbelts; Retractor Automotive Seatbelts; Active Automotive Seatbelts; Inflatable Automotive Seatbelts; Load Limiter Automotive Seatbelts; Reminder Automotive Seatbelts
- 3) By Sales Channel: Original Equipment Manufacturer (OEM); Aftermarket
- 4) By Vehicles: Passenger Cars; Commercial Vehicles
- Companies Mentioned: Autoliv Inc.; Zf Friedrichshafen Ag; Joyson Safety Systems; Toyoda Gosei Co. Ltd.; Continental Ag
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; automotive seat belts indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.