Automotive Seat Belt Pretensioner Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The automotive seat belt pretensioner market was valued at USD 13.90 billion in 2021, and it is expected to reach USD 20.62 billion by 2027, registering a CAGR of about 6.78% during the forecast period (2022-2027).
The COVID-19 pandemic affected the automobile industry as demand and sales of automobiles in most countries declined in 2020. However, post lockdown, an increase in the demand for automobiles started picking up pace, which is expected to raise the demand for seatbelt pretensioner in various countries across the world over the forecast period.
The primary drivers propelling the market's growth include technological advancements, increasing awareness, and stringent safety regulations and laws by governments across the world. Moreover, an increase in the adoption of automotive seat belt pretensioner-embedded vehicles with the increase in passenger safety and government laws may boost the demand and sales of the seat belt pretensioner in automobiles across the world.
Asia-Pacific is expected to hold the largest market share in the automotive seat belt pretensioner market, followed by North America and Europe. Asia-Pacific is expected to dominate the market over the forecast period due to an increase in vehicle production and sales in developing countries such as India and China.
Moreover, rising awareness about safety among people and strict government norms toward driver and passenger safety are expected to propel the market's growth in this region.
Key Market TrendsPassenger Car Segment Expected to Hold Majority Share in the MarketThe passenger cars segment of the market studied is expected to dominate the market over the forecast period. The increasing number of SUV sales across the world has been a major driver for the market. The increased ride height places the vehicle’s center of gravity high, increasing the risk of the vehicle toppling or overturning when it is cornering at high speed. In order to minimize the damage, it is imperative to use pretensioners equipped with seatbelts. It catered to 30.7 million units of SUVs sold in 2020.
Earlier, seatbelt pretensioners were available in premium car segments due to the high initial expenditure for developing this technology. Due to the increased need for passenger safety and owing to several crashes, the technology was made affordable for low-cost markets.
In light of such advancements, growth in passenger cars is expected to be steady and consistent during the forecast period.
Asia-Pacific to Witness Fastest Growth over the Forecast PeriodAsia-Pacific is expected to occupy the largest share by volume and value due to the growing vehicle sales in the region. Countries such as China, South Korea, Japan, and India are the major manufacturers of automotive seatbelt pretensioners. The increasing number of premium vehicles and strict road safety norms are expected to drive the Asia-Pacific automotive seatbelt pretensioner market during the forecast period. For instance,
Increasing fatalities due to road accidents have forced governments across the region to take preventive measures and make seatbelts mandatory for both drivers and passengers.
· In 2018, South Korea introduced Universal Seatbelt Law, according to which every passenger traveling will have to wear the seatbelt. Violation of the law will attract a penalty of KRW 30,000, those younger than 13 will be fined twice as high.
Owing to the above-mentioned factors, the automotive seatbelt pretensioner market is expected to experience a boost in the Asia-Pacific region.
Competitive Landscapemarket is said to be relatively consolidated, with about five players accounting for more than 50% of the market share. These companies have been expanding their businesses with new products to have the edge over their competitors.
Owing to increased demand for seatbelt pretensioners, several manufacturers are partnering with major players in the industry to source components for their upcoming vehicle models. For instance,
Apart from these, several automobile manufacturers have been introducing seatbelt pretensioners in the wake of increased safety standards in virtually every country of the world. For instance,
Some of the key players in the market are Joyson Safety Systems, Autoliv Inc., Tokai Rika Co. Ltd, and Iron Force Industrial Co. Ltd.
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