China: Market for Steering Wheels, Steering Columns And Steering Boxes 2024

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

The Chinese steering wheels and columns market declined to $X in 2022, waning by -3.2% against the previous year. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

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

In value terms, steering wheels and columns production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 with an increase of 31%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

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Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports from China

In 2022, overseas shipments of steering wheels, steering columns and steering boxes increased by 10% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports recorded prominent growth. The most prominent rate of growth was recorded in 2021 when exports increased by 32% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, steering wheels and columns exports amounted to $X in 2022. In general, exports posted a prominent increase. The pace of growth appeared the most rapid in 2021 with an increase of 32% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

The United States (X tons), Mexico (X tons) and Thailand (X tons) were the main destinations of steering wheels and columns exports from China, together accounting for 41% of total exports. Canada, South Korea, Brazil, Germany, India, Russia, the United Arab Emirates, Malaysia, Indonesia and Poland lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +34.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for steering wheels, steering columns and steering boxes exports from China, comprising 21% of total exports. The second position in the ranking was taken by Mexico ($X), with a 9.6% share of total exports. It was followed by South Korea, with an 8.3% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+15.4% per year) and South Korea (+9.3% per year).

Export Prices by Country

In 2022, the average steering wheels and columns export price amounted to $X per ton, picking up by 3.6% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average export price increased by 5.7%. As a result, the export price reached the peak level of $X per ton. From 2017 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 South Korea ($X per ton), while the average price for exports to Canada ($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 the United Arab Emirates (+9.2%), 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 China

In 2022, steering wheels and columns imports into China shrank to X tons, declining by -5.5% against the previous year. Overall, imports saw a noticeable reduction. The most prominent rate of growth was recorded in 2013 when imports increased by 10%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, steering wheels and columns imports reduced to $X in 2022. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 22%. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Japan (X tons), Germany (X tons) and South Korea (X tons) were the main suppliers of steering wheels and columns imports to China, together comprising 56% of total imports. Liechtenstein, Hungary, Slovakia, the United States and France lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +34.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Japan ($X) and Hungary ($X) appeared to be the largest steering wheels and columns suppliers to China, together comprising 63% of total imports.

Hungary, with a CAGR of +39.9%, saw 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, which is down by -5.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 12% against the previous year. As a result, import price attained the peak level of $X per ton, and then contracted in the following year.

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 Hungary ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+9.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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