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

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

In 2022, the Scandinavia steering wheels and columns market increased by 49% to $X for the first time since 2019, thus ending a two-year declining trend. The total consumption indicated resilient growth from 2012 to 2022: its value 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. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

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

In value terms, steering wheels and columns production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 15%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports in Scandinavia

In 2022, shipments abroad of steering wheels, steering columns and steering boxes increased by 2.8% to X tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 when exports increased by 15% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, steering wheels and columns exports dropped slightly to $X in 2022. The total export value increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 20% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Sweden represented the major exporting country with an export of about X tons, which reached 69% of total exports. It was distantly followed by Norway (X tons), mixing up a 29% share of total exports. Finland (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to steering wheels and columns exports from Sweden stood at +2.1%. At the same time, Norway (+8.8%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +8.8% from 2012-2022. By contrast, Finland (-4.2%) illustrated a downward trend over the same period. While the share of Norway (+11 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Finland (-1.8 p.p.) and Sweden (-9.7 p.p.) displayed negative dynamics.

In value terms, Sweden ($X) remains the largest steering wheels and columns supplier in Scandinavia, comprising 72% of total exports. The second position in the ranking was taken by Norway ($X), with a 26% share of total exports.

In Sweden, steering wheels and columns exports increased at an average annual rate of +1.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Norway (+7.2% per year) and Finland (-1.8% per year).

Export Prices by Country

In 2022, the export price in Scandinavia amounted to $X per ton, waning by -6.3% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the export price increased by 10%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Finland ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+2.5%), while the other leaders experienced a decline in the export price figures.

Imports of Steering Wheels, Steering Columns And Steering Boxes

Imports in Scandinavia

Steering wheels and columns imports totaled X tons in 2022, surging by 4.4% on 2021. Total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +5.4% 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 +15.8% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of 22%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, steering wheels and columns imports declined to $X in 2022. In general, imports showed prominent growth. The most prominent rate of growth was recorded in 2017 when imports increased by 36%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Sweden was the major importer of steering wheels, steering columns and steering boxes in Scandinavia, with the volume of imports recording X tons, which was near 77% of total imports in 2022. It was distantly followed by Finland (X tons), mixing up a 20% share of total imports. Norway (X tons) took a little share of total imports.

Imports into Sweden increased at an average annual rate of +3.9% from 2012 to 2022. At the same time, Finland (+16.7%) and Norway (+2.8%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +16.7% from 2012-2022. From 2012 to 2022, the share of Finland increased by +13 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) constitutes the largest market for imported steering wheels, steering columns and steering boxes in Scandinavia, comprising 74% of total imports. The second position in the ranking was held by Finland ($X), with a 21% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Sweden amounted to +5.3%. In the other countries, the average annual rates were as follows: Finland (+13.8% per year) and Norway (+4.4% per year).

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per ton, which is down by -17.4% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2017 when the import price increased by 12% against the previous year. The level of import peaked at $X per ton in 2021, and then contracted rapidly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Norway ($X per ton), while Sweden ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+1.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform