We live in an era where our lives are highly dependent on automobiles. This essentially calls for the need to enhance the safety infrastructure in automobiles, considering the rising number of vehicle users across the world. Road traffic injury is currently the leading cause of deaths among children and young adults. With seat belts being an essential aspect of road safety, governments across the world have mandated their use. However, despite these regulations, many individuals refrain from using seat belts, considering it an inconvenience. This notion is gradually changing with the shift in consumer perspective from 'convenience' to 'safety', boosting the growth opportunities for the automotive seat belt retractor market. The automotive seat belt retractor market also derives its strength from aftermarket sales, as consumers are keen on replacing old and defective parts of seat belts.
However, the development of vehicles with advanced safety measures may lead to ignorance in the use of seat belts. This essentially means that, although 'quantity' may drive growth, it is 'quality' that will drive consumer attention. That being said, manufacturers are cashing in on this opportunity by developing new technologies and working on enhancing overall user experience. Assessing the rise in lucrative opportunities for the automotive seat belt retractor market, due to incessant expansion in the automotive industry and stringent government laws, TMR conducted an extensive analysis on the market. In its latest study, TMR talks about how changes in consumer preferences and rising innovations impact the business strategies deployed by key enterprises in this market space.
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Evolution and Future Prospects of the Automotive Seat Belt Retractor Market
The automotive seat belt retractor market has come a long way since the discovery of retractable seat belts in late 1955. Seat belt retractors were introduced when conventional seat belts no longer sufficed the need for safety. The need for enhanced safety drove the way for innovations, aimed at enhancing the safety aspect and comfort for the occupants. New seat belt retractor technologies have been evolving ever since, with the development of TRW’s next-generation SPR4 'snake pretensioner' in 2013, to the introduction of ZF Friedrichshafen AG’s active control retractor in 2018. The market is graduating towards success in conjunction with the increase in the production of vehicles. Market sales volume for automotive seat belt retractors was 426 Mn units in 2018, and the market is projected to rise at a CAGR of ~ 3% during the forecast period.
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Notable Trends Redefining Automotive Seat Belt Retractor Market Growth
Increasing Production of Emergency Locking Retractors
The automotive seat belt retractor market is taking strides towards success with the rising popularity of emergency locking retractors. 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, considering the lion’s share this segment occupies automotive seat belt retractor market. It accounted for ~ 53% of the automotive seat belt retractor market share in 2018, and is expected to lead the bandwagon through to 2027. Switchable retractor technology is also gradually taking center stage, since it is an upgraded version of the emergency locking retractor technology.
Consolidation of Position in Asia Pacific
Asia Pacific has emerged as a lucrative region for the growth of the automotive seat belt retractor market, with the 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 automotive seat belt retractor market. Sensing the market potential in this region, manufacturers are working towards enhancing their presence in Asia Pacific. Players are also strengthening their ties with the foreign automakers entering these regions in order to increase proliferation in Asia Pacific. India, in particular, is a key region for the market’s growth, owing to government policies such as 'Make in India' offering incentives to global players to establish manufacturing facilities in India.
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Automotive Seat Belt Retractor Market: Key Winning Strategies
Tapping the Opportune Potential of Developing Countries
The automotive industry is prospering in many developing countries, owing to the rising population and the emergence of electronic vehicles. Moreover, stringent laws pertaining to the use of seat belts promote aftermarket sales for automotive seat belt retractors in these regions. Also, scarcity of manufacturers in these regions reduces the risk of competition. Sensing these opportunities, manufacturers are leveraging the growth potential of these countries, either by setting up new manufacturing units or building alliances with automakers in these countries.
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