Colombia: Market for Steering Wheels, Steering Columns And Steering Boxes 2024

Market Size for Steering Wheels, Steering Columns And Steering Boxes in Colombia

The Colombian steering wheels and columns market reduced to $X in 2022, which is down by -10.1% against 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, consumption continues to indicate a perceptible curtailment. Steering wheels and columns consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports from Colombia

After four years of decline, overseas shipments of steering wheels, steering columns and steering boxes increased by 45% to X tons in 2022. Overall, exports, however, showed a pronounced shrinkage. The pace of growth appeared the most rapid in 2013 with an increase of 123%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, steering wheels and columns exports skyrocketed to $X in 2022. In general, exports, however, showed a abrupt curtailment. The pace of growth was the most pronounced in 2013 with an increase of 104% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for steering wheels and columns exports from Colombia, with a 56% share of total exports. Moreover, steering wheels and columns exports to the United States exceeded the volume sent to the second major destination, Brazil (X kg), fourfold. The third position in this ranking was held by Ecuador (X kg), with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +27.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+62.6% per year) and Ecuador (-19.3% per year).

In value terms, the United States ($X) emerged as the key foreign market for steering wheels, steering columns and steering boxes exports from Colombia, comprising 53% of total exports. The second position in the ranking was held by Ecuador ($X), with an 18% share of total exports. It was followed by Guatemala, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +29.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-19.7% per year) and Guatemala (+16.9% per year).

Export Prices by Country

The average steering wheels and columns export price stood at $X per ton in 2022, growing by 6% against the previous year. In general, the export price, however, saw a mild descent. The most prominent rate of growth was recorded in 2014 an increase of 18%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while the average price for exports to Panama ($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 Guatemala (+52.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Steering Wheels, Steering Columns And Steering Boxes

Imports into Colombia

In 2022, imports of steering wheels, steering columns and steering boxes into Colombia dropped to X tons, declining by -11.8% on 2021 figures. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when imports increased by 168% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, steering wheels and columns imports reduced to $X in 2022. In general, imports continue to indicate a noticeable curtailment. The pace of growth appeared the most rapid in 2016 when imports increased by 155% against the previous year. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Brazil (X tons) constituted the largest steering wheels and columns supplier to Colombia, with a 48% share of total imports. Moreover, steering wheels and columns imports from Brazil exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. France (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil amounted to +14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-11.6% per year) and France (+23.5% per year).

In value terms, the largest steering wheels and columns suppliers to Colombia were Brazil ($X), China ($X) and France ($X), with a combined 64% share of total imports. The United States, India, Romania, Japan and South Korea lagged somewhat behind, together accounting for a further 25%.

In terms of the main suppliers, Romania, with a CAGR of +27.4%, saw the highest growth rate of 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 steering wheels and columns import price amounted to $X per ton, with an increase of 2.3% against the previous year. In general, the import price, however, showed a noticeable shrinkage. The pace of growth appeared the most rapid in 2018 an increase of 20% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Japan ($X per ton), while the price for Romania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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