Automotive Seat Belt Market to Expand at 5.10% CAGR from 2023 to 2030; Skoda Patents Smart Seat Belt Buckle to Strengthen Industry Footing

The global automotive seat belt market size stood at USD 13.66 billion in 2022. The market value is slated to rise from USD 14.53 billion in 2023 to USD 20.58 billion by 2030 at a CAGR of 5.10% during 2023-2030. The expansion is propelled by the rising product adoption for ensuring vehicle safety. Besides, the governments of several countries are emphasizing on the generation of awareness regarding safety norms.

Fortune Business Insights™ presents this information in its report titled “Automotive Seat Belt Market Size, Share & COVID-19 Impact Analysis, By Seat Belt Type (Three-point and Five-Point), By Distribution Channel (OEM and Aftermarket), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecasts, 2023-2030”.

Market Growth Affected Due to Imposition of Travel Restrictions amid Coronavirus Pandemic

The pandemic saw disruptions in supply chain owing to imposition of lockdown restrictions. This led to a reduction in goods consumption, impacting production activities across various regions. This affected the automotive sector, further affecting industry expansion. However, the market demand was revived by an upsurge in vaccination campaigns for combating the spread of the virus.

Skoda Patented the World’s First Illuminated Smart Seat Belt Buckle to Gain Competitive Edge

In November 2020, Skoda patented the first illuminated smart seat belt buckle at the global level. Instead of the conventionally used red eject button, the buckle came equipped with a transparent button. The system deploys white, green, and red color for indicating different modes of operation.

Escalation in Industry Share Driven by Soaring Passenger Car Demand

An upsurge in travel and leisure activities across the globe is anticipated to drive automotive seat belt market growth. This is mainly driven by an escalation in the demand for passenger cars.

However, the market expansion could be hampered by the soaring number of injuries caused due to seat belt failure.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/automotive-seat-belts-market-102178

Major Companies Forge Partnership Agreements to Strengthen Market Footing

Leading industry participants are keen to strike collaborations and partnership agreements for strengthening their market footholds. Some of the strategies adopted include acquisitions, merger agreements, and alliance formation. Besides, many companies are focusing on exhibiting their products in trade conferences for enhancing their business prospects.

Key Players Listed in the Report:

• Holmbergs Safety System Holding AB (Sweden)


• GWR Safety Systems  (U.S.)


• Ashimori Industry;Co., Ltd (Japan)


• Joyson Safety Systems (U.S.)


• TOKAIRIKA, CO, LTD. (Japan)


• ZF Friedrichshafen AG (Germany)


• Autoliv Inc. (Sweden)


• AB Volvo (Sweden)


• Hyundai Mobis (South Korea)


• Robert Bosch GmbH (Germany)

Key Industry Development

• May 2023: With increasing adoption of compact SUVs in Asia, Mitsubishi Motors is all set to launch compact SUV in at GAIKINDO Indonesia International Auto Show. The launch is set to happen in August.

Further Report Findings

• The formulation of strict road safety regulations in the Asia Pacific is anticipated to augment the market share over the forecast period. The regional growth is further driven by the rising vehicle production in the region.


• The market value in North America is touted to exhibit a substantial surge over the projected period. The expansion is impelled by the escalating emphasis on road safety and growing product deployment.


• By seat belt type, the market is subdivided into 5-point and 3-point seat belts. The 3-point seat belt is slated to expand at a remarkable rate throughout the estimated period. The growth is driven by the surging adoption of the product in passenger and commercial vehicles.


• On the basis of distribution channel, the market is categorized into OEM and aftermarket. The OEM segment is estimated to surge at a considerable pace over the study period. The growth is impelled by the rising product adoption on account of manufacturer warranty.

Table of Segmentation