New York, USA, Aug. 24, 2021 (GLOBE NEWSWIRE) -- Research Dive has published a report titled, “Active Seat Belt System Market by Component (Buckle Lifters, Pre-tensioners, and Retractors), Application (Passenger Cars and Commercial Vehicles), and Regional Analysis (North America, Europe, Asia Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026”
The global active seat belt market is anticipated to generate a revenue of $29,100.0 million, at a healthy CAGR of 4.4% during the forecast period, increasing from $20.645.1 million in 2018.
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Regional Outlook
Asia-Pacific regional market is expected to generate a revenue of $15,059.9 million by the end of 2026. The booming automotive industry in countries such as India, Japan, and China has increased the demand for active seat belt for passenger safety. This is the main factor expected to enhance the growth of the market during the forecast period.
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Key Segments of the Market
The report has divided the market into different segments based on component, application, and regional analysis.
• Component: Pre-tensioner sub-segment is expected to be the most lucrative. The sub-segment recorded a revenue of $8,670.9 million in 2018 and is further expected to dominate the market with a revenue of $11,785.5 million by the end of 2026. The main reason behind this growth is the reliability and effective performance of the pre-tensioner product.
• Application: Passenger vehicle sub-segment recorded a revenue of $15,218.8 million in 2018 and is further predicted to continue the dominance with a revenue of $21,097.5 million by the end of 2026. The new amazing and innovative models of cars have increased the purchasing of cars which is expected to boost the growth of the market sub-segment.
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Dynamics of the Market
Drivers: The automobile manufacturing has been increased worldwide in recent years which led to rising demand for the integrated safety system in passenger cars. This is the main factor anticipated to enhance the growth of the industry during the forecast period.
Restraint: Expensive prices and limited income in the developing countries are expected to hinder the active seat belt market during the forecast period.
Opportunities: Adoption and integration of latest technologies such as seat belt reminders, cheat devices, gear locks, and interlocks are expected to create massive opportunities for the market in upcoming years.
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Key Players of the Market & Strategies
• Continental Corporation
• Far Europe Holding Limited
• Ningbo Joyson Electronics Corp. (Key Safety Systems, inc.)
• Tokai Rika Co., Ltd.
• Zf Friedrichshafen Ag (Zf Trw Automotive Holdings Corp.)
• Autoliv, Inc.
• Denso Corporation
• Hyundai Mobis Co Ltd;
• Takata Corporation
• Toyoda Gosei Co., Ltd.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
In December 2020, Hyundai Mobis, a public South Korean car parts company, announced the acquisition of the semiconductor division of Hyundai Autron. With this acquisition, Hyundai Mobis aims to enhance its capability of designing, developing, and verifying semiconductors for vehicles and subsequently differentiate its integrated control technology in the future automotive field.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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