Wilmington, Delaware, United States, March 12, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive seat belt system market was worth US$ 24.8 billion in 2022. A CAGR of 4.5% is expected between 2023 and 2031, and the market is forecast to reach US$ 36.8 billion by 2031. The risk of accidents increases in conjunction with urbanization and traffic congestion.
Governments and consumers are adopting advanced seat belt systems because they value safety features more. Vehicle owners with seat belt systems with advanced safety features may receive discounts from insurance companies. As a result, consumers are more likely to invest in safer vehicles.
Airbags and collision avoidance systems can be integrated with seat belt systems to enhance vehicle safety. Incorporating these technologies seamlessly has become a growing trend in the market. As consumers make vehicle purchase decisions, safety features are becoming increasingly important. Competitive advantage can be gained by automakers whose seat belt systems are reliable and safe.
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Automotive seat belt systems are in demand due to the growing number of vehicles worldwide, especially in developing economies. The number of vehicles is growing, and as a result, safety measures are becoming more important.
Key Findings of the Market Report
- In 2022, passenger vehicles accounted for the largest share of the market.
- As technology advances, active seat belt systems are expected to grow in popularity.
- In 2022, three-point seat belt systems ruled the global automotive seat belt market.
- The segment of refractor components is expected to hold a higher share of the global market during the forecast period.
- According to forecasts, the Asia Pacific region will continue to dominate the global market during the forecast period.
Global Automotive Seat Belt System Market: Growth Drivers
- Government governments all over the world have implemented vehicle safety standards and regulations to reduce road accidents and fatalities. Seat belt laws and the requirement that vehicles have advanced safety features drive the demand for seat belt systems.
- Road safety and accident-related risks have become more widely understood by consumers, leading to a greater adoption of safety features such as advanced seat belts.
- Smart seat belts with sensors and pretensions, including smart seat belts with sensors, contribute to market growth. These innovations have been made to improve the overall safety of the vehicle.
- Growing demand for sophisticated safety features, including effective seat belts, is a consequence of the overall growth of the automotive industry, especially in emerging markets.
- Advances in safety systems, including advanced seat belt technologies, are necessary due to consumers' growing preference for electric vehicles, autonomous driving, and connected cars.
Global Automotive Seat Belt System Market: Regional Landscape
- Automotive seat belts are a significant market in North America. Seat belts are the biggest business in North America and the second largest in the world in the United States
- Strict government policies and regulations safeguard passengers in North America. For example, the National Highway Traffic Safety Administration (NHTSA) launched a program in the United States to enhance occupant safety in motor vehicles.
- Automotive seat belts are widely mandated and regulated in North America to improve road safety. In general, all occupants of vehicles must wear seat belts when moving, but each jurisdiction has its laws. Fines or other penalties may result from failure to comply with these laws
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Global Automotive Seat Belt System Market: Key Players
The automotive seat belt systems market share is consolidated across a few manufacturers, with a few companies controlling major market shares. Innovating seat belt systems is becoming a priority for major companies.
A major marketing strategy for automotive seat belt systems is the expansion of product portfolios. Leading players are also implementing mergers, acquisitions, and partnerships.
Key Market Players Profiled
- Autoliv Inc.
- APV Safety Products
- Belt-tech
- BERGER GROUP
- Beam's Seat Belts
- Continental AG
- DENSO Corporation
- Far Europe Inc.
- Goradia Industries
- GWR Co.
- Joyson Safety Systems
- Kingfisher Automotive
- Robert Bosch Gmbh
- Seatbelt Solutions LLC
- TOKAI RIKA CO., LTD.
- ZF Friedrichshafen AG
Key Developments
- In January 2024, ZF Passive Safety Systems introduced a groundbreaking seat belt technology featuring the Multi-Stage Load Limiter (MSLL), which greatly enhances belt force limitations based on vehicle occupants' size and weight.
- In September 2023, Autoliv China, a division of Autoliv, Inc., a leading manufacturer of automotive safety systems, and Great Wall Motor, a leading automobile manufacturer based in China, will collaborate to address global automotive industry challenges and opportunities.
- As a result of this new collaboration, Autoliv continues to strengthen its relationship with Chinese OEMs. Integrated safety solutions - the zero-gravity seat - are also part of the collaboration. Airbags and integrated seatbelts are integrated into the Autoliv zero-gravity seat. Different drivers and passengers have different weights, heights, and genders, which the safety system adjusts to.
Global Automotive Seat Belt System Market: Segmentation
By Technology
- Active Seat Belt System
- Passive Seat Belt System
By Design
- Two-point
- Three-point
- Four-point & above
By Component
- Retractor
- Load Limiter
- Pretensioner
- Webbing
- Seat Belt Reminder
- Beeper
- Latch Plate
- Height Adjuster
- Buckle
- Seat Belt Pillar Loop
By Seat
- Front Seat
- Rear Seat
By Vehicle
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Sales Channel
- OEM
- Aftermarket
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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