The Motor Vehicles Steering Wheels, Columns and Boxes market in China, measured in US Dollars per capita, showed a substantial growth from 2013 to 2023. It grew from 7.34 in 2013 to 11.64 in 2023, reflecting a significant increase over the decade. Notably, the market registered a decline in 2020 but quickly rebounded, achieving a strong recovery by 2023. The year-on-year growth between 2021 and 2022 was 7.86%, followed by a 2.38% increase between 2022 and 2023. The Compound Annual Growth Rate (CAGR) from 2018 to 2023 was approximately 1.32%, indicating steady trend over this period.
Looking ahead, it's crucial to monitor advancements in smart steering technologies and the increasing integration of advanced driver-assistance systems (ADAS). The shift towards electric vehicles (EVs) may also drive demand for more complex and technically sophisticated steering solutions. Growing environmental concerns and regulations could influence market dynamics, potentially impacting future growth trajectories.
| # | 28 Countries | US Dollars Per Capita | Last Year | |||
|---|---|---|---|---|---|---|
| 1 | 1 Sweden | 70.35 | 2023 | View data | ||
| 2 | 2 Spain | 68.51 | 2023 | View data | ||
| 3 | 3 United Kingdom | 54.15 | 2023 | View data | ||
| 4 | 4 Italy | 42.56 | 2023 | View data | ||
| 5 | 5 Japan | 42.03 | 2023 | View data | ||
| 6 | 6 Belgium | 38.19 | 2023 | View data | ||
| 7 | 7 South Korea | 28.13 | 2023 | View data | ||
| 8 | 8 China | 11.64 | 2023 | |||
| 9 | 9 Estonia | 10.51 | 2023 | View data | ||
| 10 | 10 Norway | 9.71 | 2023 | View data | ||
