ALBANY, New York, May 21, 2019 /PRNewswire/ -- An intense competition among a large number of players exists in the global automotive seat belt system market, observes Transparency Market Research (TMR). The presence of large, medium, and small-scale players makes the market's competitive landscape fairly fragmented. Some of the prominent players' names include Far Europe, GWR Co., Seat Belt Solutions LLC., Goradia Industries., and Robert Bosch GmbH.
The topmost companies in the global automotive seat belt system market are majorly concentrating on manufacturing and marketing of several automotive parts to provide enhanced efficiency and safety. They are developing seat belts in such a way that it can easily meet and exceed customer's satisfaction. These companies are offering a wide array of restraint automotive components while remaining flexible to their customers' needs. With the key strategy of expanding the product portfolio, several companies are trying to gain prominence in the global automotive seat belt system market. In fact, they are acquiring strategic partnerships with other companies and vendors in the market to extending their geographical boundaries.
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According to TMR's experts, the global automotive seat belt system market to expand at a promising 4% CAGR during the assessment tenure of 2019-2027. The market is anticipated to surpass US$30 Bn by the end of the forecast period.
From the perspective of vehicles, the light commercial vehicle segment showcases the highest share in the global automotive seat belt system market. This is accountable to the soaring demand for light commercial vehicles worldwide, due to increasing investment in SMEs and easy incorporation of high technology seat belts into these vehicles. With respect to geography, Asia Pacific is expected to lead the global automotive seat belt system market on account of the increasing production of various types of vehicles in the region.
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Growing Vehicle Ownership in both Developed and Developing Economies to Boost Market
Since the advent of electric vehicles, global automotive industry is prospering. However, several governments across the globe have introduced numerous guidelines for the automotive manufacturers to install adequate safety measures into their wide range of products. Seat belts are one of them, which have evolved exponentially over the years, and now regarded as a basic safety measure which can reduce possibilities of crash deaths. Therefore, governments worldwide have followed the suit of the technological advancements, which have made seat belts extremely affordable. These factors are majorly fueling growth in the global automotive seat belt system market. Besides this, the emergence of government legislations in reducing fatal injury cases and enhancing passenger safety with the integration of safety system is also propelling expansion in the global automotive seat belt system market.
Furthermore, seat belts increase survival chances during accidents. Thus, automotive manufacturers are equipping vehicles with several safety features, which in turn is also stimulating the growth of the global automotive seat belt system market. Along with this, rising awareness regarding not only passengers but also drivers' safety and increasing vehicle ownership in both emerging and developed regions are a couple of factors positively influencing the growth of the global automotive seat belt system market.
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Introduction of Several Advanced Seat Belt Products to Foster Market's Growth
Rapid introduction of numerous innovative systems such as ADAS and V2V communications require sensors in seat belts, which in turn is augmenting demand in the global automotive seat belt system market. However, soaring demand for advanced products such as inflatable seat belts and seat belts with air bag technology for additional protection during crashes is also providing major impetus to the growth of the global automotive seat belt system market.
The review is based on a market research report by TMR, titled, "Automotive Seat Belt System Market (Technology - Active Seat Belt System, Passive Seat Belt System; Vehicle - Passenger Vehicle, Commercial Vehicle; Seat - Rear and Front Seat; Design - Two-point, Three-point, Four-point and Above; Component - Retractor, Pretensioner, Load Limiters, Webbing, Seat Belt Reminder, Height Adjuster, Buckle, Seat Belt Pillar Loops; Sales Channel - OEMs, Aftermarket) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027"
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The segmentation of global Automotive Seat Belt System Market is based on:
- Active Seat Belt System
- Passive Seat Belt System
- Passenger Vehicle
- Utility Vehicle
- Commercial Vehicle
- Load limiter
- Seat Belt Reminder
- Latch Plate
- Height Adjuster
- Seat Belt Pillar Loops
- Four-point & Above
- Sales Channel
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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