World - Steering Wheels, Steering Columns And Steering Boxes - Market Analysis, Forecast, Size, Trends And Insights
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The article discusses the increasing demand for steering wheels, steering columns, and steering boxes worldwide, with the market expected to continue an upward consumption trend over the next eight years. Market performance is forecasted to accelerate, with a projected CAGR of +3.8% for the period from 2022 to 2030, reaching a market volume of 5.3M tons by 2030. In terms of value, the market is expected to reach $87.3B by 2030. China leads in consumption and production, while the United States is the largest market for imported steering components.
Market Forecast
Driven by increasing demand for steering wheels, steering columns and steering boxes worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market volume to 5.3M tons by the end of 2030.
In value terms, the market is forecast to increase with an anticipated CAGR of +5.2% for the period from 2022 to 2030, which is projected to bring the market value to $87.3B (in nominal prices) by the end of 2030.
Consumption
World Consumption of Steering Wheels, Steering Columns And Steering Boxes
In 2022, consumption of steering wheels, steering columns and steering boxes was finally on the rise to reach 3.9M tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, global consumption hit record highs at 4.2M tons in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.
The global steering wheels and columns market size rose to $58B in 2022, picking up by 4.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $59.8B. From 2015 to 2022, the growth of the global market remained at a somewhat lower figure.
Consumption By Country
China (1M tons) remains the largest steering wheels and columns consuming country worldwide, accounting for 26% of total volume. Moreover, steering wheels and columns consumption in China exceeded the figures recorded by the second-largest consumer, the United States (421K tons), twofold. The third position in this ranking was taken by India (414K tons), with an 11% share.
From 2012 to 2022, the average annual growth rate of volume in China stood at +1.8%. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (-0.9% per year) and India (+3.7% per year).
In value terms, the United States ($18.1B) led the market, alone. The second position in the ranking was taken by China ($7.9B). It was followed by Japan.
In the United States, the steering wheels and columns market increased at an average annual rate of +1.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: China (+1.6% per year) and Japan (+1.7% per year).
The countries with the highest levels of steering wheels and columns per capita consumption in 2022 were Hungary (8.1 kg per person), the Czech Republic (6 kg per person) and Poland (2.6 kg per person).
From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +14.1%), while consumption for the other global leaders experienced more modest paces of growth.
Production
World Production of Steering Wheels, Steering Columns And Steering Boxes
In 2022, production of steering wheels, steering columns and steering boxes increased by 2.9% to 4.1M tons, rising for the second year in a row after three years of decline. The total output volume increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 8.8% against the previous year. Over the period under review, global production attained the peak volume at 4.3M tons in 2017; however, from 2018 to 2022, production failed to regain momentum.
In value terms, steering wheels and columns production reached $55.5B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 8.8% against the previous year. Over the period under review, global production reached the maximum level at $57.2B in 2018; however, from 2019 to 2022, production remained at a lower figure.
Production By Country
China (1.3M tons) constituted the country with the largest volume of steering wheels and columns production, comprising approx. 32% of total volume. Moreover, steering wheels and columns production in China exceeded the figures recorded by the second-largest producer, India (424K tons), threefold. The United States (320K tons) ranked third in terms of total production with a 7.8% share.
In China, steering wheels and columns production increased at an average annual rate of +3.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+4.2% per year) and the United States (-1.0% per year).
Imports
World Imports of Steering Wheels, Steering Columns And Steering Boxes
In 2022, supplies from abroad of steering wheels, steering columns and steering boxes increased by 4.1% to 1.3M tons, rising for the second year in a row after two years of decline. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 12% against the previous year. Global imports peaked at 1.6M tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.
In value terms, steering wheels and columns imports rose modestly to $21.3B in 2022. The total import value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 13%. Over the period under review, global imports hit record highs at $23.4B in 2018; however, from 2019 to 2022, imports remained at a lower figure.
Imports By Country
The United States (174K tons), Germany (129K tons), Mexico (120K tons), China (82K tons), France (80K tons), Hungary (69K tons), Poland (59K tons), Spain (43K tons), Canada (42K tons), the Czech Republic (41K tons), Morocco (32K tons) and Brazil (31K tons) represented roughly 67% of total imports in 2022. Turkey (29K tons) took a minor share of total imports.
From 2012 to 2022, the biggest increases were recorded for Morocco (with a CAGR of +38.9%), while purchases for the other global leaders experienced more modest paces of growth.
In value terms, the United States ($4.5B) 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 taken by Germany ($2B), with a 9.6% share of global imports. It was followed by Mexico, with a 9.2% share.
From 2012 to 2022, the average annual growth rate of value in the United States totaled +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
The average steering wheels and columns import price stood at $15,943 per ton in 2022, leveling off at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 11% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in the near future.
There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($25,633 per ton), while Poland ($9,378 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.
Exports
World Exports of Steering Wheels, Steering Columns And Steering Boxes
In 2022, overseas shipments of steering wheels, steering columns and steering boxes increased by 7.5% to 1.5M tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 14%. The global exports peaked at 1.6M tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.
In value terms, steering wheels and columns exports dropped modestly to $20.2B in 2022. The total export value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 16%. Over the period under review, the global exports reached the peak figure at $23.5B in 2018; however, from 2019 to 2022, the exports failed to regain momentum.
Exports By Country
In 2022, China (362K tons), distantly followed by Mexico (184K tons), Germany (144K tons), South Korea (107K tons), France (106K tons), Poland (80K tons) and the United States (72K tons) represented the major exporters of steering wheels, steering columns and steering boxes, together constituting 69% of total exports. Japan (61K tons), Hungary (41K tons), Thailand (39K tons), the Czech Republic (39K tons), Switzerland (31K tons) and Romania (30K tons) held a little share of total exports.
From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +9.4%), while shipments for the other global leaders experienced more modest paces of growth.
In value terms, China ($2.8B), Germany ($2.8B) and Mexico ($2.7B) were the countries with the highest levels of exports in 2022, together accounting for 41% of global exports.
China, with a CAGR of +9.3%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries 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 $13,096 per ton, declining by -7.1% against the previous year. In general, the export price showed a mild shrinkage. The growth pace was the most rapid in 2018 an increase of 5.6%. The global export price peaked at $15,213 per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Romania ($30,344 per ton), while China ($7,824 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.
This report provides an in-depth analysis of the global market for steering wheels and columns. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 29323067 - Steering wheels, steering columns and steering boxes, parts thereof
Country coverage:
Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:
- USA
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
+ the largest producing countries
Data coverage:
- Global market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Global production, split by region and country
- Global trade (exports and imports)
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
This report provides an in-depth analysis of the global market for steering wheels and columns.
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