Republic of Korea: Market for Steering Wheels, Steering Columns And Steering Boxes 2025

Market Size for Steering Wheels, Steering Columns And Steering Boxes in Republic of Korea

In 2022, after two years of growth, there was decline in the South Korean steering wheels and columns market, when its value decreased by -4.9% to $X. The market value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2021, and then contracted modestly in the following year.

Production of Steering Wheels, Steering Columns And Steering Boxes in Republic of Korea

In value terms, steering wheels and columns production reduced to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 40% against the previous year. Steering wheels and columns production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports from Republic of Korea

Steering wheels and columns exports from South Korea rose modestly to X tons in 2022, picking up by 2.4% against 2021 figures. Overall, total exports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.5% 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 +6.5% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 52% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, steering wheels and columns exports declined modestly to $X in 2022. Over the period under review, total exports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -23.5% against 2018 indices. The pace of growth was the most pronounced in 2013 when exports increased by 58% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons), Mexico (X tons) and China (X tons) were the main destinations of steering wheels and columns exports from South Korea, together comprising 54% of total exports. Japan, Vietnam, Poland, Germany, India, Brazil, Russia and Turkey lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +67.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for steering wheels and columns exported from South Korea were the United States ($X), Mexico ($X) and China ($X), with a combined 57% share of total exports. Poland, Vietnam, Japan, Germany, India, Brazil, Russia and Turkey lagged somewhat behind, together accounting for a further 24%.

Vietnam, with a CAGR of +65.6%, recorded the highest growth rate of the value of exports, among the main countries of destination 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, dropping by -4.7% against the previous year. In general, the export price saw a noticeable decrease. The pace of growth appeared the most rapid in 2016 when the average export price increased by 18%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the 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 India ($X per ton), while the average price for exports to Japan ($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 India (+3.0%), 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 Republic of Korea

In 2022, steering wheels and columns imports into South Korea rose rapidly to X tons, increasing by 8.1% on the year before. Over the period under review, total imports indicated a noticeable expansion from 2012 to 2022: its volume 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, imports increased by +64.4% against 2015 indices. The most prominent rate of growth was recorded in 2019 with an increase of 30% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, steering wheels and columns imports expanded markedly to $X in 2022. In general, total imports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.2% 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 +59.7% against 2015 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 18% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest steering wheels and columns supplier to South Korea, with a 59% share of total imports. Moreover, steering wheels and columns imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), fourfold. India (X tons) ranked third in terms of total imports with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+62.3% per year) and India (+32.6% per year).

In value terms, China ($X) constituted the largest supplier of steering wheels, steering columns and steering boxes to South Korea, comprising 61% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 15% share of total imports. It was followed by Germany, with a 6.7% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+77.1% per year) and Germany (-3.7% per year).

Import Prices by Country

The average steering wheels and columns import price stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 5.8% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices failed to regain momentum.

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 France ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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