Vietnam: Safety Seat Belt Market 2024

Safety Seat Belt Market Size in Vietnam

In 2022, after two years of decline, there was significant growth in the Vietnamese safety seat belt market, when its value increased by 11% to $X. Overall, consumption posted a prominent increase. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Safety Seat Belt Exports

Exports from Vietnam

After four years of growth, shipments abroad of safety seat belts decreased by -37.6% to X units in 2022. In general, exports, however, saw a strong expansion. The pace of growth was the most pronounced in 2021 when exports increased by 326% against the previous year. As a result, the exports attained the peak of X units, and then dropped notably in the following year.

In value terms, safety seat belt exports declined significantly to $X in 2022. Over the period under review, exports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2021 with an increase of 243% against the previous year. As a result, the exports reached the peak of $X, and then shrank markedly in the following year.

Exports by Country

South Korea (X units) was the main destination for safety seat belt exports from Vietnam, with a 78% share of total exports. Moreover, safety seat belt exports to South Korea exceeded the volume sent to the second major destination, India (X units), fivefold. The third position in this ranking was held by Indonesia (X units), with a 2.9% share.

From 2012 to 2022, the average annual growth rate of volume to South Korea stood at +80.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+67.2% per year) and Indonesia (+9.9% per year).

In value terms, South Korea ($X) remains the key foreign market for safety seat belts exports from Vietnam, comprising 79% of total exports. The second position in the ranking was taken by India ($X), with a 15% share of total exports. It was followed by Indonesia, with a 3% share.

From 2012 to 2022, the average annual growth rate of value to South Korea stood at +63.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+60.3% per year) and Indonesia (+10.5% per year).

Export Prices by Country

In 2022, the average safety seat belt export price amounted to $X per unit, with an increase of 3.5% against the previous year. In general, the export price showed a modest increase. The pace of growth appeared the most rapid in 2020 an increase of 31% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Indonesia ($X per unit) and South Korea ($X per unit), while the average price for exports to India ($X per unit) and Japan ($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 Indonesia (+0.6%), while the prices for the other major destinations experienced mixed trend patterns.

Safety Seat Belt Imports

Imports into Vietnam

In 2022, imports of safety seat belts into Vietnam dropped modestly to X units, falling by -3.6% compared with the previous year's figure. Overall, imports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2015 when imports increased by 50%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, safety seat belt imports declined to $X in 2022. In general, imports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2013 when imports increased by 80% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Thailand (X units), South Korea (X units) and Japan (X units) were the main suppliers of safety seat belt imports to Vietnam, with a combined 61% share of total imports. China, Indonesia, India and Mexico lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +67.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), South Korea ($X) and Japan ($X) were the largest safety seat belt suppliers to Vietnam, together comprising 62% of total imports. Indonesia, China, India and Mexico lagged somewhat behind, together accounting for a further 29%.

India, with a CAGR of +75.8%, saw the highest growth rate of the value of imports, among 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, dropping by -1.7% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 21%. The import price peaked at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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