Sri Lanka: Safety Seat Belt Market 2024

Safety Seat Belt Market Size in Sri Lanka

The Sri Lankan safety seat belt market skyrocketed to $X in 2022, growing by X% against the previous year. Overall, consumption continues to indicate a strong expansion. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Safety Seat Belt Production in Sri Lanka

In value terms, safety seat belt production rose remarkably to $X in 2022 estimated in export price. Over the period under review, production enjoyed notable growth. The pace of growth was the most pronounced in 2020 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Safety Seat Belt Exports

Exports from Sri Lanka

In 2022, exports of safety seat belts from Sri Lanka declined rapidly to X units, dropping by X% on the year before. In general, exports saw a precipitous shrinkage. The growth pace was the most rapid in 2014 when exports increased by X%. Over the period under review, the exports reached the maximum at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, safety seat belt exports declined rapidly to $X in 2022. Overall, exports faced a significant contraction. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Papua New Guinea (X units) was the main destination for safety seat belt exports from Sri Lanka, accounting for a X% share of total exports. Moreover, safety seat belt exports to Papua New Guinea exceeded the volume sent to the second major destination, Australia (X units), twofold. The United Arab Emirates (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Papua New Guinea was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and the United Arab Emirates (X% per year).

In value terms, Australia ($X) emerged as the key foreign market for safety seat belts exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was held by Maldives ($X), with a X% share of total exports. It was followed by the United Arab Emirates, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Australia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (X% per year) and the United Arab Emirates (X% per year).

Export Prices by Country

The average safety seat belt export price stood at $X per unit in 2022, dropping by X% against the previous year. Overall, the export price showed a slight descent. The growth pace was the most rapid in 2014 when the average export price increased by X%. As a result, the export price reached the peak level of $X per unit. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to Papua New Guinea ($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 Maldives (X%), while the prices for the other major destinations experienced a decline.

Safety Seat Belt Imports

Imports into Sri Lanka

In 2022, overseas purchases of safety seat belts were finally on the rise to reach X units after four years of decline. Overall, imports, however, recorded a deep reduction. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, safety seat belt imports surged to $X in 2022. In general, imports showed a relatively flat trend pattern. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, India (X units) constituted the largest supplier of safety seat belt to Sri Lanka, with a X% share of total imports. Moreover, safety seat belt imports from India exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was taken by Japan (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from India amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Japan (X% per year).

In value terms, the largest safety seat belt suppliers to Sri Lanka were Australia ($X), India ($X) and Malaysia ($X), with a combined X% share of total imports.

Malaysia, with a CAGR of X.7%, 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

In 2022, the average safety seat belt import price amounted to $X per unit, declining by X% against the previous year. Overall, the import price, however, posted a prominent expansion. The pace of growth appeared the most rapid in 2018 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2020; however, from 2021 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 Australia ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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