PORTLAND, Oregon, November 19, 2018
PORTLAND, Oregon, November 19, 2018 /PRNewswire/ --
Growing awareness among consumers about automotive safety, high demand for luxury vehicles, and increase in the number of road accidents drive the growth of the global active seat belt system market
Allied Market Research published a report, titled, Active Seat Belt System Market by Component (Retractors, Pretensioners, and Buckle Lifters) and Application (Passenger Cars and Commercial Vehicles) - Global Opportunity Analysis and Industry Forecast, 2017-2023. The research offers detailed analyses of the industry dynamics, key investment pockets, major market segments, and competitive landscape. According to the report, the global active seat belt system market generated $10.3 billion in 2017, and is expected to reach $12.7 billion by 2023, growing at a CAGR of 3.6% from 2017 to 2023.
Increase in the number of awareness campaigns to promote automotive safety and rise in the number of road accidents drive the growth of the market. Moreover, high demand for luxury vehicles supplements the market growth. However, high cost associated with active seat belts restrains the growth of the industry. Conversely, increase in passenger vehicle registration and emergence of biosensors create new opportunities for the market.
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Pretensioners segment to remain dominant by 2023
Pretensioners segment accounted for nearly half of the total market share in 2017 and is expected to remain dominant throughout the forecast period. This is due to the growing need for passenger protection and reduction of slack between the body of passenger and seat belt. However, buckle lifters segment would grow at the highest CAGR of 5.7% from 2017 to 2023, owing to the ease offered for buckling and improved protection. The retractors segment is projected to grow at a moderate rate during the forecast period.
Passenger cars segment to maintain its lead throughout the forecast period
Passenger cars segment contributed nearly three-fourths of the total market share in 2017, owing to ease in parking, good gas mileage, and lower cost of cars in comparison to larger vehicles. This segment would maintain its lead by 2023. However, commercial vehicles would grow at the fastest CAGR 4.3% from 2017 to 2023 due to enhanced safety & security and improved fuel efficiency.
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Asia-Pacific to maintain its lion's share during the forecast period
Asia-Pacific contributed more than half of the total market share in terms of revenue in 2017, owing to stringent regulations by governments in countries such as China and Japan and strict compliance to safety rules. This segment will maintain its lion's share during the forecast period. However, LAMEA region would register the fastest CAGR of 5.4% from 2017 to 2023, owing to reduction in traffic-related fatalities and rise in focus on safety.
Frontrunners of the industry
The leading market players analyzed in the research include Autoliv, Inc., DENSO Corporation, Continental Corporation, Hyundai Mobis Co., Ltd., Far Europe Holding Limited, Takata Corporation, Ningbo Joyson Electronics Corp. (Key Safety Systems, Inc.), Toyoda Gosei Co., Ltd., Tokai Rika Co., Ltd., and ZF Friedrichshafen AG. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
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