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Global Seatbelt Retractor Market to Grow at a CAGR of 3% During 2021-2026, Aided by the Rising Awareness Regarding Road and Vehicle Safety

According to a new report by EMR titled, ‘Global Seatbelt Retractor Market Report and Forecast 2021-2026’, the global market for seatbelt retractor is projected to grow at a CAGR of 3% between 2021 and 2026 to attain a value of USD 8.5 billion by 2026.

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:

  • On the basis of design type, the industry is divided into belt in seat, two-point, three-point, and four-point, among other designs. 
  • The different technologies available in the market include emergency locking, automatic locking, and switchable, among others. 
  • Based on seat type, the industry can be bifurcated into front and rear. 
  • On the basis of vehicle type, the industry can be categorised into passenger car, light commercial vehicle (LCV), and high commercial vehicle (HCV), among others.
  • Region-wise, the global seatbelt retractor industry can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for seatbelt retractor is being driven by the growing awareness regarding vehicle safety and increase in cases of road accidents. 
  • The growing R&D activities and rapid technological advancements are further propelling the market growth. 
  • The industry will find further impetus with the implementation of favourable government initiatives. 
  • The rising disposable incomes and improving standards of living are significantly contributing to the industry growth. 

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for seatbelt retractor for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the design types, technologies, seats, vehicle types, and major regions of seatbelt retractor.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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