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

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

The Finnish steering wheels and columns market declined significantly to $X in 2022, which is down by -24.2% against the previous year. In general, consumption, however, saw a prominent increase. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

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

In value terms, steering wheels and columns production declined dramatically to $X in 2022 estimated in export price. In general, production, however, posted significant growth. The growth pace was the most rapid in 2018 when the production volume increased by 274%. Steering wheels and columns production peaked at $X in 2021, and then fell dramatically in the following year.

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Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports from Finland

Steering wheels and columns exports from Finland fell markedly to X tons in 2022, reducing by -26.1% against 2021 figures. Overall, exports recorded a perceptible setback. The pace of growth was the most pronounced in 2020 when exports increased by 50%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, steering wheels and columns exports dropped significantly to $X in 2022. Over the period under review, exports recorded a slight decrease. The pace of growth appeared the most rapid in 2020 when exports increased by 33%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Russia (X tons) was the main destination for steering wheels and columns exports from Finland, with a 33% share of total exports. Moreover, steering wheels and columns exports to Russia exceeded the volume sent to the second major destination, Sweden (X tons), twofold. The third position in this ranking was held by Cameroon (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Russia amounted to -6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (-1.0% per year) and Cameroon (+162.1% per year).

In value terms, the largest markets for steering wheels and columns exported from Finland were Russia ($X), Estonia ($X) and Sweden ($X), with a combined 52% share of total exports. Norway, Latvia, Belgium, Canada, Germany, the UK, Cameroon and the United States lagged somewhat behind, together accounting for a further 32%.

Cameroon, with a CAGR of +121.3%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other 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, growing by 7.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.5%. The growth pace was the most rapid in 2018 when the average export price increased by 30% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Norway ($X per ton), while the average price for exports to Cameroon ($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 Estonia (+11.0%), 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 Finland

In 2022, approx. X tons of steering wheels, steering columns and steering boxes were imported into Finland; reducing by -12.4% compared with 2021 figures. Over the period under review, imports, however, showed a buoyant increase. The growth pace was the most rapid in 2014 when imports increased by 108% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, steering wheels and columns imports contracted rapidly to $X in 2022. In general, imports, however, continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2014 with an increase of 106%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Germany (X tons) constituted the largest steering wheels and columns supplier to Finland, with a 42% share of total imports. Moreover, steering wheels and columns imports from Germany exceeded the figures recorded by the second-largest supplier, the Czech Republic (X tons), twofold. The third position in this ranking was taken by Romania (X tons), with an 18% share.

From 2012 to 2022, the average annual growth rate of volume from Germany amounted to +26.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+62.3% per year) and Romania (+119.9% per year).

In value terms, Germany ($X) constituted the largest supplier of steering wheels, steering columns and steering boxes to Finland, comprising 44% of total imports. The second position in the ranking was held by Romania ($X), with a 19% share of total imports. It was followed by the Czech Republic, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at +21.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+122.7% per year) and the Czech Republic (+49.0% per year).

Import Prices by Country

The average steering wheels and columns import price stood at $X per ton in 2022, which is down by -15.5% against the previous year. In general, the import price showed a perceptible contraction. The most prominent rate of growth was recorded in 2017 an increase of 14%. Over the period under review, average import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while the price for the Czech Republic ($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 (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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