Automotive seat belts are used in virtually every type of vehicle to enhance the safety of the driver. In case of a collision, seat belts keep a vehicle’s occupants in their place, preventing injuries caused by occupants hitting glass panes or other hazardous materials. The global automotive seat belt market is predicted to develop rapidly during the period from 2015 to 2021 due to an increase in the number of road accidents and changing government rules regarding road safety.
Asia Pacific to Lead Global Market with 25% Market Share
The global automotive seat belt market is segmented on the basis of design type, vehicle type, geography, and technology. By geography, the global automotive seat belt market is divided into North America, Asia Pacific, Europe, the Middle East, Latin America, and Rest of the World. With the maximum number of road accident cases recorded in Asia Pacific, this region is expected to generate high demand for automotive seat belts during the forecast period. In terms of revenue, Asia Pacific and North America collectively are projected to account for a 55% market share by 2015. The Asia Pacific market for automotive seat belts is expected to account for 25% of the market during the forecast period. The Middle East and Latin America markets for automotive seat belts are predicted to grow at an 8.50% CAGR and 8.30% CAGR, respectively, during the forecast period.
Increasing Number of Road Accidents to Push Demand for Three-point Belts
The number of road accidents in the Asia Pacific region has increased rapidly in the past few years. Nearly 16,000 people lost their lives due to road accidents in India in 2014. According to the transport experts, the majority of the road accidents were due to poor road conditions, potholes, and speed breakers. With Delhi registering a daily death toll of six people on an average, India has become the country with one of the highest road accident rates. Drinking and driving has become a common reason for road accidents in Asia Pacific.
The number of road accidents in China has gone up in the recent past. According to the World Health Organization, more than 200,000 people die in road accidents in China every year. With the increase in the number of road accidents, the government has decided to focus on implementing certain traffic rules.
As wearing a seat belt has now become mandatory in different regions across the globe, a wide variety of seat belts have been introduced by the key market players. Some of the leading players in the global automotive seat belt market are Robert Bosch GngH, Key Safety Systems Inc., Tokai Rika Co. Ltd., and Hyundai Mobis Co. Ltd.
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By design type, the global automotive seat belt market is divided into two-point belts, three-point belts, four-point belts, five-point belts, six-point belts, and belt-in-seat. With an expected 93.7% market share by 2021, the three-point belts are clearly the dominant sector. However, the two-point belt segment is predicted to account for a 4.0% market share by the end of the forecast period.
On the basis of vehicle type, the global automotive seat belt market will be dominated by the passenger car segment, with a 65% market share expected for the segment by 2021. By technology, the global automotive seat belt market is expected to be led by the pretensioner sector, with a 35% market share expected by the end of the forecast period.