Overview of the Global Market for Steering Wheels, Steering Columns And Steering Boxes

Market Size for Steering Wheels, Steering Columns And Steering Boxes

In 2022, the global steering wheels and columns market was finally on the rise to reach $X for the first time since 2016, thus ending a five-year declining trend. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the global market reached the maximum level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Production of Steering Wheels, Steering Columns And Steering Boxes

In value terms, steering wheels and columns production rose slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 9.6%. Over the period under review, global production attained the maximum level at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports

In 2022, shipments abroad of steering wheels, steering columns and steering boxes increased by 4.9% to X tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 12%. Over the period under review, the global exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, steering wheels and columns exports declined modestly to $X in 2022. The total export value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 14%. The global exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, China (X tons), distantly followed by Mexico (X tons), Germany (X tons), South Korea (X tons), France (X tons), Poland (X tons) and the United States (X tons) were the major exporters of steering wheels, steering columns and steering boxes, together achieving 68% of total exports. Japan (X tons), Thailand (X tons), the Czech Republic (X tons), Hungary (X tons), Switzerland (X tons) and Romania (X tons) held a little share of total exports.

China was also the fastest-growing in terms of the steering wheels, steering columns and steering boxes exports, with a CAGR of +9.4% from 2012 to 2022. At the same time, South Korea (+6.5%), Mexico (+6.5%), Poland (+5.4%), Hungary (+5.4%), Romania (+4.1%) and the Czech Republic (+2.1%) displayed positive paces of growth. Thailand experienced a relatively flat trend pattern. By contrast, France (-1.3%), Germany (-2.0%), Switzerland (-3.4%), Japan (-3.9%) and the United States (-4.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Mexico and South Korea increased by +12, +3.2 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Germany ($X) and Mexico ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for 41% of global exports.

In terms of the main exporting countries, China, with a CAGR of +9.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average steering wheels and columns export price amounted to $X per ton, with a decrease of -5.9% against the previous year. Overall, the export price recorded a slight decline. The growth pace was the most rapid in 2018 an increase of 5.6% against the previous year. The global export price peaked at $X per ton in 2013; however, from 2014 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 Romania ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.5%), while the other global leaders experienced more modest paces of growth.

Imports of Steering Wheels, Steering Columns And Steering Boxes

Imports

In 2022, supplies from abroad of steering wheels, steering columns and steering boxes increased by 1.1% to X tons, rising for the second consecutive year after two years of decline. Overall, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 13% against the previous year. Global imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, steering wheels and columns imports amounted to $X in 2022. The total import value increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 14% against the previous year. Over the period under review, global imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States (X tons), Mexico (X tons) and Germany (X tons) represented roughly 33% of total imports in 2022. China (X tons) held the next position in the ranking, followed by France (X tons). All these countries together took approx. 12% share of total imports. Poland (X tons), Canada (X tons), Spain (X tons), the Czech Republic (X tons), Russia (X tons), Hungary (X tons), Morocco (X tons) and Brazil (X tons) held a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Morocco (with a CAGR of +38.9%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($X) constitutes the largest market for imported steering wheels, steering columns and steering boxes worldwide, comprising 21% of global imports. The second position in the ranking was held by Germany ($X), with a 9.8% share of global imports. It was followed by Mexico, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to +2.6%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+0.5% per year) and Mexico (+3.8% per year).

Import Prices by Country

In 2022, the average steering wheels and columns import price amounted to $X per ton, standing approx. at the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average import price increased by 10%. Global import price peaked at $X per ton in 2021, and then fell modestly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($X per ton), while Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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