Automotive Seat Belts Market Analysis

Automotive Seat Belts Market Analysis

The 3-point seat belts segment held the largest market share in 2021 and is poised to reach over USD 22 billion by 2028. This is attributed to the superior comfort and improved safety of 3-point seat belts. The urge for 3-point seat belts is increasing in different types of vehicles due to improved safety and reduced fatalities. Additionally, the improved stretching ability for belt adjustment and the mandatory adoption of the system in passenger cars will induce significant growth potential in the industry landscape.
 

The automotive seat belts market from passenger cars segment is anticipated to witness 4% gains through 2028. The frequent launch of new models along with the easy availability of financial and several offers provided by vehicle manufacturers to increase their sales will support the market revenue. Vehicle producers are emphasizing on the adoption of modern safety measures to improve passenger car safety.
 

Retractor components segment will account for more than 35% of the revenue share by 2028 with the development of several retractors including Emergency Locking Retractor (ELR) and Automatic Locking Retractor (ALR). ELRs are widely used in seat belts owing to the passenger comfort provided by the retractor. Vehicle manufacturers are launching new vehicle models with ELR to spur component penetration.
 

The OEM segment dominated the automotive seat belt market and is slated to observe 3.6% gains from 2022 to 2028. The proliferating automotive production and stringent government regulations are mandating the fitment of seat belts to promote safety. Furthermore, factors including rigorous crash tests and car assessment programs are motivating automobile OEMs to employ safety measures to improve their vehicles' safety ratings, thereby differentiating their portfolios from competitors and improving sales.
 

Asia Pacific automotive seat belts market is set to capture about 300 million units demand by 2028. Asia Pacific dominates the industry impelled by increasing vehicle sales coupled with emerging regulations in several countries to adopt 100% seat belts in vehicles. Furthermore, the increase in production of vehicles and rising demand for passenger vehicles are among the major drivers, fueling the industry gains. Improving living conditions combined with easier financing alternatives and strong GDP growth per capita play a major role in increasing the sales of passenger vehicles across the region.