The two key factors driving the global automotive seat belt market are the high incidence of road accidents around the world and the growing government road safety regulations. According to the WHO, road traffic injuries resulted in an estimated 1.24 mn deaths globally in 2010. This means that every 25 seconds one person is killed in a road accident around the world. In addition to this, over a third of road traffic deaths that occur in low- and middle-income nations are of cyclists and pedestrians.
Even so, many low- and middle-income nations do not have adequate policies in place to protect road users. However, the number of policies to regulate road accidents is rising, which will fuel the global automotive seat belt market. Due to these trends, emerging economies are projected to grow significantly in the global automotive seat belt market, while developed economies will witness moderate growth. Here are some key facts about the regional segmentation of the global automotive seat belt market.
Regional Dynamics in Global Automotive Seat Belt Market
Region-wise, the global automotive seat belt market is divided into North America, Europe, Latin America, Asia, and the Middle East (MEA).
The Asia Pacific market is projected to witness a strong growth curve in the global automotive seat belt market. In 2014, Asia Pacific held a 28.8% revenue share in the global automotive seat belt market and the Asia Pacific automotive seat belt market was worth more than US$11 bn.
Asia Pacific is the most lucrative market for companies operating in the global automotive seat belt market. Many multinational players have significantly invested in the China automotive safety systems sector. Furthermore, in several APAC markets, many automated car systems have become common. In Thailand, the rising emphasis on safety has led vehicles such as the new Ford Ranger to be equipped with safety features such as airbags and three-point seatbelts in outboard positions.
The APAC automotive seat belt market will expand at an 11.40% CAGR, the MEA market will expand at an 8.50% CAGR, and the Latin America market will expand at an 8.30% CAGR during the forecast period from 2015 to 2021. The APAC regional market will expand at a higher CAGR than that of the overall market during the forecast period; the global automotive seat belt market will expand at a CAGR of 8.40% during the forecast period.
In 2014, Europe, with a 28.0% share, was the second largest regional market for automotive seat belts. The elevated focus on road safety regulations and high consumer awareness are driving the European automotive seat belt market.
Collectively, North America and Asia Pacific are projected to hold a 55% revenue share in the global automotive seat belt market by the end of 2015.
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These were the regional growth trends in the global automotive seat belt market. Many domestic and international players in the global automotive seat belt market are focused on research and development initiatives to fuel their innovation and enhance their market shares. Some of the key companies operating in the global automotive seat belt market are Takata Corporation, Key Safety Systems, TRW Automotive Holdings Corp., Continental AG, Toyoda Gosei Co. Ltd., and Hyundai Mobis Co.