Latin America and the Caribbean: Market for Steering Wheels, Steering Columns And Steering Boxes 2024

Market Size for Steering Wheels, Steering Columns And Steering Boxes in Latin America and the Caribbean

After two years of growth, the Latin American steering wheels and columns market decreased by -5.7% to $X in 2022. Over the period under review, consumption showed a pronounced contraction. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Production of Steering Wheels, Steering Columns And Steering Boxes in Latin America and the Caribbean

In value terms, steering wheels and columns production rose to $X in 2022 estimated in export price. Overall, production, however, saw a pronounced decrease. The pace of growth was the most pronounced in 2020 with an increase of 13%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

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Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports in Latin America and the Caribbean

In 2022, after two years of decline, there was significant growth in overseas shipments of steering wheels, steering columns and steering boxes, when their volume increased by 28% to X tons. Total exports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, steering wheels and columns exports expanded notably to $X in 2022. Total exports indicated a buoyant increase from 2012 to 2022: its value 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 +26.8% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico dominates exports structure, reaching X tons, which was near 94% of total exports in 2022. It was distantly followed by Brazil (X tons), making up a 5.1% share of total exports.

Mexico was also the fastest-growing in terms of the steering wheels, steering columns and steering boxes exports, with a CAGR of +6.5% from 2012 to 2022. Brazil experienced a relatively flat trend pattern. While the share of Mexico (+4.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Brazil (-4.5 p.p.) displayed negative dynamics.

In value terms, Mexico ($X) remains the largest steering wheels and columns supplier in Latin America and the Caribbean, comprising 95% of total exports. The second position in the ranking was held by Brazil ($X), with a 4.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Mexico amounted to +6.5%.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, which is down by -10.5% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 14% against the previous year. As a result, the export price attained the peak level of $X per ton, and then shrank in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Brazil totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (-0.0%).

Imports of Steering Wheels, Steering Columns And Steering Boxes

Imports in Latin America and the Caribbean

In 2022, purchases abroad of steering wheels, steering columns and steering boxes increased by 4.3% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 25% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, steering wheels and columns imports totaled $X in 2022. The total import value increased at an average annual rate of +2.9% over the period 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 when imports increased by 21% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Mexico (X tons) represented the major importer of steering wheels, steering columns and steering boxes, achieving 71% of total imports. Brazil (X tons) held a 17% share (based on physical terms) of total imports, which put it in second place, followed by Argentina (6.1%).

Mexico was also the fastest-growing in terms of the steering wheels, steering columns and steering boxes imports, with a CAGR of +4.0% from 2012 to 2022. At the same time, Brazil (+3.4%) displayed positive paces of growth. By contrast, Argentina (-2.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Mexico increased by +5.5 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported steering wheels, steering columns and steering boxes in Latin America and the Caribbean, comprising 74% of total imports. The second position in the ranking was held by Brazil ($X), with a 16% share of total imports.

In Mexico, steering wheels and columns imports expanded 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: Brazil (+2.6% per year) and Argentina (-1.5% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, standing approx. at the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the import price increased by 6.4% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Argentina ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+0.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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