Automotive Seat Belt Retractor - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Automotive Seat Belt Retractor Market is accounted for $21.27 billion in 2019 and is expected to reach $36.22 billion by 2027 growing at a CAGR of 6.9% during the forecast period. Surge in the demand for vehicle safety systems and new innovations and technologies are the major factors driving the market growth. However, increasing cost of replacement is restraining the market growth.
The seatbelt retractor is a component of the seat belt. It consists of a gear, a spring, sensors, a pyrotechnic device, and a mechanism that locks up when the vehicle crashes or if any accidents occur. The retractor locks the seat belt in case the vehicle suddenly stops. The seatbelts are one of the mandatory components of the vehicles. They secure the driver and passengers during the crash or collision of the vehicle.
Based on technology, the emergency locking retractors segment is likely to have a huge demand. The growth of this segment is mainly attributed to the integration of this technology with maximum vehicles and its effectiveness. Manufacturers are vying towards increasing the production of emergency locking retractors. By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to rising sales of premium and luxury vehicles. Additionally, the high production volumes of vehicles in developing countries such as China, India, and Japan have created avenues of growth for the market.
Some of the key players profiled in the Automotive Seat Belt Retractor Market include APV Safety Products, Belt-tech, Continental AG, DENSO Corporation, Far Europe Inc, Goradia Industries, GWR Co, Joyson Safety Systems, Seat belt Solutions LLC, Tokai Rika Co Ltd and ZF Friedrichshafen AG.
Vehicle Types Covered:
• Commercial Vehicles
• Passenger Cars
• Automatic Locking Retractors
• Emergency Locking Retractors
• Switchable Retractors
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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