Seat belts are essential components of a vehicle. Seat belts are termed as life saviors in times of accidents. Such belts safeguards the driver and co-passengers of a vehicle in case of an accident and that is why it is advisable to wear seat belts at all times during driving a vehicle. There are six different type of seat belts such as two-point belt, three-point belt, four-point belt, five-point belt, six-point belt, and belt-in-seat. A two-point seat belt gets attached at two end points. Such a seat belt includes a lap belt that wraps the waist and a sash belt, which holds the shoulder.
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Increasing production of vehicles and rising demand for passenger vehicles is a major driving factor for the automotive seat belt market. In addition, stringent safety norms set up by the government of various countries and automobile standards relating to the safety of driver and passengers in vehicles is a major factor driving the growth of global automotive seat belt market. Moreover, growth in the automotive sector and rising investments in automotive seat belt manufacturing companies across the world is set to influence the market significantly during the forecast period.
The automotive seat belt market can be classified by design, by vehicle type, by technology and by geography. The design segment can be classified into two-point belt, three-point belt, four-point belt, five-point belt, six-point belt, and belt-in-seat. By vehicle type, the market can be segregated as passenger vehicles, light commercial vehicles and heavy commercial vehicles. By technology, the market can be bifurcated into bag-in-belt, pretensioner, active seat belt, retractor, load limiter and seat belt reminder system. By geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
In the automotive seat belt market, Asia Pacific holds the largest market share in terms of revenue followed by Europe, North America, Latin America and, Middle East and Africa (MEA). In the Asia Pacific region, countries such as China and India has been witnessing heavy demand and production for passenger vehicles. This in turn is increasing the application of seat belts in passenger vehicles of above mentioned countries. In Europe, Germany is the most significant market and the largest contributor to the automotive seat belt market in the region because of the presence of major automobile manufactures in Germany.
In North America, the U.S. is the largest market for automotive seat belt. The U.S. is the second largest manufacturer of automobiles in the world. The growth rate of automotive seat belt market in Latin America, and Middle East and Africa is low considering the less usage and production of vehicles in the aforementioned regions. However, with the growth in the automotive sector and investments in automobile companies of Latin America and Middle East and Africa, the market for automotive seat belt is expected to improve in the coming years.
The report also provides company market share analysis of the various industry participants. Acquisition is the main strategy being widely followed by leading market players. In case of an acquisition, the acquirer takes advantage of existing synergies. As a result, both companies are expected to emerge more profitable and stronger than before. Key players in the global automotive seat belt market have been profiled and their company overview, financial overview, business strategies and recent developments have been covered in the report. Major market participants profiled in this report include: Autoliv Inc., Takata Corporation, ZF TRW Automotive Holdings Corp., Robert Bosch GmbH, Denso Corporation, Continental AG, Key Safety Systems Inc., Hyundai Mobis Co. Ltd., Toyoda Gosei Co. Ltd., and Tokai Rika Co. Ltd. among others.