India: Market for Steering Wheels, Steering Columns And Steering Boxes 2025

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

The Indian steering wheels and columns market stood at $X in 2022, remaining relatively unchanged against the previous year. In general, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 -1.6% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Steering Wheels, Steering Columns And Steering Boxes in India

In value terms, steering wheels and columns production amounted to $X 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 +6.1% 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 -0.4% against 2020 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 19% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; afterwards, it flattened through to 2022.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports from India

In 2022, overseas shipments of steering wheels, steering columns and steering boxes increased by 8.5% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports showed a significant increase. The pace of growth was the most pronounced in 2017 when exports increased by 100%. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, steering wheels and columns exports rose remarkably to $X in 2022. In general, exports showed significant growth. The growth pace was the most rapid in 2017 with an increase of 120%. 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 steering wheels and columns exports from India, with a 31% share of total exports. Moreover, steering wheels and columns exports to the United States exceeded the volume sent to the second major destination, Turkey (X tons), twofold. Indonesia (X tons) ranked third in terms of total exports with a 6.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +18.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+86.5% per year) and Indonesia (+21.7% per year).

In value terms, the largest markets for steering wheels and columns exported from India were the United States ($X), Turkey ($X) and Indonesia ($X), together accounting for 59% of total exports. Mexico, Vietnam, Brazil, South Korea, Thailand, Poland, China, Italy, Slovenia and Spain lagged somewhat behind, together accounting for a further 28%.

In terms of the main countries of destination, Slovenia, with a CAGR of +187.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average steering wheels and columns export price amounted to $X per ton, rising by 5.5% against the previous year. In general, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 an increase of 38%. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

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 Indonesia ($X per ton), while the average price for exports to Spain ($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 Slovenia (+11.7%), 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 India

In 2022, overseas purchases of steering wheels, steering columns and steering boxes increased by 22% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, total imports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +73.8% against 2020 indices. The pace of growth was the most pronounced in 2013 when imports increased by 50%. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, steering wheels and columns imports expanded rapidly to $X in 2022. Overall, total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +50.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 33% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of steering wheels and columns to India, accounting for a 51% share of total imports. Moreover, steering wheels and columns imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold. The third position in this ranking was taken by Thailand (X tons), with an 8.2% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +13.1%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+4.3% per year) and Thailand (+2.9% per year).

In value terms, China ($X) constituted the largest supplier of steering wheels, steering columns and steering boxes to India, comprising 39% of total imports. The second position in the ranking was taken by South Korea ($X), with a 13% share of total imports. It was followed by Germany, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+7.2% per year) and Germany (+5.9% per year).

Import Prices by Country

In 2022, the average steering wheels and columns import price amounted to $X per ton, shrinking by -7.2% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 40% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat 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 Germany ($X per ton), while the price for Sweden ($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 (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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