India: Safety Seat Belt Market 2024

Safety Seat Belt Market Size in India

In 2022, the Indian safety seat belt market increased by 8.8% to $X, rising for the second consecutive year after three years of decline. Over the period under review, consumption continues to indicate significant growth. Safety seat belt consumption peaked in 2022 and is likely to see gradual growth in years to come.

Safety Seat Belt Production in India

In value terms, safety seat belt production declined to $X in 2022 estimated in export price. Over the period under review, production, however, showed a resilient expansion. The growth pace was the most rapid in 2017 when the production volume increased by 227%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Safety Seat Belt Exports

Exports from India

In 2022, overseas shipments of safety seat belts decreased by -10.3% to X units, falling for the fifth consecutive year after six years of growth. Over the period under review, exports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2013 with an increase of 199% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, safety seat belt exports rose to $X in 2022. In general, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 213% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

South Korea (X units), Turkey (X units) and Vietnam (X units) were the main destinations of safety seat belt exports from India, together comprising 88% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +179.2%), while the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Turkey ($X) and Vietnam ($X) appeared to be the largest markets for safety seat belt exported from India worldwide, together accounting for 88% of total exports.

Vietnam, with a CAGR of +188.0%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average safety seat belt export price stood at $X per unit in 2022, increasing by 14% against the previous year. In general, the export price recorded a notable increase. The most prominent rate of growth was recorded in 2021 an increase of 42%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Vietnam ($X per unit) and Japan ($X per unit), while the average price for exports to South Korea ($X per unit) and Turkey ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+7.1%), while the prices for the other major destinations experienced more modest paces of growth.

Safety Seat Belt Imports

Imports into India

Safety seat belt imports into India soared to X units in 2022, picking up by 37% on the previous year. In general, imports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 73% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in years to come.

In value terms, safety seat belt imports soared to $X in 2022. Over the period under review, imports posted a prominent increase. The pace of growth was the most pronounced in 2021 with an increase of 70% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Japan (X units), Germany (X units) and Thailand (X units) were the main suppliers of safety seat belt imports to India, together accounting for 62% of total imports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +38.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Germany ($X) and Thailand ($X) appeared to be the largest safety seat belt suppliers to India, with a combined 62% share of total imports.

Among the main suppliers, Japan, with a CAGR of +36.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average safety seat belt import price stood at $X per unit in 2022, which is down by -7.8% against the previous year. In general, the import price saw a slight decline. The most prominent rate of growth was recorded in 2015 an increase of 47% against the previous year. The import price peaked at $X per unit in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Thailand ($X per unit) and Japan ($X per unit), while the price for China ($X per unit) and South Korea ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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