Sri Lanka: Market for Steering Wheels, Steering Columns And Steering Boxes 2024

Market Size for Steering Wheels, Steering Columns And Steering Boxes in Sri Lanka

The Sri Lankan steering wheels and columns market contracted remarkably to $X in 2022, waning by -24.2% 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). Over the period under review, consumption, however, enjoyed a prominent expansion. As a result, consumption reached the peak level of $X, and then shrank sharply in the following year.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports from Sri Lanka

Steering wheels and columns exports from Sri Lanka skyrocketed to X tons in 2022, growing by 212% compared with the previous year. Overall, exports, however, continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2015 with an increase of 434% against the previous year. Over the period under review, the exports attained the maximum 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 declined markedly to $X in 2022. In general, exports, however, continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2017 when exports increased by 642%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Japan (X kg), Maldives (X kg) and the United Arab Emirates (X kg) were the main destinations of steering wheels and columns exports from Sri Lanka, with a combined 96% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +204.5%), while the other leaders experienced more modest paces of growth.

In value terms, Maldives ($X) remains the key foreign market for steering wheels, steering columns and steering boxes exports from Sri Lanka, comprising 59% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 14% share of total exports. It was followed by Japan, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Maldives totaled +26.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+33.3% per year) and Japan (0.0% per year).

Export Prices by Country

The average steering wheels and columns export price stood at $X per ton in 2022, which is down by -73.6% against the previous year. In general, the export price recorded a abrupt slump. The pace of growth was the most pronounced in 2013 when the average export price increased by 80%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to Japan ($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 Maldives (-6.0%), while the prices for the other major destinations experienced a decline.

Imports of Steering Wheels, Steering Columns And Steering Boxes

Imports into Sri Lanka

In 2022, the amount of steering wheels, steering columns and steering boxes imported into Sri Lanka shrank to X tons, reducing by -14.7% compared with the previous year. In general, imports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 113%. As a result, imports attained the peak of X tons, and then fell in the following year.

In value terms, steering wheels and columns imports contracted significantly to $X in 2022. Overall, imports, however, saw a buoyant expansion. The growth pace was the most rapid in 2021 when imports increased by 95% against the previous year. As a result, imports reached the peak of $X, and then contracted dramatically in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest steering wheels and columns supplier to Sri Lanka, with a 77% share of total imports. Moreover, steering wheels and columns imports from India exceeded the figures recorded by the second-largest supplier, Japan (X tons), ninefold. The third position in this ranking was held by China (X tons), with an 8.2% share.

From 2012 to 2022, the average annual growth rate of volume from India totaled +34.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-4.5% per year) and China (-0.9% per year).

In value terms, India ($X), Japan ($X) and China ($X) appeared to be the largest steering wheels and columns suppliers to Sri Lanka, together accounting for 84% of total imports. Indonesia lagged somewhat behind, accounting for a further 3.2%.

In terms of the main suppliers, Indonesia, with a CAGR of +158.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average steering wheels and columns import price stood at $X per ton in 2022, reducing by -18.2% against the previous year. Overall, the import price continues to indicate a deep contraction. The pace of growth was the most pronounced in 2019 an increase of 15%. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for India ($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 (+3.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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