The global seat belts market is anticipated to grow at a considerable CAGR of 3.4% during the forecast period (2022-2028). Seat belts are the component of a vehicle’s safety system that secures the driver or passenger against any movement that is harmful to the body in an accident, collision, or takeoff and landing in case of aircraft. The major factor attributing to the growth of the global seat belts market includes the increasing air passenger travel across the globe. According to yearly global statistics provided by the International Civil Aviation Organization (ICAO), the number of air passengers carried by scheduled flights was around 4.38 billion across the globe in 2019, representing an increase of around 3.65% from the previous year. Furthermore, according to the International Air transport Association (IATA), it is projected that the number of air passengers will get doubled and reach around 8.2 billion by 2037. Thus, increasing the demand for seat belts in aircraft.
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The application of seat belts is also increasing for installation in motor vehicles due to the increasing number of motor vehicle production across the globe. According to the 2021 Production Statistics report published by the International Organization of Motor Vehicle Manufacturers (OICA), around 80 million motor vehicles were produced across the globe in 2021. Among these, around 23 million commercial vehicles including light commercial vehicles, and heavy commercial vehicles were manufactured and around 57 million passenger cars were produced in 2021. Thus, contributing to the growth of the global seat belts market.
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The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instances-
- In January 2020, the Four-Wheeler Drivers Association (TGFWDA) of Telangana resumed its “Selfie with Seatbelt” campaign in India. The aim of the campaign is to promote the safety of vehicle drivers while driving.
- In September 2019, Hyundai Mobis Inc. has developed a new Safety Integrated Control Module (SICM). The new SICM integrates two electronic control modules of seatbelts and airbags in a single unit resulting in increased efficiency and more reliability of these electronic control modules.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Component
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Autoliv Inc., Continental AG, Denso Corp., Hyundai Mobis Inc., and GWR Safety Systems, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Seat Belts Market Report by Segment
By Component
- Retractors
- Pretensioners
- Buckle Lifters
- Others
By Application
- Automotive
- Aerospace
- Others
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