Smart Seat Belt Technology Market Expected to Reach $36.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Smart Seat Belt Technology Market," The smart seat belt technology market was valued at $19.3 billion in 2021, and is estimated to reach $36.8 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.

Europe is expected to dominate the market in terms of revenue, followed by North America, Asia-Pacific and LAMEA. The increasing demand for vehicles with advanced safety application is driving the growth of smart seat belt technology market in the region.

The smart seat belt technology utilizes a motor that retracts seat belt webbing in critical situations before a crash occurs. It can be triggered by sensors, such as radar, which provides the relative speed and distance to the vehicles ahead. The smart seat belt technology uses braking and stability control sensor information to sense a potential accident. It reacts by securing the driver and passenger seat belts by removing seat belt slack so the occupant's position on the seat is improved in advance of an impending crash.

Governments worldwide are increasingly focusing on implementing regulations that demand the development and incorporation of safety systems integrated with sensor systems and cameras in automobiles to improve the overall safety of vehicles & passengers. In India, according to Bharat New Vehicle Safety Assessment Program (BNVSAP) program, from April 2021, front passenger airbags have become mandatory for every vehicle sold in India, driver and co-driver seat belt alarms must be active till the seats are occupied, and speed warning systems are activated at two levels; at the vehicle exceeding the speed of 80km/hr and 120km/hr. Thus, increase in automotive safety norms, rise in consumer awareness toward automotive safety, and high demand for luxury vehicles foster the smart seat belt technology market in the forecast period

The smart seat belt technology market is segmented on the basis of type, sales channel, vehicle type, propulsion, and region. By type, it is divided into active buckle lifter, active seat belt, intelligent ignition system, and attention retention system (ARS). On the basis of sales channel, it is segmented into original equipment manufacturer, and aftermarket. By vehicle type, it is divided into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. By propulsion, the market is divided into ICE, electric & hybrid, and alternate fuel vehicle. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

COVID-19 Impact Analysis

• The coronavirus outbreak has made automotive component manufacturers adjust their operations, owing to disruptions created by the pandemic to automotive, transportation, tourism, and several other industries.
•  The automotive industry acts as a core supporting block for multiple economies such as the U.S., China, and India. The automotive industry has observed a decline in sales and revenue, owing to lockdown sand restrictions implemented by nations worldwide. Sales and aftersales services of the automotive industry were severely hit by the pandemic and led to a rise in adoption of cost-cutting measures by automotive companies such as decreasing operational costs and workforce across the world. Economic impacts of the COVID-19 outbreak on the automotive industry have major impacts on subsidiary industries such as automotive components and automotive industries.
• The COVID-19 outbreak forced governments across the globe to implement stringent lockdowns and ban import–export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in availability of important raw materials for vehicle components.
• As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, automotive production and sales suffered severely, which, in turn, negatively impacted the market for smart seat belt technology market in 2020.
• The sales of smart seat belt technology are inextricably linked to global automotive manufacturing and sales operations. If the global lockdowns are extended, production losses are expected to grow. In the third quarter of 2020, global automobile production fell by 22.3% compared to the third quarter of 2019. Furthermore, global light vehicle sales have decreased by almost 20% from 6,335 thousand units in February 2019 to 5,077 thousand units in February 2020. The pandemic has had a negative impact on seat belt technology suppliers due to decreased sales and manufacturing of vehicles.
• However, vaccination enabled lowering of barriers to economic activity, as well as domestic and international travel. As the restrictions lifted, travel recovered quickly leading to increase in vehicle commutation, which is expected to boost the smart seat belt technology market
• Severe measures and restrictions across the world were slowly eased as COVID-19 cases started declining worldwide. The production of vehicles was stunted globally, owing to the pandemic yet the automotive manufacturers focused on development of new products and announced strategic expansion and collaboration across the industry.
• The progressive reduction in severe restrictions measures is anticipated to promote growth in sales of the smart seat belt technology market during the forecast period.

KEY FINDINGS OF THE STUDY

• By type, the attention retention system (ARS) segment is expected to register a significant growth during the forecast period.
• By sales channel, the aftermarket segment is projected to lead the global smart seat belt technology market.
• By vehicle type, the heavy commercial vehicles segment is projected to lead the global smart seat belt technology market.
• By propulsion, the electric & hybrid segment is projected to lead the global smart seat belt technology market.
• Region-wise, Europe is anticipated to register the highest CAGR during the forecast period.

The key players that operate in this smart seat belt technology market are Autoliv Inc., Ashimori Industry Co., Ltd, BYD Company Ltd., Continental AG, DENSO Corporation, Far Europe Inc., GWR Safety Systems, Hyundai Mobis, ITW Safety, JOYSON, TOKAIRIKA, CO, LTD., Yanfeng, and ZF Friedrichshafen AG