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

Market Size for Steering Wheels, Steering Columns And Steering Boxes in the Philippines

The Philippine steering wheels and columns market expanded to $X in 2022, increasing by 3% against the previous year. In general, consumption recorded slight growth. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Production of Steering Wheels, Steering Columns And Steering Boxes in the Philippines

In value terms, steering wheels and columns production totaled $X in 2022 estimated in export price. In general, production posted a mild increase. The pace of growth appeared the most rapid in 2013 with an increase of 54% against the previous year. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports from the Philippines

In 2022, after two years of growth, there was decline in overseas shipments of steering wheels, steering columns and steering boxes, when their volume decreased by -3% to X tons. Overall, exports, however, showed significant growth. The pace of growth was the most pronounced in 2017 when exports increased by 824% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, steering wheels and columns exports dropped to $X in 2022. In general, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 774%. The exports peaked at $X in 2021, and then shrank in the following year.

Exports by Country

Japan (X tons) was the main destination for steering wheels and columns exports from the Philippines, with a 59% share of total exports. Moreover, steering wheels and columns exports to Japan exceeded the volume sent to the second major destination, Indonesia (X tons), fivefold. Thailand (X tons) ranked third in terms of total exports with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan amounted to +43.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+61.5% per year) and Thailand (+37.3% per year).

In value terms, Japan ($X) remains the key foreign market for steering wheels, steering columns and steering boxes exports from the Philippines, comprising 59% of total exports. The second position in the ranking was held by Indonesia ($X), with a 13% share of total exports. It was followed by Thailand, with a 7.7% share.

From 2012 to 2022, the average annual growth rate of value to Japan stood at +47.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+49.4% per year) and Thailand (+48.7% per year).

Export Prices by Country

In 2022, the average steering wheels and columns export price amounted to $X per ton, reducing by -11.6% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 68%. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Indonesia ($X per ton) and Japan ($X per ton), while the average price for exports to Thailand ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+8.3%), 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 the Philippines

In 2022, purchases abroad of steering wheels, steering columns and steering boxes increased by 43% to X tons, rising for the second consecutive year after three years of decline. Overall, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 145% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, steering wheels and columns imports soared to $X in 2022. In general, imports saw a significant expansion. The pace of growth was the most pronounced in 2016 when imports increased by 234% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of steering wheels and columns to the Philippines, with a 62% share of total imports. Moreover, steering wheels and columns imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fourfold. The third position in this ranking was held by Japan (X tons), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +38.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+57.0% per year) and Japan (+5.2% per year).

In value terms, China ($X) constituted the largest supplier of steering wheels, steering columns and steering boxes to the Philippines, comprising 62% of total imports. The second position in the ranking was taken by Thailand ($X), with a 15% share of total imports. It was followed by Japan, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +88.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+63.6% per year) and Japan (+30.6% per year).

Import Prices by Country

In 2022, the average steering wheels and columns import price amounted to $X per ton, flattening at the previous year. In general, the import price saw a resilient expansion. The pace of growth appeared the most rapid in 2019 when the average import price increased by 149% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were South Korea ($X per ton) and Vietnam ($X per ton), while the price for China ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+36.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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