Active Seat Belt System Market to Grow at 8.0% CAGR by 2030
The rapid development of automotive industry, rise in demand for enhanced safety, stringent regulatory policies, and increase in demand for passenger vehicles are expected to drive the growth of the active seat belt system industry during the forecast period (2021-2030).
The Active Seat Belt System Market is expected to grow at a CAGR of 8.0% from 2021-2030, according to a new research report by Next Move Strategy Consulting.
Seat belt is a safety system that is used in automobiles to ensure the passenger safety in emergency situations. The active seat belt systems are installed with pre-crash electronic control units, which are directly linked with pretensioners. After detection of threats, it fastens the seat belt as a safety precaution. These systems are similar to conventional seat belts but due to the integration of sensor & technology, it is much effective in terms of safety.
According to the report, constant expansion of automotive industry, rapid integration of advanced technology, and rise in demand for enhanced security by consumers drive the growth of the seat belt safety market. On the other hand, rise in demand for premium vehicle followed by stringent regulatory policies for the safety along with high adoption rate of advanced technology have also propelled the growth of the market. Furthermore, rise in disposable income of individuals and increase in market investment for further developments are likely to bring change in market trends.
However, high cost of active seat belt systems followed by lack of skilled workforce for installation is expected to restrain the market growth. On the contrary, rapid integration of biosensors & automation is anticipated to provide numerous opportunities to the market in the coming few years.
On the basis of type, the active seat belt system market share is segmented into two-point belts, three-point belts, four-point belts, five-point belts, six-point belts, and seven-point belts. The three-point belts segment dominates the global active seat belt system market, and is expected to remain dominant during the forecast period.
On the basis of component, the active seat belt system market is fragmented into retractors, pretensioners, and buckle lifters. The pretensioners segment is expected to develop significantly; thereby, dominating the market in the near future.
On the basis of application, the active seat belt system market is categorized into passenger cars and commercial vehicles. The commercial vehicles segment is expected to experience significant growth during the forecast period and dominate the market.
North America is expected to account for the highest market share during the forecast period, owing to the technological advancement and rapid infrastructural development. Furthermore, rise in demand for premium vehicles and rapid integration of advanced technology supported by increasing market investments are anticipated to propel the market growth. Europe registered the second leading position in the active seat belt system market size in 2020. Asia-Pacific is expected to be the fastest developing region in the active seat belt system, owing to rise in demand for enhanced safety & security. Moreover, increase in number of road accidents, rise in demand for passenger vehicles, and expansion of the automotive industry boost the growth of the market in Asia-Pacific.
According to the report, the key players operating in the active seat belt system market include Continental AG, Hyundai Mobis, Takata Corporation, Iron Force Industrial, ITW Automotive Products GmbH, Special Devices Inc., Key Safety Systems, Autoliv Inc., Far Europe Inc., Robert Bosch GmbH, Denso Corporation, Tokai Rika, and ZF TRW.
Browse key industry insights from the report at https://www.nextmsc.com/report/active-seat-belt-system-market in detail along with the table of contents:
Key Insights from the Active Seat Belt System Market Report:
- Asia-Pacific is the fastest growing active seat belt system market, owing to constant expansion of the automotive industry followed by rise in demand for enhanced safety & stringent regulatory policies.
- The passenger vehicle application segment dominated the market in 2019, and is expected to grow at a significant CAGR to maintain the led in 2030.
- Some of the major players in the market are Continental AG, Hyundai Mobis, Takata Corporation, Iron Force Industrial, ITW Automotive Products GmbH, Special Devices Inc., Key Safety Systems, Autoliv Inc., Far Europe Inc., Robert Bosch GmbH, Denso Corporation, Tokai Rika, and ZF TRW.
The report Active Seat Belt System market – segmented by type, application, component and geography
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