Automotive Seatbelt Retractor Market Size [2022-2028] worth USD 11.87 Billion | exhibiting a CAGR of 6.72%
Automotive Seatbelt Retractor Market Key Companies Analyzed in this Report Are APV Safety Products (Australia), Joyson Safety System (U.S.), Seat Belt Solution (U.S.), Toyoda Gosei Co. Ltd (Japan), Denso Corporation (Japan), Tokai Rika Co Ltd (Japan), Continental AG (Germany), Hyundai Mobis (South Korea), ZF Friedrichshafen AG (Germany), Goradia Industries (India).
Pune, India, March 01, 2022 (GLOBE NEWSWIRE) — Automotive Seatbelt Retractor market size estimated to grow from USD 7.53 billion in 2021 to USD 11.87 billion by 2028 at a CAGR of 6.72 % during the projected period of 2021-2028. According to our analysts, the rising road accidents occurring globally combined with stringent government norms regarding the compulsion of seatbelt usage while driving is estimated to bolster the automotive seatbelt retractor market growth.
Deterioration in New Automobile Sales during COVID-19 to Obstruct Market Growth
The spread of the coronavirus disease has considerably influenced the global automotive industry, specifically value and supply chain stakeholders, who are extremely disturbed by the rapid spread of the virus. Beginning with China, distributors all across the globe quarantined or shut down manufacturing lines completely. Moreover, legal as well as trade restrictions, such as closed boundaries, intensified the scarcity of necessary parts and restrained supply. This happened especially for raw materials from Asia, comprising steel parts, paints, and machinery. Therefore, there was a substantial postponement in supplying preceding orders.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 4.7% |
| 2028 Value Projection | USD 64.73 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 38.69 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Component, Application, Vehicle Type, and Region |
| Growth Drivers | Rising Trend of Integrated Advanced Features in Cars to Propel Growth |
| Asia Pacific to Witness Substantial Growth due to Rising Demand for Safety Features |
Augmentation in Automobile Manufacturing And Sales to Favor Market Growth
Automotive seatbelt retractors are standard fitting in luxury as well as in mid-class passenger vehicles. Furthermore, with a rise in the number of car models and novel sorts of vehicles making an entrance into the market, the demand for automotive retractors is anticipated to grow potentially. Likewise, the demand for global automotive seats is also set to amplify. Moreover, the intensifying middle-class population, growing flexible incomes, and surging urbanization will result in an augmentation in the sale of all sorts of vehicles, which further aids to boost the development of the automotive retractor business in the upcoming years.
Emergency Locking Retractor Leads Market due to High Retraction Force on Seatbelts
On the basis of technology, the market is classified into emergency locking retractors, automatic locking retractors, and switchable retractors. The emergency locking retractor holds the largest share globally, and the same segment is expected to lead throughout the forecast period.
In terms of vehicle type, the market is branched into passenger vehicles and commercial vehicles.
Geographically, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.
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Asia Pacific to Dominate Backed by Increasing Vehicle Production in Region
Asia Pacific held the largest automotive seatbelt retractor market share. Asia Pacific stood at USD 4.05 billion in 2020 and is estimated to reach USD 6.13 billion by 2028, at a CAGR of 5.7 % during the forecast period.
Europe holds a substantial market share owing to the early adoption of the newest technology and protection precautions empowered by the government, greater adoption rate of electric vehicles, self-driving vehicles, and the second-largest automotive hub, tailed by Asia Pacific.
North America was worth USD 1.60 billion in 2020 is expected to reach USD 2.77 billion by 2028, at a CAGR of 7.3% over the estimated period.
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The Report Lists the Key Companies in the Global Market
- APV Safety Products (Australia)
- Joyson Safety System (U.S.)
- Seat Belt Solution (U.S.)
- Toyoda Gosei Co. Ltd (Japan)
- Denso Corporation (Japan)
- Tokai Rika Co Ltd (Japan)
- Continental AG (Germany)
- Hyundai Mobis (South Korea)
- ZF Friedrichshafen AG (Germany)
- Goradia Industries (India)
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Global Automotive Seatbelt Retractor Market Segmentation:
By Technology Type:
- Automatic Locking Retractor
- Emergency Locking Retractor
- Switchable Retractor
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table Of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments – Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
Continued…
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