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The seatbelt retractor industry is being driven by the growing demand for vehicle safety and the growing prevalence of road accidents across the globe. Based on design type, three-point seatbelts accounted for a significant share in the industry owing to their superior comfort and safety. Three-point seatbelts are adjustable and flexible in nature, and, thus, are ideal for children and even pregnant women, which are driving the demand for these seatbelts. Moreover, the ongoing development activities to enhance the efficiency of seatbelt retractors are also aiding the industry growth. The manufacturers are developing automotive seatbelt retractor systems to improve child safety. For instance, in March 2020, Tool Inc, introduced a prototype seatbelt retractor developed under Small Business Innovation Research (SBIR) programme organised by the U.S. Department of Transportation, to reduce the risk of seat belt entrapment. Meanwhile, the revenue generation from aftermarket is expected to contribute to the industry growth significantly. The growing demand for the replacement of seatbelts from older vehicle models due to the development of improved and cost-effective products is boosting the market growth.
The technological advancements and the development of innovative methods to create public awareness regarding road safety are aiding the industry growth. In January 2020, Autoliv Inc. (NYSE: ALV), one of the major players in the industry, introduced Safety Score, a smartphone application to monitor real-time driver behaviour and provide the users with a personalised 3-digit safe driver score with the goal to develop safer drivers and create awareness among the people of all ages. The company is the world's largest automotive safety supplier, selling its products to all major car manufacturers across the globe. Moreover, in early 2021, Autoliv issued a series of recommendations to improve road safety in India whilst working in close collaboration with the Indian government, local authorities, and stakeholders. Such developments are expected to positively influence the growth of the seatbelt retractor industry in the forecast period.
Market Breakup by Design Type, Technology, Seat, Vehicle Type, and Regions:
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The major players in the global seatbelt retractor market are Tokai Rika Co. Ltd., Autoliv Inc., ZF Friedrichshafen AG, Shield Restraint Systems, Inc, and GWR Co., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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