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The Automotive Seat Belt Sensor Market size is estimated to grow at a CAGR of 3.78% between 2022 and 2027. The size of the market is forecast to increase by 44.26 million units. The growth of the market depends on several factors, including improving occupant safety along the value chain, government initiatives to regulate seat belts and reduce accidents, and the favourable influence of SBRs on the NCAP star rating system.
This report extensively covers market segmentation by application (passenger cars and commercial vehicles), type (two-point seat belt, three-point seat belt, and four-point seat belt), and geography (Europe, APAC, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Improvising occupant safety across the value chain is notably driving the market growth, although factors such as malfunctioning seat belt sensors may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Automotive Seat Belt Sensor Market Driver
The market growth is being propelled by the increasing focus on improving occupant safety throughout the value chain. Passenger safety has become a primary concern for players across the automotive industry, leading to the adoption of both passive and active safety systems. To reduce the impact of accidents, automobile manufacturers are integrating passive safety systems with active safety systems, including seat belts, seat belt sensors, seat belt lock engagement, and side airbags.
This emphasis on safety systems has resulted in double-digit growth rates in the overall automotive safety systems market, as evidenced by the weightage scale for the EU NCAP rating in recent years. As a result, seat belts, seat belt sensors, airbags, and other enhancements such as active seat belts are expected to become increasingly important fitments in vehicles, driving market growth in the forecast period.
Key Automotive Seat Belt Sensor Market Trend
The key trend driving the growth of the automotive seat belt sensor market is the increased adoption of low-cost, compact vehicles, and commercial vehicles (CVs). The need for enhanced safety features has increased across all automotive segments, including low-cost and compact automotive segments, due to regulatory mandates and consumer demand. Technavio predicts that there will be a significant surge in demand for automotive seat belt sensors in low-cost and compact vehicles during the forecast period, especially in developed regions. The adoption of seat belt sensors in CVs is expected to increase due to growing concerns about road fatalities and awareness among consumers for safety features.
Key Automotive Seat Belt Sensor Market Challenge
The major challenge impeding the growth of the market is the malfunctioning of seat belt sensors. Accurate tuning of the system is essential to avoid false-positive alarms and prevent unwanted activation of pretensions or tightening of seat belts when not required. Seat belt sensor manufacturers need to be aware of such consequences to deliver products that meet user expectations and prevent occasional faults that can negatively impact the acceptance and adoption of the system.
Key Automotive Seat Belt Sensor Market Customer Landscape
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Automotive Seat Belt Sensor Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ZF Friedrichshafen AG - The company offers an active control retractor (ACR8) which provides occupant protection with reversible seat belt pre-tensioning. Through the active safety system segment, the company offers the development and production of steering and braking systems for the automotive industry. Additionally, the company offers chassis systems and components.
The automotive seat belt sensor market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Based on application, the market is segmented into passenger cars and commercial vehicles. The market share growth by the passenger cars segment will be significant during the forecast period. The penetration of passenger cars is expected to grow steadily, and the adoption of seat belt sensors in these vehicles will drive this market during the forecast period. The passenger cars segment is expected to record higher growth than the commercial vehicles segment during the forecast period. Rapid electrification in passenger cars resulted in the adoption of new technologies that increased the comfort and safety of drivers. Seat belt sensors were earlier limited to luxury cars and later entered mid-segment vehicles over the last few years, thereby resulting in an increase in volume. Additionally, the NCAP star rating is motivating manufacturers to equip safety features in passenger cars.
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The passenger car segment shows a gradual increase in the market share of 97.34 million units in 2017 and will continue to grow by 2021. The rising adoption of premium vehicles is crucial for the market because they contribute high revenue owing to the adoption of advanced safety features in the vehicles. The customer pays the premium price for the added benefits, which boost his or her social status, comfort, and safety. Moreover, the increase in disposable incomes is fueling the adoption of luxury cars. Hence, the increased penetration of luxury cars will push revenue growth for the global passenger car seat belt sensor market during the forecast period.
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Europe is projected to contribute 30% by 2023. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The rapid penetration of seat belt sensors in Europe, owing to the region's car market standardizing the product in several car variants, will make Europe one of the leading contributors. Further, Europe is home to several high-end passenger cars, such as Mercedes and accounts for the top leaders in cars equipped with seat belt sensor systems. With improving car sales in the Eurozone and increased traction among the OEMs in equipping vehicles with seat belt sensor systems, we expect business prospects for the uptake of such systems to improve during the forecast period.
Following the outbreak of COVID-19, Europe's automobile industry faced widespread production losses, as factories were shut down as per the lockdown protocols. However, in 2021, with the marked decline in the number of COVID-19 cases following the rising vaccination rate, players in the European automobile industry restarted their investment and production activities in the region. This has positively impacted the sales of various automobile players. Thus, the growth in automobile sales, new product launches, the electrification of vehicles, and government initiatives for electric vehicles will drive the use of seat belts and, in turn, automotive seat belt sensors during the forecast period.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by application, type, and region.
Automotive Seat Belt Sensor Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.78% |
Market growth 2023-2027 |
44.26 million units |
Market structure |
Fragmented |
YoY growth (%) |
3.49 |
Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
Performing market contribution |
Europe at 30% |
Key countries |
US, China, Japan, India, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Allegro MicroSystems Inc., Amber Valley Developments LLP, Amphenol Corp., Aptiv, CTS Corp., Hesham Industrial Solutions, IEE International Electronics and Engineering S.A., InterMotive Inc., Littelfuse Inc., Lockliv Holdings Pty Ltd., Olea Systems Inc., Reed Relays and Electronics India Ltd., Securon (Amersham) LTD, Standex Electronics Inc., TE Connectivity Ltd., Wenzhou Far Europe Automobile Safety System Co. Ltd., and ZF Friedrichshafen AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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