Northern America: Market for Steering Wheels, Steering Columns And Steering Boxes 2024

Market Size for Steering Wheels, Steering Columns And Steering Boxes in Northern America

The North American steering wheels and columns market totaled $X in 2022, surging by 5.9% against the previous year. The market value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Steering Wheels, Steering Columns And Steering Boxes in Northern America

In value terms, steering wheels and columns production rose sharply to $X in 2022 estimated in export price. The total production indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -7.8% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 45%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

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Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports in Northern America

In 2022, overseas shipments of steering wheels, steering columns and steering boxes decreased by -5% to X tons, falling for the seventh consecutive year after four years of growth. Over the period under review, exports continue to indicate a noticeable decrease. The growth pace was the most rapid in 2013 when exports increased by 23%. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, steering wheels and columns exports dropped to $X in 2022. In general, exports recorded a mild slump. The growth pace was the most rapid in 2013 with an increase of 23% against the previous year. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

The United States represented the key exporter of steering wheels, steering columns and steering boxes in Northern America, with the volume of exports recording X tons, which was near 88% of total exports in 2022. It was distantly followed by Canada (X tons), creating a 12% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to steering wheels and columns exports from the United States stood at -4.6%. Canada (-2.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Canada increased by +2.2 percentage points.

In value terms, the United States ($X) remains the largest steering wheels and columns supplier in Northern America, comprising 91% of total exports. The second position in the ranking was taken by Canada ($X), with an 8.9% share of total exports.

In the United States, steering wheels and columns exports declined by an average annual rate of -1.3% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Northern America amounted to $X per ton, with an increase of 4.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.1%. The pace of growth appeared the most rapid in 2020 when the export price increased by 21% against the previous year. Over the period under review, the export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while Canada amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.5%).

Imports of Steering Wheels, Steering Columns And Steering Boxes

Imports in Northern America

In 2022, approx. X tons of steering wheels, steering columns and steering boxes were imported in Northern America; reducing by -4.6% compared with the year before. Over the period under review, imports saw a noticeable curtailment. The growth pace was the most rapid in 2021 when imports increased by 12% against the previous year. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, steering wheels and columns imports reached $X in 2022. The total import value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 11% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States represented the main importer of steering wheels, steering columns and steering boxes in Northern America, with the volume of imports reaching X tons, which was approx. 79% of total imports in 2022. It was distantly followed by Canada (X tons), achieving a 21% share of total imports.

The United States was also the fastest-growing in terms of the steering wheels, steering columns and steering boxes imports, with a CAGR of -2.6% from 2012 to 2022. Canada (-5.0%) illustrated a downward trend over the same period. While the share of the United States (+4.4 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Canada (-4.4 p.p.) displayed negative dynamics.

In value terms, the United States ($X) constitutes the largest market for imported steering wheels, steering columns and steering boxes in Northern America, comprising 87% of total imports. The second position in the ranking was taken by Canada ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to +2.6%.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2022, growing by 12% against the previous year. Import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +4.4% 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 +63.9% against 2017 indices. The pace of growth was the most pronounced in 2020 when the import price increased by 46% against the previous year. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($X per ton), while Canada stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.3%).

Source: IndexBox Platform

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