Automotive Seat Belt Market Poised to Expand at 8.2% CAGR During 2017 – 2021
Added: (Thu Nov 29 2018)
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Automotive Seat Belt Market Poised to Expand at 8.2% CAGR During 2017 – 2021
November 29, 2018 Yogesh Sengar Market Research 0
An up-to-date business intelligence study by Persistence Market Research (PMR) has detected that the shares in the global automotive seat belt market are distributed among a large pool of players, and technological advancements is the primary strategy for these players to gain ground over their competitors. Product recall due to technical faults is the primary concern for these market players and therefore, manufacturers who have established themselves via customer satisfaction for a considerable duration of time are ahead of the curve. In addition to achieving greater technical expertise, major players in the global automotive seat belt market are also focused on acquisitions and partnerships, product innovation via research and development activities, and geographical expansion. Most of the players in this market are concentrating on opening manufacturing plants in the emerging economies in Asia Pacific – a region that currently has a proliferating demand for passenger vehicles. Moreover, prominent players are also aspiring for long-term contracts with automotive manufacturers and raw material suppliers in order to maintain their position of strength in the global automotive seat belt market.
Global Automotive Seat Belt Market to be Worth US$ 19,457.3 Mn by 2021
If the projections of this PMR report are to be believed, demand in the worldwide automotive seat belt market is expected to expand at a CAGR of 8.2% during the period 2017 to 2021. In terms of revenue, the analysts have estimated that the opportunities in the automotive seat belt market across the world will translate into a revenue of US$ 19,457.3 Mn by the end of 2021. Some of the key companies currently operating in the global automotive seat belt market are Takata Corporation, Autoliv, Inc., AEC Narrow Fabrics, AEC Virginia, LLC, Ameri-Tek Manufacturing, Inc., Gill Industries, Inc., GWR Safety Systems, Inc., and ZF TRW Automotive Holdings Corporation.
Stringent governmental regulations in a number of countries to ensure road safety, growing awareness among consumers regarding the benefits of seat belts, increasing production of passenger vehicles, and improvements in technology that has made it affordable for larger masses are few of the key factors driving demand in the automotive seat belts market across the globe.
Strong Demand for Three-Point Seat Belts from Passenger Vehicles
On the basis of vehicle type, the PMR report segments the automotive seat belts market into passenger cars and commercial vehicles, which has been further sub-segmented into light commercial vehicles, heavy trucks, and buses and coaches. Presently, passenger cars is the segment that is providing for the most prominent chunk of demand. Based on design type, this report bifurcates the market for automotive seat belt into belt-in-seat, two-point belts, three-point belts, four-point belts, five-point belts, and six-point belts. Currently, three-point seat belts provide for the maximum demand, which is a reflection of their affordability and reliability. Technology-wise, this market has been categorized into retractor, load limiters, active seat belt, pretensioner, and seat belt reminder system.
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Geographically, the analysts have highlighted Asia Pacific as the region of primary focus, witnessing strong demand from the emerging economies of India and China. These two countries are among the ones with the strongest GDP in the world and house nearly a quarter of the global population. On the back of a thriving automotive industry, wherein passenger vehicles are high in demand, Asia Pacific is anticipated to remain the most lucrative region throughout the forecast period of the study. A number of manufacturers are also establishing their production plants in these two countries, which will further drive the APAC automotive seat belt market.