United Kingdom: Market for Steering Wheels, Steering Columns And Steering Boxes 2024

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

In 2022, the UK steering wheels and columns market increased by 6.6% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, showed a noticeable contraction. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

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

In value terms, steering wheels and columns production shrank to $X in 2022 estimated in export price. In general, production continues to indicate a pronounced decline. The most prominent rate of growth was recorded in 2016 when the production volume increased by 26%. Steering wheels and columns production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports from the UK

In 2022, shipments abroad of steering wheels, steering columns and steering boxes decreased by -6.2% to X tons, falling for the fifth consecutive year after three years of growth. In general, exports showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2016 when exports increased by 27%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, steering wheels and columns exports contracted to $X in 2022. Over the period under review, exports showed a abrupt downturn. The pace of growth appeared the most rapid in 2016 when exports increased by 20% against the previous year. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Germany (X tons), Poland (X tons) and Belgium (X tons) were the main destinations of steering wheels and columns exports from the UK, together comprising 66% of total exports. China, Ireland, France, the United States, Spain, Brazil, the Netherlands, the Czech Republic, Morocco and Slovakia lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the biggest increases were recorded for Morocco (with a CAGR of +127.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X) remains the key foreign market for steering wheels, steering columns and steering boxes exports from the UK, comprising 37% of total exports. The second position in the ranking was held by Germany ($X), with a 17% share of total exports. It was followed by China, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Poland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-11.2% per year) and China (-10.5% per year).

Export Prices by Country

The average steering wheels and columns export price stood at $X per ton in 2022, shrinking by -4.7% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 18%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average 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 Slovakia ($X per ton), while the average price for exports to Belgium ($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 China (+3.9%), 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 UK

In 2022, supplies from abroad of steering wheels, steering columns and steering boxes increased by 3% to X tons for the first time since 2015, thus ending a six-year declining trend. In general, imports, however, saw a deep reduction. The pace of growth was the most pronounced in 2013 with an increase of 7.5% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, steering wheels and columns imports totaled $X in 2022. Over the period under review, imports, however, saw a pronounced descent. The most prominent rate of growth was recorded in 2013 with an increase of 34% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

France (X tons), Germany (X tons) and Poland (X tons) were the main suppliers of steering wheels and columns imports to the UK, with a combined 49% share of total imports. Hungary, the Czech Republic, Japan, Romania, Turkey, Spain, Malaysia and Portugal lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Czech Republic (with a CAGR of +8.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest steering wheels and columns suppliers to the UK were Germany ($X), France ($X) and Romania ($X), together accounting for 55% of total imports.

Romania, with a CAGR of +6.3%, recorded the highest growth rate of the value of imports, among 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, increasing by 3.9% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. The pace of growth appeared the most rapid in 2013 an increase of 24%. Over the period under review, average import prices attained the maximum in 2022 and is likely to continue growth in years to come.

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 Romania ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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