India: Road Wheel Market 2024

Road Wheel Market Size in India

The Indian road wheel market dropped slightly to $X in 2022, falling by -3.4% against the previous year. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Road Wheel Production in India

In value terms, road wheel production declined slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 16% against the previous year. Road wheel production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Road Wheel Exports

Exports from India

In 2022, exports of road wheels from India dropped to X tons, which is down by -5.5% on 2021 figures. Overall, exports, however, continue to indicate strong growth. The growth pace was the most rapid in 2021 when exports increased by 169%. As a result, the exports attained the peak of X tons, and then contracted in the following year.

In value terms, road wheel exports contracted modestly to $X in 2022. Over the period under review, exports, however, saw a strong expansion. The growth pace was the most rapid in 2021 with an increase of 96%. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for road wheel exports from India, accounting for a 35% share of total exports. Moreover, road wheel exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), fourfold. Thailand (X tons) ranked third in terms of total exports with a 7.2% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +16.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+27.0% per year) and Thailand (+4.6% per year).

In value terms, the United States ($X) remains the key foreign market for road wheels exports from India, comprising 40% of total exports. The second position in the ranking was taken by Japan ($X), with a 9.1% share of total exports. It was followed by Belgium, with a 5.2% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +13.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+24.1% per year) and Belgium (-3.9% per year).

Export Prices by Country

In 2022, the average road wheel export price amounted to $X per ton, with an increase of 1.8% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 26%. Over the period under review, the average export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to France ($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 Morocco (+3.8%), while the prices for the other major destinations experienced more modest paces of growth.

Road Wheel Imports

Imports into India

In 2022, purchases abroad of road wheels decreased by -26.8% to X tons, falling for the fourth year in a row after five years of growth. In general, imports, however, posted tangible growth. The pace of growth was the most pronounced in 2014 with an increase of 71% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, road wheel imports dropped dramatically to $X in 2022. Over the period under review, imports continue to indicate a pronounced slump. The most prominent rate of growth was recorded in 2017 when imports increased by 20%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of road wheel to India, accounting for a 35% share of total imports. Moreover, road wheel imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. Thailand (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+7.6% per year) and Thailand (+8.8% per year).

In value terms, the largest road wheel suppliers to India were Germany ($X), China ($X) and Thailand ($X), together accounting for 60% of total imports. The United States, Japan, South Korea, Indonesia, Malaysia and Turkey lagged somewhat behind, together comprising a further 27%.

In terms of the main suppliers, the United States, with a CAGR of +23.3%, recorded 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 road wheel import price amounted to $X per ton, growing by 13% against the previous year. Over the period under review, the import price, however, recorded a deep slump. The import price peaked at $X per ton in 2013; however, from 2014 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 South Korea ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+5.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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