Automotive Seat Belts Market Opportunities and Strategies to 2033

This report describes and explains the automotive seat belts market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global automotive seat belts market reached a value of nearly $13.77 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.7% since 2018. The market is expected to grow from $13.77 billion in 2023 to $17.92 billion in 2028 at a rate of 5.4%. The market is then expected to grow at a CAGR of 5.9% from 2028 and reach $23.91 billion in 2033.

Growth in the historic period resulted from the expansion of the automotive industry, increased disposable income, stringent government regulations and laws and an increase in awareness of passenger safety. Factors that negatively affected growth in the historic period include economic uncertainties or downturns.

Going forward, the increasing number of road accidents, growing popularity of electric vehicles, increasing urbanization, expanding road infrastructure and growing demand for autonomous vehicles will drive the market. Factors that could hinder the growth of the automotive seat belts market in the future include high production costs.

The automotive seat belts market is segmented by seat belt type into three-point, five-point and other seat belt types. The three-point market was the largest segment of the automotive seat belts market segmented by seat belt type, accounting for 82.7% or $11.38 billion of the total in 2023. Going forward, the five-point segment is expected to be the fastest growing segment in the automotive seat belts market segmented by seat belt type, at a CAGR of 6.5% during 2023-2028.

The automotive seat belts market is segmented by technology into pretensioner automotive seatbelts, retractor automotive seatbelts, active automotive seatbelts, inflatable automotive seatbelts, load limiter automotive seatbelts and reminder automotive seatbelts. The pretensioner automotive seatbelts market was the largest segment of the automotive seat belts market segmented by technology, accounting for 39% or $5.37 billion of the total in 2023. Going forward, the active automotive seatbelts segment is expected to be the fastest growing segment in the automotive seat belts market segmented by technology, at a CAGR of 7.4% during 2023-2028.

The automotive seat belts market is segmented by sales channel into original equipment manufacturer (OEM) and aftermarket. The original equipment manufacturer (OEM) market was the largest segment of the automotive seat belts market segmented by sales channel, accounting for 76% or $10.46 billion of the total in 2023. Going forward, the aftermarket segment is expected to be the fastest growing segment in the automotive seat belts market segmented by sales channel, at a CAGR of 6% during 2023-2028.

The automotive seat belts market is segmented by vehicles into passenger cars and commercial vehicles. The passenger cars market was the largest segment of the automotive seat belts market segmented by vehicles, accounting for 64.9% or $8.93 billion of the total in 2023. Going forward, the commercial vehicles segment is expected to be the fastest growing segment in the automotive seat belts market segmented by vehicles, at a CAGR of 6.1% during 2023-2028.

Asia-Pacific was the largest region in the automotive seat belts market, accounting for 35.6% or $4.89 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the automotive seat belts market will be Asia-Pacific and Africa, where growth will be at CAGRs of 6.9% and 6.6% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 6.1% and 5.6% respectively.

The global automotive seat belts market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 73.95% of the total market in 2023. Autoliv Inc. was the largest competitor with a 24.83% share of the market, followed by ZF Friedrichshafen AG with 18.62%, Joyson Safety Systems with 9.87%, Toyoda Gosei Co. Ltd. with 5.59%, Continental AG with 3.92%, Hyundai Mobis Co. Ltd. with 3.18%, Robert Bosch GmbH with 2.23%, Aisin Corporation with 2.14%, Aptiv plc with 2.07% and Stellantis NV with 1.50%.

The top opportunities in the automotive seat belts market segmented by seat belt type will arise in the three-point segment, which will gain $3.43 billion of global annual sales by 2028. The top opportunities in the automotive seat belts market segmented by technology will arise in the pretensioner automotive seatbelts segment, which will gain $1.5 billion of global annual sales by 2028. The top opportunities in the automotive seat belts market segmented by sales channel will arise in the original equipment manufacturer (OEM) segment, which will gain $3.03 billion of global annual sales by 2028. The top opportunities in the automotive seat belts market segmented by vehicles will arise in the passenger cars segment, which will gain $2.49 billion of global annual sales by 2028. The automotive seat belts market size will gain the most in China at $984.7 million.

Market-trend-based strategies for the automotive seat belts market include introduction of advanced seat belt technology for enhancing vehicle safety and compliance, upgrading three-point seat belts with focus on enhancing safety features, integrating advanced heating technology solutions in seat belts to optimize vehicle performance in cold conditions, strategic partnerships and collaborations among major players and boosting road safety with integrated seatbelt reminder technology.

Player-adopted strategies in the automotive seat belts market include focus on strategic partnerships to develop innovative technologies that enhance product safety and performance, developing adaptive safety systems to meet regulatory standards and enhance vehicle safety, forming strategic joint ventures to expand product offerings and increase market share in high-growth regions and integrating technologies and resources to enhance safety systems, meeting stricter safety regulations and demands of electric and autonomous vehicles.

To take advantage of the opportunities, the analyst recommends the automotive seat belts companies to focus on advanced seat belt technology, focus on enhancing three-point seat belt safety features, focus on integrating heated seat belts for electric vehicles, focus on integrated seatbelt reminder technology, focus on the five-point seat belt segment, focus on active automotive seatbelts segment, expand in emerging markets, focus on diversifying distribution channels for market expansion, focus on strategic partnerships for seat belt innovation, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, prioritize technical webinars for thought leadership, focus on the aftermarket segment and focus on the commercial vehicles segment.