Active seat belt system market expected to grow by 2026 due to rising production of vehicles. Passenger cars sub-segment to be highly dominant due to adoption of new vehicle models. Market in Asia-Pacific region to witness more growth opportunities.
NEW YORK, Jan. 24, 2023 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Active Seat Belt System Market, By Component (Buckle Lifters, Pre-tensioners, Retractors) By Application (Passenger Cars and Commercial Vehicles). Regional Analysis (North America, Europe, Asia Pacific, LAMEA) Global Opportunity Analysis and Industry Forecast, 2019–2026”.
According to the report, the global active seat belt system market is predicted to garner a revenue of $29,100.0 million and grow at 4.4% CAGR during the forecast period 2019-2026.
Dynamics of the Market
Drivers: The growing production of automobiles and the increasing demand for integrated safety systems coupled with strict car safety norms are some prime factors projected to drive the growth of the global active seat belt system market during the forecast period. Additionally, the effectiveness of seat belts and their proven safety benefits are also estimated to boost the market growth by 2026.
Opportunities: Rising advancements in the seat belt system like seat belt reminders (SBRs) that can easily detect the presence of vehicle passenger and the status of its active seat belt is anticipated to offer ample growth opportunities for the global active seat belt system market during the 2019-2026 analysis timeframe. Moreover, the implementation of gear locks, cheat devices, and interlocks into the active seat belt system is also expected to augment the market development by 2026.
Restraints: Expensive prices of vehicles is the major hindering factor for the market growth.
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Segments of the Market
The report has divided the active seat belt system market into a few segments based on component, application, and regional analysis.
By component, the pre-tensioners sub-segment is predicted to have the highest growth rate and generate a revenue of $11,785.5 million during the analysis years. This immense growth rate is mainly attributed to the product’s reliability and effective performance.
By application, the passenger cars sub-segment is projected to hold a dominant market share and gather a revenue of $21,097.5 during the forecast period due to increasing production and adoption of vehicles and new models across the globe. Moreover, people’s improved living standards, growth in GDP, and their increased spending power are some other factors to bolster the sub-segment’s growth by 2026.
By region, the active seat belt system market in the Asia-Pacific region is estimated to have the fastest growth rate and register a revenue of $15,059.9 million by 2026 due to well-established automotive industry in developing countries like China and India. Moreover, growing investments by key market players is yet another factor to propel the market growth in the region during the analysis timeframe.
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Prominent Market Players
Some prominent active seat belt system market players are
Hyundai Zf Friedrichshafen Ag (Zf Trw Automotive Holdings Corp.)
Mobis Co Ltd.
Autoliv Inc.
Far Europe Holding Limited
Takata Corporation
Tokai Rika Co. Ltd.
Continental Corporation
Denso Corporation
Ningbo Joyson Electronics Corp. (Key Safety Systems inc.)
These players are building several strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market growth.
For example, in February 2022, Uber Technologies Inc., an American mobility service provider, announced its launch of a new technology that would remind the passenger to wear seat belts by pinging driver phones and sending riders messages. This initiative is also aimed to reduce the number of road accidents in the US.
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The report also sums up various crucial facets including financial performance of the market players, SWOT analysis, product portfolio, and the latest strategic developments.
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