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
The automotive seat belts market is poised to witness substantial expansion through 2028 owing to escalating vehicle production in key regions across the globe. In addition, higher vehicle sales facilitated by rising purchasing capacity of buyers are set to further support industry growth over the forecast period.
Recently, studies have shown that a lap and shoulder seat belt can cut the risk of fatal injury by almost 60% in a van, SUV, or pickup, and by nearly 45% in a car. Recently, a March 2022 study conducted by the Insurance Institute for Highway Safety (IIHS), a nonprofit educational and scientific organization working to reduce injuries, deaths, and property damage from motor vehicle accidents, introduced a novel ratings program to urge manufacturers to enhance their seat belt reminders, which could save about 1,500 lives a year. IIHS found that effective seal belt reminders could save lives by getting those people to buckle up who are not diligent regarding the use of seat belts. As a result, mounting importance of seat belts has played a crucial role in the growth of the overall business.
The automotive seat belts market has been categorized on the basis of type, vehicle, component, distribution channel, and region. Based on component, the market has been further segmented into retractor, webbing strap, buckle, pillar loop, and tongue.
In 2021, the tongue sub-segment held around 2.5% market share and is projected to grow at a CAGR of more than 2.7% through the assessment timeframe. The tongue serves as the second end of the seat belt, which is supposed to be inserted in the buckle to get locked. Surging demand for automotive seat-belt tongue is attributed to the increase in the manufacturing of vehicles, which is likely to continue to contribute to the growth of the segment in the coming years.
The automotive seat belts market share from the pillar loop sub-segment is expected to witness gradual growth over the review timeline, delivering a steady CAGR between 2022 and 2028. The growth of the segment is attributed to the requirement of loops to hold seat belts in position in the vehicle in order to ensure proper operation in case of a crash.
In the regional landscape, the Latin America automotive seat belts industry is anticipated to progress at approximately 2.6% CAGR through the analysis timespan. Meanwhile, the Middle East & Africa automotive seat belts market is slated to showcase significant growth over the forecast period. Stringent government regulations and laws enacted for the safety of passengers across MEA are primed to drive regional market growth in the future.
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