Global Locking Retractor Market size was valued at US$ XX Bn. in 2019 and the total revenue is expected to grow at 4.36 % from 2019 to 2027, reaching nearly US$ XX Bn.
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Global Locking Retractor Market: Market Overview
A seat belt is a safety system that protects the driver and co-passengers on sudden application of brakes and collision, thereby it is always advisable to wear seat belts while driving the vehicle. A locking retractor is part of seat belt system of a vehicle which is utilized to provide the occupant the convenience of free movement of the upper torso in case of collision while driving.
Global Locking Retractor Market: Market Dynamics
A significant growth of automotive industry and rise in demand for comfort and luxury measures in vehicles are the major factors that drive the growth of the global locking retractor market. Continued sales of vehicles across the world anticipated the growth of the market. Rising concern about vehicle safety and strict rules and regulation of several government across the globe to reduce road accident are the major factors anticipated to drive the market during the forecast period. Many automakers are investing a large portion of their revenue in their research and development to provide more comfortable and safer vehicle to their customers. Adoption of new technology in automotive industry such as brake assist system for the advancement of vehicles are the major factors which acts as drivers of the global locking retractor market during the forecast period.
The maintenance cost of seatbelt system is high which hinders the growth of the market. People are not spending on safety concern and poor implementation of safety rules of passenger by authority of developing nations hamper the market growth. Low adoption of new technology in developing nations is another major factor which hamper the growth of the market. The impact of pandemic COVID-19 on world economy, also affect the automobile sector, also the disruption in the product supply chain create problems in the industry.
Global Locking Retractor Market: Market Segmentation
The front seat segment is likely to hold a major share of the global locking retractor market. Manufacturers are installing the seat belt systems for front and rear seats in order to ensure complete safety of occupant. Urbanization and globalization increase the demand of passenger vehicles, in result rising the sales of passenger vehicle, so the passenger vehicle segment of vehicle type is subjected to the highest growth rate during the forecast period. The demand of light vehicle and heavy vehicle also increases as transportation and logistics sector has witnessed significant growth and is expected to continue during the forecast period. The high demand of emergency locking retractor as compared to other component, so this segment is subjected to highest growth rate in near future.
Global Locking Retractor Market: Regional Analysis
Asia Pacific is dominating the global locking retractor market during the forecast period due to high sales of vehicle. Increasing vehicle security and safety norms and high rate of adoption of advanced technology in this region. The increasing economic standard and living standard of individual will significantly drive the locking retractor market. Besides, increase in the number of automotive manufacturing industries, entry of foreign automaker in emerging nations such as India and China are driving the market during the forecast period. North America is considered to have steady growth during the forecast period.
The objective of the report is to present a comprehensive analysis of the Global Locking Retractor Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Locking Retractor Market dynamics, structure by analysing the market segments and projects the Global Locking Retractor Market size. Clear representation of competitive analysis of key players by Seat type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Locking Retractor Market make the report investor’s guide.
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Global Locking Retractor Market, by Type
• Manual locking retractor
• Emergency locking retractor
• Automatic locking retractor
Global Locking Retractor Market, by Vehicle type
• Light Commercial Vehicle
• Heavy Commercial Vehicle
• Passenger Vehicle
Global Locking Retractor Market, by Seat type
• Front seat
• Rare seat
Global Locking Retractor Market, by Region
• Asia Pacific
Rest of Asia
• North America
Rest of Europe
• South America
Rest of South America
• Middle East & Africa
Rest of MEA
Global Locking Retractor Market, Key Players
• BAS (NW) Ltd.
• Fasching Salzburg GmbH
• Beam’s Seatbelts
• Daimler AG
• XS Scuba
• American Seating
• Changzhou Wangchao Vehicle Co., Ltd.
• Heshan Chang Yu Hardware Co., Ltd
• Wujiang Solid Automobile Parts
• Mel Services
• Seatbelt Solutions LLC
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