Seat Belt Retractor Market: Current Analysis and Forecast (2022-2028)

Report Description

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Global Seat Belt Retractor Market is expected to grow at a significant rate of around 3% during the forecast period 2022-2028. Seat belt retractors are the major source to enhance the safety of automotives. Currently, the top cause of death for children and young people is a traffic-related accident. Governments all around the globe have enacted laws requiring the usage of seat belts because they are a crucial component of driving safety. Despite these laws, many people choose not to use seat belts because they find them to be inconvenient. This belief is increasingly shifting as consumer priorities change from “convenience” to “safety,” expanding the demand for car seat belt retractors. In addition, the production companies are manufacturing vehicles with high standard and to advance the safety of the vehicle. For instance, In India, from April 1, 2021, all new passenger cars produced in India should include dual airbags as standard fittings, one for the driver and one for the front passenger.

Autoliv Inc., Belt Tech Industrial., APV Safety Products, ZF Friedrichshafen AG, Joyson Safety Systems, Continental AG, Seat belt Solutions LLC, DENSO CORPORATION., Goradia Industries, and TOKAIRIKA, CO, LTD. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst technology type, automatic locking retractor category to witness significant growth during the forecast period”

Based on technology type, the market is segmented into automatic locking retractor, emergency locking retractor and switchable retractor. Automatic locking category to witness significant growth during the forecast period due to more excellent performance, most prefer child safety and Innovations intended to improve the comfort and safety aspect for the occupants are major factors driving the growth of the market.

“Amongst vehicle type, the commercial vehicle to hold a significant share in the market”

On the basis of vehicle type, the market is categorized into passenger car and commercial vehicle. Among these, the commercial vehicle held a significant share in the market in 2020. This is mainly due to several governments’ initiatives aimed at improving commercial vehicle safety standards, increasing production of the commercial vehicle are the prime factor boosting up the growth of the market. For instance, in 2021, 79.1 million motor vehicles were produced around the world, an increase of 1.3% compared to 2020

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“Europe to hold a considerable share in the market”

For a better understanding of the market adoption of the automotive industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Europe holds a considerable share in the market due to the early adoption of the technology and safety measures facilitated by the government. Europe has the higher adoption of the electric vehicle, autonomous vehicle and is considered as the second largest automotive hub, followed by Asia-Pacific. The presence of automotive key players is likely to fuel market expansion in this region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Seat Belt Retractor Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global seat belt retractor market were the three major steps undertaken to create and analyze the adoption of seat belt retractor in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global seat belt retractor market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the seat belt retractor market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the seat belt retractor market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as technology type, vehicle type, and design type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the seat belt retractor market. Further, we conducted factor analysis using dependent and independent variables such as technology type, vehicle type, and design type of seat belt retractors. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the seat belt retractor market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global seat belt retractor market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

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Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the seat belt retractor market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global seat belt retractor market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global seat belt retractor market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology type, vehicle type, and design type in the global seat belt retractor market.

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The main objective of the Global Seat Belt Retractor Market Study

The current & future market trends of the global seat belt retractor market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the seat belt retractor market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of technology type, vehicle type, and design type.
• Define and analysis of the regulatory framework for the seat belt retractor
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the seat belt retractor market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the seat belt retractor market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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