Eastern Asia: Market for Steering Wheels, Steering Columns And Steering Boxes 2024

Market Size for Steering Wheels, Steering Columns And Steering Boxes in Eastern Asia

The East Asian steering wheels and columns market contracted modestly to $X in 2022, flattening at the previous year. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Production of Steering Wheels, Steering Columns And Steering Boxes in Eastern Asia

In value terms, steering wheels and columns production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2016 when the production volume increased by 21%. As a result, production attained 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 in Eastern Asia

In 2022, shipments abroad of steering wheels, steering columns and steering boxes increased by 5.3% to X tons, rising for the second consecutive year after two years of decline. Total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +30.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 24% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, steering wheels and columns exports amounted to $X in 2022. The total export value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 21% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, China (X tons) was the largest exporter of steering wheels, steering columns and steering boxes, committing 67% of total exports. South Korea (X tons) ranks second in terms of the total exports with a 20% share, followed by Japan (11%).

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%) displayed positive paces of growth. By contrast, Japan (-3.9%) illustrated a downward trend over the same period. While the share of China (+19 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Japan (-18.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest steering wheels and columns supplier in Eastern Asia, comprising 61% of total exports. The second position in the ranking was held by Japan ($X), with a 19% share of total exports.

In China, steering wheels and columns exports expanded at an average annual rate of +9.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-6.6% per year) and South Korea (+4.3% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, shrinking by -2.3% against the previous year. Over the period under review, the export price continues to indicate a noticeable reduction. The pace of growth appeared the most rapid in 2016 an increase of 7.9% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.1%), while the other leaders experienced a decline in the export price figures.

Imports of Steering Wheels, Steering Columns And Steering Boxes

Imports in Eastern Asia

In 2022, imports of steering wheels, steering columns and steering boxes in Eastern Asia dropped slightly to X tons, remaining stable against 2021. Overall, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 7.4%. Over the period under review, imports reached the maximum 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 declined to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 18%. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

China represented the key importer of steering wheels, steering columns and steering boxes in Eastern Asia, with the volume of imports resulting at X tons, which was approx. 62% of total imports in 2022. Japan (X tons) held the second position in the ranking, followed by South Korea (X tons). All these countries together held near 33% share of total imports. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to steering wheels and columns imports into China stood at -2.0%. At the same time, South Korea (+4.9%) and Japan (+3.0%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +4.9% from 2012-2022. By contrast, Taiwan (Chinese) (-3.2%) illustrated a downward trend over the same period. While the share of Japan (+5.9 p.p.) and South Korea (+5.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of China (-10 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported steering wheels, steering columns and steering boxes in Eastern Asia, comprising 66% of total imports. The second position in the ranking was held by Japan ($X), with a 17% share of total imports. It was followed by South Korea, with a 13% share.

In China, steering wheels and columns imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+0.7% per year) and South Korea (+5.2% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, falling by -5.6% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 9.4%. As a result, import price reached the peak level of $X per ton, and then dropped in the following year.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in China ($X per ton) and South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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