ASEAN: Safety Seat Belt Market 2024

Safety Seat Belt Market Size in ASEAN

After two years of decline, the ASEAN safety seat belt market increased by 28% to $X in 2022. The total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Safety Seat Belt Production in ASEAN

In value terms, safety seat belt production dropped to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the production volume increased by 25%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Safety Seat Belt Exports

Exports in ASEAN

In 2022, after two years of growth, there was significant decline in overseas shipments of safety seat belts, when their volume decreased by -8.9% to X units. Overall, exports recorded a noticeable slump. The growth pace was the most rapid in 2020 when exports increased by 24%. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, safety seat belt exports dropped to $X in 2022. In general, exports showed a noticeable slump. The growth pace was the most rapid in 2017 when exports increased by 17%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Thailand prevails in exports structure, finishing at X units, which was approx. 93% of total exports in 2022. Indonesia (X units) and Vietnam (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to safety seat belt exports from Thailand stood at -2.5%. At the same time, Vietnam (+19.9%) and Indonesia (+18.1%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +19.9% from 2012-2022. From 2012 to 2022, the share of Indonesia and Vietnam increased by +2.3 and +1.7 percentage points, respectively.

In value terms, Thailand ($X) remains the largest safety seat belt supplier in ASEAN, comprising 92% of total exports. The second position in the ranking was held by Vietnam ($X), with a 2.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Thailand amounted to -3.6%. In the other countries, the average annual rates were as follows: Vietnam (+21.1% per year) and Indonesia (+18.0% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2022, waning by -4.3% against the previous year. In general, the export price recorded a mild downturn. The growth pace was the most rapid in 2019 an increase of 32% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2020 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+1.0%), while the other leaders experienced a decline in the export price figures.

Safety Seat Belt Imports

Imports in ASEAN

In 2022, approx. X units of safety seat belts were imported in ASEAN; with an increase of 39% on 2021 figures. In general, imports saw a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, safety seat belt imports soared to $X in 2022. Total imports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +82.8% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Indonesia was the main importing country with an import of around X units, which resulted at 49% of total imports. Vietnam (X units) ranks second in terms of the total imports with a 23% share, followed by Malaysia (12%) and Thailand (11%). Singapore (X units) followed a long way behind the leaders.

Imports into Indonesia decreased at an average annual rate of -1.1% from 2012 to 2022. At the same time, Vietnam (+19.6%) and Singapore (+5.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +19.6% from 2012-2022. Malaysia and Thailand experienced a relatively flat trend pattern. Vietnam (+19 p.p.) significantly strengthened its position in terms of the total imports, while Indonesia saw its share reduced by -7.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X), Vietnam ($X) and Malaysia ($X) were the countries with the highest levels of imports in 2022, with a combined 82% share of total imports.

Vietnam, with a CAGR of +19.9%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per unit, with a decrease of -2.7% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2013 when the import price increased by 24% against the previous year. The level of import peaked at $X per unit in 2021, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform