In 2023, the re-import of steering wheels, columns, and boxes for motor vehicles to China was at a comparable level as anticipated in 2024 with 55.62 thousand kilograms. The forecast from 2024 to 2028 indicates a steady decline with a year-on-year drop of approximately 2% as seen from 54.41 in 2025 to 50.91 in 2028, highlighting a decreasing demand or shift in sourcing strategy.
The compound annual growth rate (CAGR) from 2024 to 2028 shows a consistent reduction of around 2% annually. This trend suggests emerging domestic production capabilities or changes in automotive industry requirements.
Future trends to watch for include:
- The potential impact of new trade policies or tariffs on the automotive component sector
- The adaptation to more stringent environmental regulations influencing vehicle part design and materials
- Technological integration in steering components affecting import needs and domestic manufacturing capabilities
