The global automotive seat belt market is estimated to be valued at US$ 11,987.6 Mn by the end of 2015. The market is expected to register a CAGR of 8.4% between 2015 and 2021.
New York, NY -- (SBWIRE) -- 10/20/2016 -- In terms of volume, the market accounted for 433,480 thousand units in 2014, and is expected to increase at a CAGR of 6.8% over the forecast period to reach 684,555 thousand units by 2021 and by value to Account for US$ 19.5 Bn by 2021.
Growth of the global automotive seat belt market is mainly driven by increasing government road safety regulation and high incidence of road accidents worldwide.
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Increasing uptake of three-point belts, rising adoption of various advance safety technologies, shift to active safety systems, and substantial investment in R&D activities by key players for product innovation are major trends observed in the market.
The global automotive seat belt market was valued at US$ 11,026.6 Mn in 2014. Asia Pacific (APAC) was the largest market for automotive seat belts, accounting for 28.8% revenue share of the overall market in 2014, followed by Europe accounting for 28.0% share. Moreover, Asia Pacific market is expected to exhibit highest CAGR of 11.4% during the forecast period (2015–2021), followed by the MEA market, which is expected to expand at a CAGR of 8.5%. APAC is forecast to remain the most attractive market for major players, and is expected to represent the highest absolute $ opportunity over the forecast period. Drivers such as increasing government regulations regarding road safety and high incidence of road accidents is expected to support growth of the automotive seat belt market.
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By vehicle type, passenger car segment accounted for US$ 7,597.1 Mn and 318,710 thousand units in terms of volume in 2014.
By technology type, pretensioner segment was valued at US$ 3,913.4 Mn in 2014 and is expected to increase at a CAGR of 8.0% over the forecast period to account for US$ 6,717.4 Mn by 2021.
By design type, three-point belt was the largest segment, valued at US$ 10,342.6 Mn and accounted for approximately 93.0% share in 2014. Two-point segment was the second-largest segment by design type, accounting for around 4.0% revenue share of the market.