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Albany, New York, Aug. 13, 2019 (GLOBE NEWSWIRE) -- According to a recent report by Transparency Market Research (TMR), the global automotive seat belt retractor market is estimated to undergo a significant development due to rise in demand for automobiles. The global automotive seat belt retractor market is prognosticated to expand at a steady CAGR of ~3% within the forecast period from 2019 to 2027. The market is foreseen to reach a valuation of worth ~ US$ 8 Bn by the end of forecast period.
Rising Popularity of Electric Vehicles to Bolster Market Growth
Increasing development in automobile industry, emergence of electronic cars, and increasing number of people buying automobiles are key factors behind the growth of the automotive seat belt retractor market. In addition, several manufacturing companies are penetrating in developing nations, along with some regional players as well. This also contributes in increasing the sales of automobiles and in turn, automotive seat belt retractor. Plus, with the emergence of electric vehicles, luxurious vehicle, rise in disposable income, the people in developing countries are more open to spend on a decent automobile. Besides, strict regulations imposed by several governments regarding use of seat belts while driving is another supporting factor for the automotive seat belt retractor market.
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Key Players Work on Implementing Cost-Effective Solutions
The market majorly is dependent on the consistent efforts to come up with new technologies and innovations. Key players are indulging into research activities to launch advanced and cost-effective solutions for the customers. For example, in 2018, ZF Friedrichshafen AG, a tech giant, based in Germany launched a control seat belt retractor system that is compact, lightweight, and embedded with advanced features. This is an additional aspect contributing in the growth of global automotive seat belt retractor market.
Nevertheless, faulty seat belt which needs to be changed, the replacement requires a lot of time. Supplanting seat belt along with seat belt retractor is a critical job that calls for increased replacement cost.
Asia Pacific to Lead Due to High Demand for Luxurious Cars
Asia Pacific has developed significantly in the automotive seat belt retractor market, with a rising demand for luxurious and premium vehicles. Furthermore, the high production volumes of vehicles in nations, for example, Japan, India, and China have provided a good scope for development in the automotive seat belt retractor market. In the wake of the market potential in Asia Pacific, manufacturers are progressing in the direction of upgrading their products in the region. Players are additionally reinforcing their ties with the remote automakers entering the mentioned region for the expansion in Asia Pacific. India, specifically, is a leading area for the market's development, attributable to government arrangements. For example, 'Make in India' offers motivating forces to global players to set up manufacturing offices in India.
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The key players are working on creating brand identity and better product differentiation, which in turn exists as a growth stimulating factor behind the development of the market. Moreover, expansion of product units, mergers and acquisitions, and deep penetration in developing regions are prime efforts taken by the key players. The global automotive seat belt retractor market is expected to witness an intense competition among the players. The leading players working in the automotive seat belt retractor market incorporate Beam's Seatbelts, Autoliv Inc., BERGER GROUP, Joyson Safety Systems, GWR Co., Seatbelt Solutions LLC, ZF Friedrichshafen AG, and Far Europe Inc.
This review is based on a TMR report, titled “Automotive Seat Belt Retractor Market (Technology: Emergency Locking Retractors, Automatic Locking Retractors, and Switchable Retractors; Seat: Front and Rear; Vehicle: Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027.”
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The Global Automotive Seat Belt Retractor Market has been segmented as follows:
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