U.S.: Motor Vehicle Steering Market 2024

Motor Vehicle Steering Market Size in the U.S.

In 2022, the U.S. motor vehicle steering market increased by X% to $X, rising for the third year in a row after three years of decline. Over the period under review, consumption showed significant growth. Motor vehicle steering consumption peaked in 2022 and is likely to see steady growth in the near future.

Motor Vehicle Steering Exports

Exports from the U.S.

After nine years of growth, shipments abroad of motor vehicle steering and suspension components (except spring) decreased by X% to X tons in 2022. In general, exports, however, posted a perceptible increase. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons, and then contracted in the following year.

In value terms, motor vehicle steering exports expanded markedly to $X in 2022. Over the period under review, exports saw a relatively flat trend pattern. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Mexico (X tons) was the main destination for motor vehicle steering exports from the United States, with a X% share of total exports. Moreover, motor vehicle steering exports to Mexico exceeded the volume sent to the second major destination, Canada (X tons), eightfold. The third position in this ranking was taken by China (X tons), with a X% share.

From 2020 to 2022, the average annual growth rate of volume to Mexico amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and China (X% per year).

In value terms, Mexico ($X), Canada ($X) and China ($X) were the largest markets for motor vehicle steering exported from the United States worldwide, together accounting for X% of total exports. Spain, Brazil, Thailand, Turkey and South Africa lagged somewhat behind, together accounting for a further X%.

Thailand, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of 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 motor vehicle steering export price amounted to $X per ton, rising by X% against the previous year. Over the last two years, it increased at an average annual rate of X%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Turkey ($X per ton) was amongst the lowest.

From 2020 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (X%), while the prices for the other major destinations experienced more modest paces of growth.

Motor Vehicle Steering Imports

Imports into the U.S.

In 2022, overseas purchases of motor vehicle steering and suspension components (except spring) increased by X% to X tons, rising for the third consecutive year after three years of decline. Overall, imports showed a significant increase. The pace of growth appeared the most rapid in 2020 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

In value terms, motor vehicle steering imports surged to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2013 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

Japan (X tons), Mexico (X tons) and Germany (X tons) were the main suppliers of motor vehicle steering imports to the United States, with a combined X% share of total imports.

From 2013 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constituted the largest supplier of motor vehicle steering and suspension components (except spring) to the United States, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports. It was followed by Germany, with an X% share.

From 2013 to 2022, the average annual rate of growth in terms of value from Mexico totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Germany (X% per year).

Import Prices by Country

In 2022, the average motor vehicle steering import price amounted to $X per ton, shrinking by X% against the previous year. Overall, the import price faced a sharp setback. The most prominent rate of growth was recorded in 2017 when the average import price increased by X% against the previous year. The import price peaked at $X,284 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 Canada ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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