World News: 01:00 GMT Thursday 16th May 2019. [Acumen Research and Consulting via Globe Newswire via SPi World News]
LOS ANGELES, May 15, 2019 (GLOBE NEWSWIRE) -- The Global is estimated to develop at CAGR around 6 % over the forecast time frame 2019-2026 and reach the market value around USD 25 billion by 2026.
The automotive industry now is thriving not only in the emerging economies where urban population purchasing power has grown, but also in the developing countries since electric motor vehicles (EVs) came into being. However, automotive is also a cause of numerous deaths, and several governments worldwide have introduced manufacturers' guidelines to introduce adequate safety measures into their products. Numerous vehicle accidents have increased driver awareness and safety awareness and driver safety, driving demand for automotive safety belts included. The demand for the industry is fueled by strict traffic rules for the use of safety systems.
In addition, several government initiatives to promote the use of seat belt are fuelling the automotive seat belt market. The new NCAP examines these vehicle appraisal products that encourage manufacturers to develop advanced technological products in order to obtain higher safety ratings. However, the major market concerns are lower quality products which lead to serious injury due to this product in automobile accidents and product failures. A growing number of productions of passenger vehicles and on-road vehicles offer manufacturers in automotive sector growth opportunities.
The global automotive seatbelt market is bifurcated on the basis of design, technology, component, sales channel, seat, vehicle type, and region. Based on technology, this passive segment has a major market share, since it is a standard technology and, because of its high economic efficiency, is preferred for integration in standard class vehicles. On the other hand, it consists of several intelligent components which in turn efficiently boost costs for these belts, and is a very advanced active seat belt system. In addition, in vehicles known for their safety features, including Volvo, the active seat belt system is integrated. In terms of design, 3-point systems are very popular and thus, due to their application in most vehicles, the 3-point segment has an outstanding share of the seat straps markets. Three-point seat belts consist of both laps and shoulder restraining belts and are seen in comparison with other types as being more effective and easily accessible. The two-point segment represented a significant market share; however, the segment held a limited market share due to the limited application of two-point seat belts, such as passenger cars' back center and bus passenger seats. The pretensioner and retractor segments held an important part of the market for the seat belts system in terms of components. Retractors constitute a key component of seat belt systems and are built into almost all the seat belt systems in three points. Pretensioners on the other hand are mainly built into retractors and play an important role in the protection of occupants during a crash. On the basis of sales channel, the OEM segment contributed for a major share of the seat belt market in 2018. On the basis of vehicle type, the passenger vehicle segment was a noticeable part of the market in the seat belt system, because passenger vehicles were significantly produced in comparison with commercial vehicles.
Due to the broad presence of private players and the high public awareness, North America dominated the global market in 2018. Asia Pacific dominated the global seat belt system market due to high production capabilities in various countries such as India, China, South Korea, and Japan. Due to the increased demand for vehicles in those regions and the increased investment of car manufacturers in those countries, Chile is expected to expand at a notable rate of growth in the forecast period. In comparison with other regions, Europe had a significant share in the global market and included a large number of vehicles with active seat belt systems.
Few of the major actors in the industry in the global automotive seat belt market are APV Safety Products, Beam's Seatbelts, Joyson Safety Systems, Goradia Industries, BERGER GROUP, DENSO Corporation., Autoliv Inc., Far Europe Inc., Robert Bosch GmbH, Continental AG, Belt-tech, Seatbelt Solutions LLC, TOKAIRIKA,CO and GWR Co.
Globe Newswire: 01:00 GMT Thursday 16th May 2019
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