Emergency Locking Retractor Seatbelt Market: Introduction
- Surge in demand for vehicles with enhanced occupant safety features is fueling the demand for seatbelt systems enabled with emergency locking retractors. Rising rates of vehicle crashes is likely to encourage people to buy vehicles from an automaker who provide vehicles with active safety systems and passive safety systems, including occupant safety systems including airbags, seatbelts, emergency braking systems, and electronic stability control systems.
- Seatbelts are necessary in vehicles in order to offer protection to vehicle occupants and restraining them from crashing into steering, windshield, or vehicle seats during a vehicle crash. The emergency locking retractor inbuilt in a vehicle seatbelt system is responsible for locking of the seatbelt in case the sensors in the seatbelt retractor sense sudden deceleration of the vehicle.
Key drivers of global emergency locking retractor seatbelt market
- Increasing demand to reduce the number of accidental fatalities worldwide is further driving the global emergency locking retractor seatbelt market. According to WHO, approximately 1.35 million people lost their lives in road accidents in 2018. WHO guidelines on safe vehicle travel encourages all vehicle occupants to wear seat belts, as the risk of death reduces by 45% to 50% for the driver and front seat occupant and by 25% for occupants in the rear seat. The emergency locking retractor engages in the event of sudden vehicle deceleration and locks the seat belt, restraining the occupant in vehicle seat and preventing him/her from crashing into the steering, windshield, or seat in front.
- Furthermore, government regulations are mandating automakers to install seatbelts in vehicles. According to report published by WHO, 105 countries worldwide have regulations for mandatory use of seatbelts (restraint systems). For instance, regulations by government authorities, including NHTSA, U.S.; SAERO, India and U.K. Department of Transportation, have mandated installation of seatbelts in all vehicles. In case of failure of emergency locking retractor or any other component of seatbelts systems, automakers advise to change the whole seatbelt system in order to ensure safety. Therefore, increasing adoption of seatbelts in vehicles is further boosting the global emergency locking retractor seatbelt market.
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Passenger vehicle segment to dominate the global emergency locking retractor seatbelt market
- Rising penetration of SUV vehicles, globally, is driving the emergency locking retractor seatbelt market. For instance, in 2018, global volume of SUV sale was 29.77 million units, i.e. an increase by 6.8%, as compared to SUV sales of 27.88 million units in 2017. Moreover, a rise in disposable income is likely to increase the purchasing capacity of automotive customers, which indicates a shift in trend toward owning a vehicle. Furthermore, various automakers, in collaboration with government and financial entities are offering vehicles at lucrative prices in order to resolve the global slowdown of vehicle sales witnessed in 2019. The aforementioned factors are fueling the global emergency locking retractor seatbelt market.
Europe and Asia Pacific to account for significant share of global emergency locking retractor seatbelt market
- Joint ventures among automakers and several government initiatives, such as tax reforms, subsidies for vehicle buying in countries including India and China in Asia Pacific in order to boost vehicle production, are estimated to fuel the emergency locking retractor seatbelt market in the region. Furthermore, research and developments on reducing the reaction time for emergency locking retractor in vehicle seatbelt systems are propelling the global emergency locking retractor seatbelt market.
- Automakers are slashing vehicle prices in response to the slowdown of vehicle sales witnessed globally. This, in turn, is fueling vehicle sales. All the aforementioned factors are anticipated to propel the emergency locking retractor seatbelt market in Asia Pacific.
- Furthermore, Europe witnesses significant sales of luxury and sedan type passenger vehicles. Implementation of safety standards by the European Commission and several government organizations across Europe are likely to mandate automakers to improve vehicle safety. Therefore, vehicles sold in Europe are pre-equipped with safety features, including emergency locking retractors. Vehicle standards mandating the use of vehicle seat belts are further driving the emergency locking retractor market in Europe.
Key players operating in global emergency locking retractor seatbelt market
The global emergency locking retractor seatbelt market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the global emergency locking retractor seatbelt market are:
- Autoliv Inc.
- APV Safety Products
- ZF Friedrichshafen AG
- BERGER GROUP
- Continental AG
- Beam's Seatbelts
- DENSO Corporation
- Goradia Industries
- GWR Co.
- Joyson Safety Systems
- Far Europe Inc.
- Seatbelt Solutions LLC
- Hornling Industrial Inc.
- Wesco Performance Inc.
- TOKAIRIKA, CO., LTD.
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Global Emergency Locking Retractor Seatbelt Market: Research Scope
Global Emergency Locking Retractor Seatbelt Market, by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Global Emergency Locking Retractor Seatbelt Market, by Propulsion Type
- Internal Combustion Engine (ICE)
Global Emergency Locking Retractor Seatbelt Market, by Application
- Front Seat
- Rear Seat
Global Emergency Locking Retractor Seatbelt Market, by Sales Channel
Global Emergency Locking Retractor Seatbelt Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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