Active Seat Belt System Market Growth Analysis By Top Key Players: Autoliv, Inc., Continental Corporation, DENSO Corporation, Far Europe Holding Limited, Hyundai Mobis Co., Ltd., Ningbo Joyson Electronics Corp. (Key Safety Systems, Inc.), Takata Corporati

According to a recent report published by Allied Market Research, titled, Active Seat Belt System Market by Component and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global active seat belt system market was valued at $9,814 million in 2016, and is projected to reach at $12,707 million by 2023, growing at a CAGR of 3.60% from 2017 to 2023.

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A Seat Belt is a safety system that is widely used in vehicles to ensure safety of its occupants on sudden application of brakes or collision. This safety system keeps the occupant fastened to his or her seat and avoids fatal injuries that may result from collision or toppling of the vehicle. The effectiveness of the seat belt is enhanced by the presence of airbags in a vehicle. A seat belt ensures the correct position of occupants for maximum effectiveness of airbags. Active seat belts are similar to traditional seat belts, but with advanced technology that automatically detects threats, such as collisions, and tightens the seat belt to provide better safety precautions. These seat belts are connected with a pre-crash electronic control unit (ECU) installed in the vehicle or directly attached to pretensioners.

The major companies profiled in the report include Autoliv, Inc., Continental Corporation, DENSO Corporation, Far Europe Holding Limited, Hyundai Mobis Co., Ltd., Ningbo Joyson Electronics Corp. (Key Safety Systems, Inc.), Takata Corporation, Tokai Rika Co., Ltd., Toyoda Gosei Co., Ltd., and ZF Friedrichshafen AG

Increase in awareness towards automotive safety among consumers, rise in automotive safety norms, high demand for luxury vehicles, surge in number of road accidents, high cost of active seat belts, biosensors as an input source for future active seat belt systems, and rise in passenger vehicle registration are the significant factors that impact the growth of the global active seat belt system market. These factors are anticipated to either drive or hamper the market.

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Factors such as the road infrastructure and type of vehicles (based on power, size, and road presence) play a key role in determining consumer perception and attitude towards vehicle safety. Over the past few years, the lifestyle of the consumers has become hectic with unfavorable driving etiquettes being witnessed such as surfing, messaging, and speaking on the phone while driving, which eventually results in automotive accidents. According to Nielsen AutoTECHCAST, the consumer awareness towards automotive safety has increased these days.

Analyst Review:

The global active seat belt system market is expected to witness significant growth in the future, owing to increase in automotive safety norms and regulations, growth in consumer awareness towards automotive safety, rise in demand for luxury vehicles, and high incidence of road accidents. However, high cost of the active seat belt impedes the market growth.

The active seat belt system market signifies a promising picture for the automotive industry. The current business scenario has witnessed an increase in the demand for active seat belt systems, particularly in the developing regions, owing to reduced risk of serious injury by 50% and reduced risk of the death of front seat passengers by 45%. The companies have adopted innovative techniques such as product launch, product development, and partnership in an effort to provide customers with advanced and innovative product offerings.

Among the analyzed geographical regions, Asia-Pacific is expected to account for the highest revenue in the global market throughout the forecast period. However, LAMEA is expected to register the higher growth rate, predicting a lucrative growth for active seat belt system in passenger car and commercial vehicle applications.

Autoliv, Inc., Continental Corporation, DENSO Corporation, Far Europe Holding Limited, Hyundai Mobis Co., Ltd., Ningbo Joyson Electronics Corp. (Key Safety Systems, Inc.), Takata Corporation, Tokai Rika Co., Ltd., Toyoda Gosei Co., Ltd., and ZF Friedrichshafen AG are key market players that occupy a significant revenue share in the active seat belt system market.

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