Safety Seat Belt Market

The global safety seat belt market is expected to continue its upward consumption trend, with forecasts indicating a CAGR of +5.4% in volume and +7.9% in value from 2022 to 2030. China leads in both consumption and production, with significant growth rates in both areas. Import and export data reveal key players such as Poland, Germany, Mexico, and Romania. Despite fluctuations, the overall market shows resilience and potential for growth in the coming years.

Market Forecast

Driven by increasing demand for safety seat belts worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +5.4% for the period from 2022 to 2030, which is projected to bring the market volume to 9.4B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.9% for the period from 2022 to 2030, which is projected to bring the market value to $125.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Safety Seat Belts

In 2022, approx. 6.2B units of safety seat belts were consumed worldwide; remaining stable against the year before. Overall, the total consumption indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +8.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -1.9% against 2019 indices. Global consumption peaked at 6.3B units in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

The global safety seat belt market value declined slightly to $68.5B in 2022, approximately reflecting the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +8.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.8% against 2019 indices. Over the period under review, the global market attained the peak level at $69.1B in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

China (2.3B units) remains the largest safety seat belt consuming country worldwide, accounting for 37% of total volume. Moreover, safety seat belt consumption in China exceeded the figures recorded by the second-largest consumer, India (880M units), threefold. The United States (623M units) ranked third in terms of total consumption with a 10% share.

In China, safety seat belt consumption increased at an average annual rate of +9.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+12.9% per year) and the United States (+9.0% per year).

In value terms, China ($22.8B) led the market, alone. The second position in the ranking was held by India ($9.5B). It was followed by the United States.

In China, the safety seat belt market increased at an average annual rate of +9.3% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: India (+11.0% per year) and the United States (+9.1% per year).

The countries with the highest levels of safety seat belt per capita consumption in 2022 were Japan (2.3 units per person), Mexico (2.2 units per person) and South Korea (2.1 units per person).

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +11.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Safety Seat Belts

In 2022, the amount of safety seat belts produced worldwide declined slightly to 6.1B units, remaining constant against the previous year. Overall, the total production indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +8.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.0% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 27%. Global production peaked at 6.3B units in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, safety seat belt production reduced to $68.1B in 2022 estimated in export price. Over the period under review, the total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +8.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.1% against 2019 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by 26% against the previous year. Global production peaked at $68.2B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

China (2.3B units) constituted the country with the largest volume of safety seat belt production, comprising approx. 37% of total volume. Moreover, safety seat belt production in China exceeded the figures recorded by the second-largest producer, India (880M units), threefold. The third position in this ranking was taken by the United States (605M units), with a 9.8% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +9.3%. In the other countries, the average annual rates were as follows: India (+12.9% per year) and the United States (+8.4% per year).

Imports

World Imports of Safety Seat Belts

In 2022, the amount of safety seat belts imported worldwide stood at 258M units, growing by 9.9% compared with the year before. The total import volume increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 16% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, safety seat belt imports totaled $2.9B in 2022. The total import value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 14%. Global imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports By Country

In 2022, the Czech Republic (49M units), followed by Poland (31M units), Germany (27M units), Spain (22M units), the United States (21M units) and Japan (14M units) represented the main importers of safety seat belts, together creating 64% of total imports. Hungary (9M units), China (7.5M units), the UK (7.3M units), South Korea (7.1M units), Canada (5.6M units), Slovakia (5.2M units) and France (5M units) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Poland (with a CAGR of +38.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($525M), Spain ($428M) and the United States ($357M) constituted the countries with the highest levels of imports in 2022, together comprising 45% of global imports.

Spain, with a CAGR of +19.1%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average safety seat belt import price stood at $11 per unit in 2022, which is down by -8.7% against the previous year. In general, the import price continues to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2021 an increase of 14%. Over the period under review, average import prices attained the maximum at $14 per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($24 per unit), while Poland ($1.5 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+5.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Safety Seat Belts

In 2022, shipments abroad of safety seat belts increased by 9% to 242M units, rising for the third consecutive year after two years of decline. The total export volume increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, safety seat belt exports rose slightly to $2.8B in 2022. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 9.1% against the previous year. Over the period under review, the global exports hit record highs at $3.2B in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports By Country

Poland (37M units), Romania (37M units), Mexico (29M units), Hungary (22M units), the Czech Republic (19M units), France (17M units), Germany (13M units), Spain (12M units), Turkey (10M units), Thailand (9M units), China (7.6M units) and South Korea (7.2M units) represented roughly 91% of total exports in 2022.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by France (with a CAGR of +33.0%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest safety seat belt supplying countries worldwide were Mexico ($441M), Romania ($404M) and Poland ($328M), together comprising 42% of global exports. Germany, Hungary, the Czech Republic, China, Thailand, Turkey, South Korea, France and Spain lagged somewhat behind, together accounting for a further 46%.

Hungary, with a CAGR of +7.9%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average safety seat belt export price amounted to $12 per unit, declining by -6.1% against the previous year. In general, the export price continues to indicate a slight setback. The pace of growth was the most pronounced in 2018 when the average export price increased by 9.6% against the previous year. As a result, the export price reached the peak level of $15 per unit. From 2019 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($25 per unit), while Spain ($0.7 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform