By design type, the global automotive seatbelt market is segmented into the two-point belt, three-point belt, four-point belt, five-point belt, six-point belt, and belt-in-seat; among these, the three-point belt is expected to be the dominant segment, accounting for 93.7% share of the total global automotive seat belt market by 2021.
New York, NY -- (SBWIRE) -- 01/21/2016 -- The surge in number of road accidents across the globe and the subsequent support shown by the presence of strong government regulations on road safety have boosted the demand for automotive seat belts over the years.
According to the World Health Organization, the number of road traffic deaths around the world was 1.24 million in 2010. However, traffic fatalities were down by 3.0% for the US from 2012 to 2013, according to the US Department of Transportation and the National Highway Traffic Safety Administration. This drop can be attributed to the implementation of comprehensive road safety laws.
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Quantitative Outlook of the Global Automotive Seat Belt Market
On the global front, the value of the market for automotive seat belt was estimated to be US$11,026.6 Mn in 2014, which rose to US$11,987.6 Mn the next year. By 2021, the value of the automotive seat belt market is anticipated to reach US$19.5 Bn, expanding at a healthy 8.40% CAGR from 2015 to 2021. Speaking in terms of volume, in 2021, the automotive seat belt market is estimated to reach 684,555 thousand units, rising from 433,480 thousand units in 2014 at a 6.8% CAGR during that period.
The market for automotive seat belt is segmented on the basis of vehicle type, technology type, design type, and geography. The market is bifurcated into commercial vehicles such as buses, coaches, heavy vehicles, and light commercial vehicles, and passenger cars. By volume, the passenger cars segment valued US$7,597.1 Mn in 2014 and volume-wise presented 318,710 thousand units that year. By type of design, the automotive seat belt market is fragmented into belt-in-seat, two point, three point, four point, five point, and six-point seatbelt. Three-point seatbelt held the largest share in 2014, accounting for 93.0% and valuing US$10,342.6 Mn. Coming in second, the two-point seatbelt segment held 4% of the total revenue in 2014. Technology-wise, the market for automotive seat belt is divided into retractor, active seat belt, load limiter, pretensioner, seat belt reminder system, and bag-in-belt. Rising from a value of US$3,913.4 Mn in 2014 to US$6,717.4 Mn in 2021 at an 8.0% CAGR, the segment of prestensioners held the largest share.
Regional Analysis of Automotive Seat Belt Market
The global market for automotive seat belt is segmented on the basis of geography into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific is by far the largest market for automotive seat belts and in 2014, held 28.80% of the overall market revenue. The region is also anticipated to be the most rapidly developing market by 2021, registering an 11.40% CAGR. The Asia Pacific market for automotive seat belts is fueled by high incidence of road accidents and strengthening government regulations pertaining to road safety. This region is expected to present the most lucrative opportunities for growth over the next six years, supporting the global automotive seat belt market.
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Europe is the second largest market in terms of revenue and accounted for 28.0% of the global market in 2014. The Middle East and Africa region, on the other hand, is anticipated to be the second fastest developing market from 2015 to 2021, presenting an 8.50% CAGR during that time.
The most prominent companies functioning in the global automotive seat belt marketplace include ZF TRW Automotive Holdings Corp., Tokai Rika Co. Ltd., Denso Corporation, Autoliv Inc., Robert Bosch GMBH, Toyoda Gosei Co. Ltd., Takata Corporation, Key Safety Systems Inc., Hyundai Mobis Co. Ltd., and Continental AG.
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