Home > Pressrelease > Automotive Seat Belts Market worth over $23 Bn by 2028
Automotive Seat Belts Market worth over $23 Bn by 2028
- Published Date: April 6, 2022
Automotive Seat Belts Market size is set to cross USD 23 billion by 2028, according to a new research report by Global Market Insights Inc.
Stringent regulatory norms pertaining to automobile safety are playing a major role in driving the automotive seat belts market growth during the forecast period. Rising cases of accidents and crashes are encouraging industry leaders to install seatbelt reminders in their vehicles, fostering the industry expansion in the coming years.
Automobile manufacturers are continuously investing in the latest technologies and equipment to introduce advanced features, focusing on passenger safety. For instance, Ford Motors is currently working on inflatable rear seat belts, which are sandwiched between the strap and offer significant safety along with passenger comfort during a crash. Furthermore, in Asia Pacific, rising government support for the concept of autonomous vehicles combined with a growing demand for safer vehicles will further boost the overall industry growth.
Increasing investments from OEMs focusing on passenger safety to improve active and passive safety systems in vehicles will accelerate the industry progression. In 2018, Fasching, an Austria-based seat belts manufacturer, announced to invest over USD 11 million in India to set up a manufacturing facility.
Get more details on this report - Request Free Sample PDF
The buckles segment is projected to reach USD 8.5 billion by 2028 owing to the surging demand for seat belt buckles can be attributed to the proliferating production in the automobile sector. The design of these buckles has undergone dramatic changes from a simple three-piece component to a composite 10-piece assembly to improve its function of holding the seat belts from another end during a road crash. The industry players are actively participating to innovate new technologies to improve these buckles.
Browse key industry insights spread across 330 pages with 250 market data tables & 23 figures & charts from the report, “Automotive Seat Belts Market Size By Type (2-Point Seat Belts, 3-Point Seat Belts), By Vehicle (Passenger Cars, LCV, HCV), By Component (Webbing Strap, Retractors, Buckles, Tongues, Pillar Loops), By Distribution Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
The surging demand for 2-point seatbelts
The 2-point seat belts segment is estimated to register growth of 2.9% during 2022 to 2028 on account of the increasing demand for 2-point seat belts can be credited to the benefits offered including auto adjustable solutions, options for minimum weight & space requirements, and extra comfort during long rides.
Rising demand for seat belts in LCVs
The global automotive seat belts market from LCV is predicted to reach more than USD 6.2 billion by 2028. The proliferating logistics industry, the requirements for delivering goods & cargo across smaller towns & cities, emerging e-commerce activities, and the rising demand for home delivery services are accelerating the demand for LCVs during the forecast period. Rising requirement for seat belts to promote driver safety and reduce the probabilities of injuries during accidents is augmenting the segment demand in the coming years.
The aftermarket segment accounts for a considerable market value
The aftermarket is anticipated to register significant gains through 2028 led by the. requirement for replacements or repairs of seat belts in case of any defects or accidents. Moreover, the availability of low-cost alternatives combined with easier availability of spare parts and components depending on the vehicle type will influence the segment growth.
North America to exhibit steady growth during the forecast period
North America automotive seat belts market is poised to expand at 2.2% CAGR till 2028. Growth in the U.S. industry is attributed to the availability of multiple incentives and supportive government policies. The presence of multiple automobile companies offering a wide range of seat belts will further spur the industry opportunities in the coming years.
Some of the key players in the automotive seat belts market include Key Safety Systems, Tokai Rika, Continental AG, ZF-TRW, Hyundai Mobis, Goradia Industries, Joyson Safety System, B.K Seat Belts Co., Ltd., and GWR Co., among others.