Global Seat Belt Retractor Market is expected to foresee significant growth. APAC to lead the growth!
- Vikas Kumar
- January 12, 2023
- AUTOMOTIVE, NEWS
- Light Car Trailer Market, Seat Belt Retractor Market Analysis, Seat Belt Retractor Market Growth, Seat Belt Retractor Market Share, Seat Belt Retractor Market Size, Seat Belt Retractor Market Trend
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The seatbelt includes a retractor which consists of a gearbox, springs, sensors, fireworks equipment, and a locking mechanism for emergencies. The seat belt retractor locks in place in the event of a sudden halt which is installed in both the front and back seats. Increase in consumer awareness related to vehicle safety, growing use of lightweight seatbelt retractor and increase in vehicle production and sales are the factors driving the growth of the market. The key players are actively investing to scale up the production facilities, which is also driving the growth of the market during the forecast period. For instance, in July 2021, Autoliv, Inc., a worldwide leader in automotive safety systems, has opened up a new sound and vibration laboratory is at Ogden Technical Center (OTC), which has been designed specifically for the development of automotive safety restraint equipment
The Seat Belt Retractor Market is expected to grow at a steady rate of around 3% owing to the increasing regulatory requirements related to vehicle safety. The favorable government policies and technological advancements are also driving the growth of the market.
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Based on technology type, the market is segmented into automatic locking retractor, emergency locking retractor, switchable retractor. The emergency locking retractor holds largest share in 2020 and is expected dominate the market throughout the forecast period owing to the technological advancement. Increasing preference of the OEMs to use emergency locking retractor to increase the safety of the passenger are driving the growth of the segment.
Based on vehicle type, the market is categorized into passenger car and commercial vehicle. Among these, the passenger vehicle is expected to grow with higher CAGR during the forecast period. This is mainly due to the growing disposable income of the individuals and increasing production and sale of the vehicles.
Based on application, the seat belt retractor market has been classified into belt in seat, two-point, three-point, four-point. The three-point category is to witness higher CAGR during the forecast period as it is commonly used in most modern-day vehicle as it combines both the lap and slash belt. Raising living standards, increasing disposable incomes, accelerating key player penetration in new markets, and expanding demand for luxury cars are driving the growt of the market.
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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. APAC is anticipated to grow at a substantial CAGR during the forecast period due to the rising demand for vehicles in these countries. Asia Pacific is witnessing high economic growth. The demand for passeenger vehicles is anticipated to rise, which, in turn, is estimated to propel the demand for automotive seat belt retractors in the region. 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
Some of the major players operating in the market include 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.
Global Seat Belt Retractor Market Segmentation
Market Insight, by Technology Type
- Automatic Locking Retractor
- Emergency Locking Retractor
- Switchable Retractor
Market Insight, by Vehicle Type
- Passenger Car
- Commercial Vehicle
Market Insight, by Design Type
- Belt in Seat
- Two-Point
- Three-Point
- Four-Point
Market Insight, by Region
- North America
- US
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Autoliv Inc.
- Belt Tech Industrial.
- APV Safety Products
- ZF Friedrichshafen AG
- Joyson Safety Systems
- Continental AG
- Seat belt Solutions LLC
- DENSO CORPORATION.
- Goradia Industries,
- TOKAIRIKA, CO, LTD
