Seat belt, also known as a safety belt, is a basic automotive safety device. Automotive seat belts are designed to safeguard the driver from harm caused due to sudden jerk on collision or sudden stoppage of the vehicle.
New York, NY -- (SBWIRE) -- 02/24/2016 -- As per the latest market report published by Persistence Market Research, titled "Global Market Study on Automotive Seat belt: 3 Point Seat Belt Segment to Witness High Growth by 2021", the global automotive seat belt market is predicted to be valued at US$11.9 bn by the end of 2015 and reach US$19.5 bn by 2021. The market is anticipated to rise at an 8.40% CAGR from 2015 to 2021.
The automotive seat belt market is primarily fuelled by factors such as the rising road safety regulations introduced by governments and the rising occurrence of road accidents on a global level. Additionally, the enhanced safety provided by advanced seatbelts is also a prime driver stimulating the growth of the market. The rising adoption of three-point belts and cutting-edge safety technologies, the move towards active safety systems, and the rising investment in research and development activities by major players to encourage product innovation are amongst the prime trends prevalent in the market.
The automotive seat belt market is segmented on the basis of vehicle type, design type, technology type, and geography.
On the basis of vehicle type, the market is segmented into passenger cars and commercial vehicles including heavy vehicles, light commercial vehicles, and buses and coaches. Amongst these, by 2021, the segment of passenger cars is predicted to excel in the market by representing a share of more than 65% in the market. This segment is predicted to rise at an 8.70% CAGR in the forecast horizon.
On the basis of design type, the market is segmented into three-point belts, two-point belts, four-point belts, six-point belts, five-point belts, and belt-in-seat. Amongst these, three-point belts are predicted to have the biggest share of 93.7% in the market for automotive seat belts by 2021, trailed by the segment of two-point belts, which will hold a share of 4.0% in the market.
On the basis of technology type, the automotive seat belt market is segmented into pretensioner, retractor, active seat belt, load limiter, seat belt reminder system, and bag-in-belt. Amongst these, the segment of pretensioner will lead the market, constituting a share of approximately 35% in the automotive seat belt market by the end of 2015. This segment will rise at an 8.0% CAGR in the forecast period.
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On the basis of geography, the market is segmented into Latin America, North America, Asia, Europe, and the Middle East and Africa (MEA). Amongst these, Asia Pacific is expected to be the biggest market for automotive seat belts and will represent a share of more than 25% by the end of 2015 and is predicted to maintain its superiority all through the forecast horizon. On the other hand, the market for automotive seat belts in Latin America and MEA is anticipated to progress at an 8.30% CAGR and 8.50% CAGR, respectively, in the forecasting horizon.
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The prime players dominant in the market include ZF TRW Automotive Holdings Corp., Autoliv Inc., Takata Corporation, Continental AG, Robert Bosch GmbH, Denso Corporation, Toyoda Gosei Co. Ltd., Key Safety Systems Inc., Hyundai Tokai Rika Co. Ltd., and Mobis Co. Ltd. among others.
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