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

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

The Nigerien steering wheels and columns market soared to $X in 2022, increasing by 39% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, continues to indicate a noticeable reduction. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports from Nigeria

Steering wheels and columns exports from Nigeria skyrocketed to X tons in 2022, rising by 206% compared with the year before. Over the period under review, exports, however, saw a mild downturn. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, steering wheels and columns exports soared to $X in 2022. In general, exports, however, saw a abrupt descent. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Angola (X tons), Benin (X kg) and Cote d'Ivoire (X kg) were the main destinations of steering wheels and columns exports from Nigeria, with a combined 71% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +81.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) remains the key foreign market for steering wheels, steering columns and steering boxes exports from Nigeria, comprising 62% of total exports. The second position in the ranking was taken by Angola ($X), with an 18% share of total exports. It was followed by Benin, with a 6.3% share.

From 2012 to 2022, the average annual growth rate of value to Cote d'Ivoire was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (+22.6% per year) and Benin (+61.1% per year).

Export Prices by Country

The average steering wheels and columns export price stood at $X per ton in 2022, shrinking by -15.1% against the previous year. Overall, the export price saw a abrupt contraction. The pace of growth was the most pronounced in 2019 an increase of 32% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Egypt ($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 Cote d'Ivoire (+4.2%), while the prices for the other major destinations experienced a decline.

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Imports of Steering Wheels, Steering Columns And Steering Boxes

Imports into Nigeria

In 2022, approx. X tons of steering wheels, steering columns and steering boxes were imported into Nigeria; growing by 10% on the year before. Overall, imports, however, continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2020 when imports increased by 166% against the previous year. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, steering wheels and columns imports soared to $X in 2022. In general, imports showed a relatively flat trend pattern. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of steering wheels and columns to Nigeria, with a 58% share of total imports. Moreover, steering wheels and columns imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), fivefold. India (X tons) ranked third in terms of total imports with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-2.9% per year) and India (+48.9% per year).

In value terms, the largest steering wheels and columns suppliers to Nigeria were China ($X), India ($X) and Germany ($X), together comprising 56% of total imports.

India, with a CAGR of +51.9%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average steering wheels and columns import price amounted to $X per ton, increasing by 74% against the previous year. In general, the import price enjoyed a prominent increase. The most prominent rate of growth was recorded in 2014 an increase of 146% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 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 Germany ($X per ton), while the price for Finland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+211.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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