Middle East: Market for Steering Wheels, Steering Columns And Steering Boxes 2024

Market Size for Steering Wheels, Steering Columns And Steering Boxes in the Middle East

The Middle Eastern steering wheels and columns market dropped to $X in 2022, shrinking by -7% against the previous year. The market value increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Steering Wheels, Steering Columns And Steering Boxes in the Middle East

In value terms, steering wheels and columns production contracted to $X in 2022 estimated in export price. In general, production enjoyed a resilient increase. The pace of growth appeared the most rapid in 2018 with an increase of 62% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports in the Middle East

In 2022, steering wheels and columns exports in the Middle East dropped to X tons, leveling off at 2021. Total exports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.9% 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 +13.4% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 35%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, steering wheels and columns exports amounted to $X in 2022. The total export value increased at an average annual rate of +4.8% 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 2013 with an increase of 38% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Turkey (X tons) was the key exporter of steering wheels, steering columns and steering boxes, constituting 84% of total exports. It was distantly followed by the United Arab Emirates (X tons), generating a 13% share of total exports. Israel (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to steering wheels and columns exports from Turkey stood at +5.9%. At the same time, Israel (+22.8%) and the United Arab Emirates (+13.7%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +22.8% from 2012-2022. While the share of the United Arab Emirates (+6.1 p.p.) and Israel (+2.2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Turkey (-7.9 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) remains the largest steering wheels and columns supplier in the Middle East, comprising 89% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 5.4% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey amounted to +4.2%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+10.0% per year) and Israel (+22.7% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, approximately equating the previous year. In general, the export price, however, saw a slight curtailment. The most prominent rate of growth was recorded in 2018 when the export price increased by 13% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Israel ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (-0.0%), while the other leaders experienced a decline in the export price figures.

Imports of Steering Wheels, Steering Columns And Steering Boxes

Imports in the Middle East

In 2022, after three years of growth, there was significant decline in overseas purchases of steering wheels, steering columns and steering boxes, when their volume decreased by -7.9% to X tons. The total import volume increased at an average annual rate of +2.6% 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 2014 with an increase of 16%. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, steering wheels and columns imports shrank to $X in 2022. The total import value increased at an average annual rate of +4.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 20% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Turkey represented the key importer of steering wheels, steering columns and steering boxes in the Middle East, with the volume of imports amounting to X tons, which was approx. 67% of total imports in 2022. The United Arab Emirates (X tons) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by Iran (9.1%). Iraq (X tons) and Israel (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 Turkey stood at +4.0%. At the same time, Iraq (+17.5%), the United Arab Emirates (+8.1%) and Israel (+7.6%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +17.5% from 2012-2022. By contrast, Iran (-3.9%) illustrated a downward trend over the same period. While the share of Turkey (+8.6 p.p.), the United Arab Emirates (+6.5 p.p.) and Iraq (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Iran (-8.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported steering wheels, steering columns and steering boxes in the Middle East, comprising 76% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 11% share of total imports. It was followed by Iran, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey stood at +6.1%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+6.6% per year) and Iran (-3.8% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, remaining stable against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2013 when the import price increased by 10%. The level of import peaked at $X per ton in 2021, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Turkey ($X per ton), while Iraq ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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