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

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

In 2022, the Kuwaiti steering wheels and columns market decreased by -11.3% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, continues to indicate a perceptible expansion. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports from Kuwait

In 2022, shipments abroad of steering wheels, steering columns and steering boxes decreased by -17.1% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, posted prominent growth. The most prominent rate of growth was recorded in 2015 with an increase of 2,962% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, steering wheels and columns exports declined significantly to $X in 2022. Over the period under review, exports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 1,888% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for steering wheels and columns exports from Kuwait, with a 54% share of total exports. Moreover, steering wheels and columns exports to the United Arab Emirates exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. Malaysia (X kg) ranked third in terms of total exports with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to +37.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+57.7% per year) and Malaysia (-6.9% per year).

In value terms, Malaysia ($X), the Netherlands ($X) and the United Arab Emirates ($X) were the largest markets for steering wheels and columns exported from Kuwait worldwide, together comprising 83% of total exports. Saudi Arabia, Egypt, Austria, Hong Kong SAR and Iran lagged somewhat behind, together comprising a further 12%.

Austria, with a CAGR of +58.5%, recorded the highest rates of growth with regard to the value of exports, among 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, reducing by -13.8% against the previous year. Overall, the export price, however, showed a measured increase. The most prominent rate of growth was recorded in 2017 an increase of 80%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2021, and then declined in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Iran ($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 Malaysia (+24.8%), while the prices for the other major destinations experienced more modest paces of growth.

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Imports of Steering Wheels, Steering Columns And Steering Boxes

Imports into Kuwait

After two years of growth, overseas purchases of steering wheels, steering columns and steering boxes decreased by -8.9% to X tons in 2022. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 57% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, steering wheels and columns imports contracted to $X in 2022. In general, imports, however, enjoyed measured growth. The growth pace was the most rapid in 2014 with an increase of 62%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest steering wheels and columns supplier to Kuwait, with a 50% share of total imports. Moreover, steering wheels and columns imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. China (X tons) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-0.9% per year) and China (-2.2% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of steering wheels, steering columns and steering boxes to Kuwait, comprising 47% of total imports. The second position in the ranking was taken by Japan ($X), with a 19% share of total imports. It was followed by China, with a 5% share.

From 2012 to 2022, the average annual growth rate of value from the United Arab Emirates stood at +14.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-4.5% per year) and China (+9.2% per year).

Import Prices by Country

The average steering wheels and columns import price stood at $X per ton in 2022, reducing by -4.1% against the previous year. Overall, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, steering wheels and columns import price increased by +24.0% against 2018 indices. The pace of growth appeared the most rapid in 2016 an increase of 57% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Taiwan (Chinese) ($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 (+11.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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