A new report has been published by Transparency Market Research, titled, “Global Automotive Seat Belt System Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.” As per the report, the global automotive seat belt system market is expected to exceed US$ 30 Bn by 2027, expanding at a CAGR of above 4% during the forecast period. The global automotive seat belt system market, according to the report, is expected to be driven by an array of macroeconomic and industry-specific factors. Region-wise, Asia Pacific is likely to be at the forefront of global demand, as the market in the region continues to expand at a CAGR of more than 4%.
Road traffic injury is, currently, one of the leading causes of death for children and young adults (aged 5 to 29 years), indicating a need for a shift in the current road safety standards. Motor vehicle crashes, presently, represent the eighth-leading cause of death, across the world. According to World Health Organization (WHO), deaths from road traffic crashes have increased to 1.35 million a year or 3,700 deaths every day. Of these, a majority of drivers and passengers who lose their lives in a motor vehicle crash do not use the seat belt system, which lessens the impact in case of frontal collision and helps avert fatal injuries. Therefore, the mandate by governments on the seat belt system is expected to create a positive impact on the seat belt system market during the forecast period.
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The TMR report has segregated the global market for the seat belts in terms of technology, design, component, seat, sales channel, vehicle, and region. From a geographical perspective, the global automotive seat belt system market is classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Of these, Asia Pacific leads the global automotive seat belt system market. The seat belt system market in Asia Pacific is expanding owing to the rising production of vehicles in the region.
Additionally, higher foreign investment in the region along with an increase in number of manufacturing sites in China, India, Japan, Indonesia, and South Korea are likely to increase the automotive seat belt system market in Asia Pacific during the forecast period. Some of the major players operating in the global automotive seat belt system market are profiled in this report to give a better competitive analysis and these include APV Safety Products, Autoliv Inc., Beam’s Seat Belts, Belt-tech, BERGER GROUP, Continental AG, DENSO Corporation., Far Europe Inc., Goradia Industries, GWR Co., Joyson Safety Systems, Robert Bosch GmbH, Seat Belt Solutions LLC, TOKAIRIKA,CO, LTD, and ZF Friedrichshafen AG.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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