Middle East: Road Wheel Market 2024

Road Wheel Market Size in the Middle East

The Middle Eastern road wheel market shrank dramatically to $X in 2022, declining by -26.2% against the previous year. Over the period under review, consumption continues to indicate a pronounced curtailment. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Road Wheel Production in the Middle East

In value terms, road wheel production declined markedly to $X in 2022 estimated in export price. In general, production, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 85%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Road Wheel Exports

Exports in the Middle East

In 2022, approx. X tons of road wheels were exported in the Middle East; surging by 5.4% against the year before. Total exports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.7% 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 +26.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 20% against the previous year. The volume of export peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, road wheel exports skyrocketed to $X in 2022. Total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.7% 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 +63.0% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 32%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

The shipments of the one major exporters of road wheels, namely Turkey, represented more than two-thirds of total export.

Turkey was also the fastest-growing in terms of the road wheels exports, with a CAGR of +6.0% from 2012 to 2022. Turkey (+2 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) also remains the largest road wheel supplier in the Middle East.

From 2012 to 2022, the average annual growth rate of value in Turkey totaled +8.0%.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, picking up by 17% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Turkey.

From 2012 to 2022, the rate of growth in terms of prices for Turkey amounted to +1.9% per year.

Road Wheel Imports

Imports in the Middle East

In 2022, the amount of road wheels imported in the Middle East rose markedly to X tons, growing by 6.9% compared with the year before. In general, imports, however, continue to indicate a mild decline. The most prominent rate of growth was recorded in 2017 when imports increased by 14% against the previous year. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, road wheel imports reached $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 18% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Turkey (X tons) and the United Arab Emirates (X tons) represented roughly 62% of total imports in 2022. Saudi Arabia (X tons) ranks next in terms of the total imports with a 16% share, followed by Iran (8.2%) and Iraq (5.9%). The following importers - Israel (X tons) and Yemen (X tons) - each resulted at a 4.1% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Yemen (with a CAGR of +23.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported road wheels in the Middle East, comprising 49% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 23% share of total imports. It was followed by Saudi Arabia, with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey totaled +4.1%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (-0.4% per year) and Saudi Arabia (-6.9% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, reducing by -4.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2021 an increase of 23% against the previous year. As a result, import price reached the peak level of $X per ton, and then contracted modestly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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