China: Road Wheel Market 2024

Road Wheel Market Size in China

In 2022, the Chinese road wheel market increased by 1.5% to $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption, however, continues to indicate a perceptible curtailment. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Road Wheel Production in China

In value terms, road wheel production shrank slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a slight shrinkage. The pace of growth was the most pronounced in 2016 when the production volume increased by 16% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Road Wheel Exports

Exports from China

Road wheel exports from China dropped to X tons in 2022, declining by -7.1% on 2021. The total export volume increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when exports increased by 52%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, road wheel exports rose slightly to $X in 2022. The total export value increased at an average annual rate of +3.5% 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 2021 when exports increased by 36% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

The United States (X tons) was the main destination for road wheel exports from China, with a 26% share of total exports. Moreover, road wheel exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), twofold. Mexico (X tons) ranked third in terms of total exports with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+2.7% per year) and Mexico (+16.4% per year).

In value terms, the United States ($X) remains the key foreign market for road wheels exports from China, comprising 33% of total exports. The second position in the ranking was taken by Japan ($X), with a 14% share of total exports. It was followed by Mexico, with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +1.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+2.8% per year) and Mexico (+17.5% per year).

Export Prices by Country

The average road wheel export price stood at $X per ton in 2022, surging by 9.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2016 an increase of 28%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.

Road Wheel Imports

Imports into China

In 2022, purchases abroad of road wheels decreased by -19.2% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports saw a noticeable slump. The most prominent rate of growth was recorded in 2020 when imports increased by 17%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, road wheel imports declined to $X in 2022. In general, imports saw a noticeable slump. The most prominent rate of growth was recorded in 2014 when imports increased by 16% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Mexico (X tons) constituted the largest road wheel supplier to China, accounting for a 35% share of total imports. Moreover, road wheel imports from Mexico exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. Spain (X tons) ranked third in terms of total imports with an 8.7% share.

From 2012 to 2022, the average annual growth rate of volume from Mexico totaled +55.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-10.3% per year) and Spain (+5.7% per year).

In value terms, Germany ($X), the United States ($X) and Mexico ($X) were the largest road wheel suppliers to China, with a combined 57% share of total imports.

Among the main suppliers, Mexico, 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

In 2022, the average road wheel import price amounted to $X per ton, rising by 12% against the previous year. Over the last decade, it increased at an average annual rate of +1.0%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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