Latvia: Safety Seat Belt Market 2025

Safety Seat Belt Market Size in Latvia

The Latvian safety seat belt market expanded sharply to $X in 2022, increasing by 5.5% against the previous year. Over the period under review, consumption enjoyed a modest increase. Safety seat belt consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Safety Seat Belt Production in Latvia

In value terms, safety seat belt production declined notably to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt slump. The growth pace was the most rapid in 2019 with an increase of 117%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Safety Seat Belt Exports

Exports from Latvia

Safety seat belt exports from Latvia fell significantly to X units in 2022, with a decrease of -84.1% on 2021 figures. Overall, exports, however, showed a buoyant increase. The pace of growth appeared the most rapid in 2013 with an increase of 911% against the previous year. The exports peaked at X units in 2021, and then shrank rapidly in the following year.

In value terms, safety seat belt exports dropped rapidly to $X in 2022. Over the period under review, exports, however, posted a strong increase. The most prominent rate of growth was recorded in 2016 when exports increased by 484%. Over the period under review, the exports reached the maximum at $X in 2021, and then shrank sharply in the following year.

Exports by Country

The United States (X units), Lithuania (X units) and Estonia (X units) were the main destinations of safety seat belt exports from Latvia, with a combined 56% share of total exports. Taiwan (Chinese), Germany, Sweden, Singapore, Poland and Hong Kong SAR lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the biggest increases were recorded for Sweden (with a CAGR of +33.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for safety seat belt exported from Latvia were the United States ($X), Lithuania ($X) and Taiwan (Chinese) ($X), with a combined 51% share of total exports.

The United States, with a CAGR of +60.8%, 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

In 2022, the average safety seat belt export price amounted to $X per unit, picking up by 244% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Sweden ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+29.3%), while the prices for the other major destinations experienced more modest paces of growth.

Safety Seat Belt Imports

Imports into Latvia

In 2022, approx. X units of safety seat belts were imported into Latvia; picking up by 8.3% on the year before. Overall, imports, however, saw a noticeable curtailment. The pace of growth was the most pronounced in 2020 with an increase of 858% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, safety seat belt imports fell remarkably to $X in 2022. Over the period under review, imports posted perceptible growth. The most prominent rate of growth was recorded in 2020 when imports increased by 316%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Mexico (X units) constituted the largest supplier of safety seat belt to Latvia, with a 42% share of total imports. Moreover, safety seat belt imports from Mexico exceeded the figures recorded by the second-largest supplier, Poland (X units), threefold. The third position in this ranking was taken by Turkey (X units), with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume from Mexico was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+19.1% per year) and Turkey (+7.6% per year).

In value terms, Poland ($X), the Czech Republic ($X) and Estonia ($X) were the largest safety seat belt suppliers to Latvia, together comprising 44% of total imports. The UK, Germany, Mexico, Turkey, the United States, Belgium, Finland, Sweden, Lithuania and Denmark lagged somewhat behind, together accounting for a further 51%.

Denmark, with a CAGR of +45.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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, with a decrease of -29.5% against the previous year. Overall, the import price, however, recorded a notable expansion. The most prominent rate of growth was recorded in 2021 when the average import price increased by 113%. The import price peaked at $X per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Mexico ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform