Vietnam: Market for Steering Wheels, Steering Columns And Steering Boxes 2025

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

The Vietnamese steering wheels and columns market rose sharply to $X in 2022, growing by 5.7% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

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

In value terms, steering wheels and columns production rose slightly to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the production volume increased by 78%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports from Vietnam

In 2022, after ten years of growth, there was significant decline in shipments abroad of steering wheels, steering columns and steering boxes, when their volume decreased by -16.6% to X tons. Overall, exports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of 50%. As a result, the exports reached the peak of X tons, and then fell remarkably in the following year.

In value terms, steering wheels and columns exports fell to $X in 2022. In general, exports, however, saw a resilient increase. The pace of growth was the most pronounced in 2019 when exports increased by 32%. Over the period under review, the exports hit record highs at $X in 2021, and then reduced in the following year.

Exports by Country

Japan (X tons) was the main destination for steering wheels and columns exports from Vietnam, accounting for a 60% share of total exports. Moreover, steering wheels and columns exports to Japan exceeded the volume sent to the second major destination, South Korea (X tons), twofold. The third position in this ranking was taken by the United States (X tons), with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan totaled +8.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+69.6% per year) and the United States (+93.0% per year).

In value terms, Japan ($X) remains the key foreign market for steering wheels, steering columns and steering boxes exports from Vietnam, comprising 60% of total exports. The second position in the ranking was held by South Korea ($X), with a 30% share of total exports. It was followed by the United States, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value to Japan totaled +9.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+70.5% per year) and the United States (+93.9% per year).

Export Prices by Country

In 2022, the average steering wheels and columns export price amounted to $X per ton, surging by 7.3% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of 13%. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Russia ($X per ton) and Japan ($X per ton), while the average price for exports to Thailand ($X per ton) and South Korea ($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 South Korea (+0.5%), 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 Vietnam

In 2022, approx. X tons of steering wheels, steering columns and steering boxes were imported into Vietnam; declining by -10.5% compared with 2021 figures. Over the period under review, imports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2019 with an increase of 34%. Over the period under review, imports attained the peak figure at X tons in 2021, and then contracted in the following year.

In value terms, steering wheels and columns imports declined to $X in 2022. Overall, imports, however, showed resilient growth. The growth pace was the most rapid in 2016 with an increase of 41%. Over the period under review, imports hit record highs at $X in 2021, and then declined in the following year.

Imports by Country

South Korea (X tons), Thailand (X tons) and China (X tons) were the main suppliers of steering wheels and columns imports to Vietnam, with a combined 66% share of total imports. Japan, India, Germany, Malaysia and Indonesia lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +82.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Thailand ($X) and China ($X) appeared to be the largest steering wheels and columns suppliers to Vietnam, together comprising 66% of total imports. Japan, India, Germany, Malaysia and Indonesia lagged somewhat behind, together accounting for a further 31%.

Among the main suppliers, India, with a CAGR of +91.2%, recorded the highest growth rate of the value of imports, 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, growing by 1.7% against the previous year. In general, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, steering wheels and columns import price decreased by -2.0% against 2020 indices. The most prominent rate of growth was recorded in 2016 an increase of 33% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from India ($X per ton) and Japan ($X per ton), while the price for Malaysia ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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