New York, USA, June 27, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global active seat belt system market is estimated to register a revenue of $29,100.0 million by 2026 and grow at a CAGR of 4.4% over the forecast period from 2019-2026. The detailed report provides a concise outlook of the active seat belt system market’s present scenario including chief aspects of the market such as growth elements, challenges, hindrances, and several opportunities during the estimated period of 2019-2026. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: Well-established automotive industry in the developing countries and the active adoption of advanced safety systems are some factors expected to drive the growth of the global active seat belt system market during the forecast years. In addition, strict laws of governments regarding the usage of seat belts is also anticipated to boost the market growth by 2026.
Opportunities: Increasing technological advancements like seat belt reminders (SBRs) along with the integration of gear locks and interlocks and cheat devices are some factors predicted to offer abundant growth opportunities for the global active seat belt system market during the forecast period.
Restraints: Expensive prices of automobiles is the prime factor projected to hinder the market growth.
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Segments of the Active Belt System Market
The market has been fragmented into a few segments based on component, application, and regional analysis.
Component: Retractors Sub-segment to Have a Significant Growth Rate
The retractors sub-segment is anticipated to witness a significant growth rate during the forecast period and generate a revenue of $6,780.3 million. This immense growth is attributed to the development of active control retractors that improves the passengers’ safety in dangerous situations.
Application: Passenger Cars Sub-segment to be Highly Dominant
The passenger cars sub-segment of the global active seat belt system market is estimated to hold a dominant market share and gather a revenue of $21,097.5 million during the analyst timeframe due to rising vehicle adoption across the world and the launch of new vehicle models by automobile manufacturing companies. Moreover, improved living standards of people in developing countries along with the presence of easy finance options are some other factors expected to propel the sub-segment’s growth by 2026.
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Region: Market in the Asia-Pacific Region to Have Better Growth Opportunities
The active seat belt system market in the Asia-Pacific region is predicted to witness better growth opportunities and surpass $15,059.9 million during the analysis years. This growth is attributed to the well-established automotive industry in developing countries like China and India. Moreover, the growing investment by key market players and their strategic alliances is also projected to bolster the market growth in the Asia-Pacific region by 2026.
Prominent Market Players
Some prominent active seat belt system market players are
- Autoliv, Inc.
- Far Europe Holding Limited
- Continental Corporation
- Hyundai Mobis Co Ltd.
- Zf Friedrichshafen Ag (Zf Trw Automotive Holdings Corp.)
- Ningbo Joyson Electronics Corp. (Key Safety Systems, inc.)
- Denso Corporation
- Takata Corporation
- Tokai Rika Co., Ltd.,
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in February 2022, Tesla recalled its 817,143 vehicles because their seat belt reminder chimes could not activate as programmed. As per the National Highway Traffic Safety Administration (NHTSA), the chimes did not activate when the driver started the vehicle since they were interrupted in the preceding drive cycle. Tesla’s initiative to run an over-the-air software update significantly boosted the market growth.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Active Seat Belt System Market:
- Government litigations to boost the active seat belt market
- Active Seat Belt System: A Key Player in Enhancing Passenger Safety
