Kuwait: Road Wheel Market 2024

Road Wheel Market Size in Kuwait

The Kuwaiti road wheel market declined to $X in 2022, which is down by -7.4% 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, the total consumption indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.7% 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 -8.6% against 2019 indices. Road wheel consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Road Wheel Exports

Exports from Kuwait

In 2022, after two years of growth, there was significant decline in overseas shipments of road wheels, when their volume decreased by -37.2% to X tons. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 592% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, road wheel exports dropped notably to $X in 2022. Over the period under review, exports, however, posted a temperate expansion. The pace of growth was the most pronounced in 2016 with an increase of 666%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

India (X tons) was the main destination for road wheel exports from Kuwait, accounting for a 45% share of total exports. Moreover, road wheel exports to India exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), twofold. Ghana (X tons) ranked third in terms of total exports with a 20% share.

From 2012 to 2022, the average annual growth rate of volume to India totaled +8.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+28.2% per year) and Ghana (+36.5% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for road wheels exports from Kuwait, comprising 56% of total exports. The second position in the ranking was held by Egypt ($X), with a 4.2% share of total exports. It was followed by Hong Kong SAR, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates amounted to +40.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+14.1% per year) and Hong Kong SAR (-18.6% per year).

Export Prices by Country

In 2022, the average road wheel export price amounted to $X per ton, reducing by -3.7% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2013 when the average export price increased by 46%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average 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 Saudi Arabia ($X per ton), while the average price for exports to Ghana ($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 Saudi Arabia (+32.1%), while the prices for the other major destinations experienced more modest paces of growth.

Road Wheel Imports

Imports into Kuwait

Road wheel imports into Kuwait fell slightly to X tons in 2022, standing approx. at the previous year. In general, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 41%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, road wheel imports shrank to $X in 2022. Over the period under review, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.9% 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 +83.0% against 2016 indices. The growth pace was the most rapid in 2019 when imports increased by 38%. Over the period under review, imports hit record highs at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of road wheel to Kuwait, with a 76% share of total imports. Moreover, road wheel imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), sevenfold. The third position in this ranking was taken by Japan (X tons), with a 2.8% 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: the United States (+1.7% per year) and Japan (+2.4% per year).

In value terms, China ($X) constituted the largest supplier of road wheels to Kuwait, comprising 53% of total imports. The second position in the ranking was taken by the United States ($X), with a 13% share of total imports. It was followed by Germany, with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.8% per year) and Germany (-1.3% per year).

Import Prices by Country

The average road wheel import price stood at $X per ton in 2022, shrinking by -10.7% against the previous year. Overall, import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 an increase of 68% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2021, and then declined in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+17.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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