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

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

The MENA's steering wheels and columns market dropped to $X in 2022, waning by -4.5% against the previous year. The market value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X, and then declined in the following year.

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

In value terms, steering wheels and columns production declined to $X in 2022 estimated in export price. In general, production continues to indicate a measured increase. The growth pace was the most rapid in 2018 when the production volume increased by 49%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports in MENA

In 2022, overseas shipments of steering wheels, steering columns and steering boxes increased by 14% to X tons, rising for the third consecutive year after two years of decline. Total exports indicated a pronounced 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, exports increased by +19.7% against 2019 indices. The pace of growth was the most pronounced in 2016 when exports increased by 20% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, steering wheels and columns exports skyrocketed to $X in 2022. Over the period under review, exports posted a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 29% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the near future.

Exports by Country

The biggest shipments were from Morocco (X tons), Turkey (X tons) and Tunisia (X tons), together resulting at 93% of total export. It was distantly followed by the United Arab Emirates (X tons), achieving a 5.2% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +13.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Tunisia ($X), Morocco ($X) and Turkey ($X) constituted the countries with the highest levels of exports in 2022, with a combined 98% share of total exports.

Tunisia, with a CAGR of +14.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, with an increase of 1.9% against the previous year. Export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, steering wheels and columns export price decreased by -9.2% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the export price increased by 23%. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Tunisia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+16.7%), while the other leaders experienced a decline in the export price figures.

Imports of Steering Wheels, Steering Columns And Steering Boxes

Imports in MENA

In 2022, imports of steering wheels, steering columns and steering boxes in MENA expanded modestly to X tons, with an increase of 1.5% on the previous year's figure. Total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +7.5% 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 +20.3% against 2017 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 23%. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in the near future.

In value terms, steering wheels and columns imports reduced to $X in 2022. Total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +8.1% 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 +25.3% against 2017 indices. The growth pace was the most rapid in 2017 with an increase of 26% against the previous year. The level of import peaked at $X in 2021, and then declined in the following year.

Imports by Country

Morocco (X tons) and Turkey (X tons) prevails in imports structure, together committing 73% of total imports. It was distantly followed by the United Arab Emirates (X tons), Tunisia (X tons) and Iran (X tons), together comprising a 20% share of total imports. The following importers - Algeria (X tons) and Iraq (X tons) - each accounted for a 4% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Morocco (with a CAGR of +38.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest steering wheels and columns importing markets in MENA were Turkey ($X), Morocco ($X) and Tunisia ($X), together comprising 84% of total imports.

Morocco, with a CAGR of +33.8%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in MENA stood at $X per ton in 2022, dropping by -2.9% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 7.7%. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Turkey ($X per ton), while Iraq ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+5.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform