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

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

The Singaporean steering wheels and columns market fell to $X in 2022, which is down by -11.3% against the previous year. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market attained the maximum 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 Singapore

In value terms, steering wheels and columns production fell modestly to $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the production volume increased by 15%. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports from Singapore

After two years of growth, shipments abroad of steering wheels, steering columns and steering boxes decreased by -6.7% to X tons in 2022. Over the period under review, exports, however, continue to indicate strong growth. The pace of growth appeared the most rapid in 2021 with an increase of 128% against the previous year. As a result, the exports reached the peak of X tons, and then dropped in the following year.

In value terms, steering wheels and columns exports fell to $X in 2022. Overall, exports, however, saw resilient growth. The pace of growth was the most pronounced in 2020 when exports increased by 121%. The exports peaked at $X in 2021, and then dropped in the following year.

Exports by Country

Australia (X tons), Belgium (X tons) and Malaysia (X tons) were the main destinations of steering wheels and columns exports from Singapore, together comprising 44% of total exports. Indonesia, India, the United States, Taiwan (Chinese), Hong Kong SAR, Thailand, Germany, Vietnam and China lagged somewhat behind, together accounting for a further 48%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +163.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Belgium ($X) and Malaysia ($X) were the largest markets for steering wheels and columns exported from Singapore worldwide, with a combined 42% share of total exports. Indonesia, India, the United States, Taiwan (Chinese), Hong Kong SAR, Thailand, Germany, Vietnam and China lagged somewhat behind, together comprising a further 46%.

In terms of the main countries of destination, India, with a CAGR of +162.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average steering wheels and columns export price stood at $X per ton in 2022, increasing by 6.5% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 11%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Germany ($X per ton) and Thailand ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) and Belgium ($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 Germany (+2.1%), while the prices for the other major destinations experienced a decline.

Imports of Steering Wheels, Steering Columns And Steering Boxes

Imports into Singapore

After six years of growth, purchases abroad of steering wheels, steering columns and steering boxes decreased by -36.5% to X tons in 2022. Overall, imports, however, recorded prominent growth. The pace of growth appeared the most rapid in 2020 when imports increased by 90% against the previous year. Imports peaked at X tons in 2021, and then dropped remarkably in the following year.

In value terms, steering wheels and columns imports dropped dramatically to $X in 2022. In general, imports, however, continue to indicate buoyant growth. The growth pace was the most rapid in 2020 with an increase of 104%. Over the period under review, imports hit record highs at $X in 2021, and then contracted rapidly in the following year.

Imports by Country

India (X tons), the United States (X tons) and Germany (X tons) were the main suppliers of steering wheels and columns imports to Singapore, with a combined 74% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +152.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), the United States ($X) and Germany ($X) appeared to be the largest steering wheels and columns suppliers to Singapore, with a combined 73% share of total imports.

India, with a CAGR of +153.7%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average steering wheels and columns import price amounted to $X per ton, picking up by 3.1% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 7.5% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :