According to Research Report Insights (RRI) report, titled “Automotive Seat belts Market by 2021”, the global automotive seat belt market is estimated to account for value worth US$ 19.5 billion by the end of 2021, exhibiting a healthy CAGR of 8.4% over the forecast period.
Seat belt refers to safety belt which is basically a kind of automotive device for safety. These kind of automotive seat belts were basically designed for safeguarding the driver from damage caused owing to unexpected jerk while collision or sudden vehicle stoppage. Also, these automotive seat belts are complementing automotive airbags for ensuring safety to optimum passengers in an accident case.
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Globally, the market growth of automotive seat belt is primarily driven by growing safety regulations of government road and increasing road accidents incidents across the globe. Escalating uptake the belts of 3-point type, increasing adoption of several advance technologies for safety, inclination towards active safety systems, and considerable investment in research & development activities by the major market players in order to innovate products are some of the key market trends observed.
The global automotive seat belt market is categorized into technology type, regions, vehicle type and design type. Based on technology type, the global automotive seat belt market is fragmented into pretensioner, bag-in-belt, load limiter, retractor, active seat belt, and seat belt reminder system. Among these, the segment of pretensioner in 2015 was dominant in the market and accounted for 35.4% of the total share in the global market for automotive seat belt. Also, this segment by the end of 2021 is anticipated to value for US$ 6,717.4 million, exhibiting 8% in the forecast period from 2015 to 2021.
Based on vehicle type, the segmentation is done on the basis of commercial vehicle and passenger car. Among these, the segment of passenger car in 2014 valued for US$ 7,597.1 million and by the end of 2021, this segment is expected to remain dominant and will exhibit 69.6% of the overall share.
Based on design type, the segmentation is done on the basis of 3-point belt, 5-point belt, belt-in-seat, 2-point belt, 4-point belt, and six-point belt. Among these, the segment of three-point belt is anticipated to remain dominant and will worth 93.7% of the overall share by the end of 2021.
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Regionally, the segmentation is done into North America, Europe, APAC and the MEA. Among these, in 2014, the APAC region accounted for revenue share of 28.8% of the overall market and was leading the market for automotive seat belts after Europe which valued for 28% market share. Moreover, APAC market is estimated to register maximum CAGR of 11.4% in the forecast period from 2015 to 2021 followed by the market of the MEA region which is projected to grow at a CAGR of 8.5%. Additionally, the APAC region is estimated to remain most attractive region for the key players, representing maximum absolute dollar opportunity during the forecast period.
Over the forecast period, the APAC region in the global automotive seat belt market is anticipated to be the most attractive region.
Some of the key players in the global automotive seat belt market include ZF TRW Automotive, Robert Bosch GmbH, Denso Corporation, Toyoda Gosei Co., Tokai Rika Co., Autoliv Inc., Takata Corporation, Continental AG, Key Safety Systems Inc. and Hyundai Mobis Co., among others.