Global Seatbelt Retractor Market To Grow At A CAGR Of 3% During The Forecast Period Of 2023-2028

SHERIDAN, WYOMING, UNITED STATES, April 5, 2023/EINPresswire.com/ -- The new report by Expert Market Research titled, ‘Global Seatbelt Retractor Market Size, Share, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global seatbelt retractor market, assessing the market based on its segments like design types, technologies, seats, vehicle types, and major regions.

The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

The key highlights of the report include:

Market Overview (2018-2028)

Forecast CAGR (2023-2028): 3%

The increasing demand for commercial and passenger automobiles owing to the increasing necessity to commute for work and leisure purposes is driving the market growth. The increasing concerns pertaining to the safety and security of passengers is leading to heightened demand for efficient seat belt and airbag mechanism.

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Moreover, the market growth is anticipated to be invigorated by the increasing geriatric car travellers. In terms of region, the Asia Pacific region accounts for a significant share of the market owing to the favourable policies of the government across India and China and strong automotive infrastructure across countries such as Japan and South Korea.

Seatbelt Retractor Industry Definition and Major Segments

Seatbelt retractor is defined as a safety component of an automobile where the webbing material of seat belt feeds out of. The major components of seatbelt retractors include sensor, gears, and a locking mechanism in case of crash or accident. It is connected to the airbag system which saves the passenger.

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On the basis of design type, the market can be segmented into:

Belt in Seat
Two-Point
Three-Point
Four-Point
Others

Based on technology, the market has been segmented into:

Emergency Locking
Automatic Locking
Switchable
Others

By seat, the market has been segmented into:

Front
Rear

The significant vehicle types included in the market are as follows:

Passenger Car
Light Commercial Vehicle (LCV)
High Commercial Vehicle (HCV)
Others

The regional markets for seatbelt retractor include:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Seatbelt Retractor Market Trends

The key trends in the seatbelt retractor market include the technological advancements in the automotive industry bolstered by the increasing efforts by the major automotive manufacturers to augment the security of the passengers. Moreover, the stringent government regulations by the government aimed towards increasing the security standards of cars owing to the increasing cases of road accidents and crashes are anticipated to be the crucial trends in the market.

Furthermore, the increasing sales of electric passenger vehicles is likely to spearhead the growth of the automotive industry, which in turn will generate a significant demand for seatbelt retractors in the coming years.

Key Market Players

The major players in the market are:

Tokai Rika Co. Ltd.
Autoliv Inc.
ZF Friedrichshafen AG
Shield Restraint Systems, Inc
GWR Co.
Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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