Kuwait: Suspension System Market 2024

Suspension System Market Size in Kuwait

After two years of growth, the Kuwaiti suspension system market decreased by X% to $X in 2022. Over the period under review, consumption continues to indicate a temperate expansion. Suspension system consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Suspension System Production in Kuwait

In value terms, suspension system production stood at $X in 2022 estimated in export price. Over the period under review, production showed a modest expansion. The growth pace was the most rapid in 2014 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Suspension System Exports

Exports from Kuwait

In 2022, shipments abroad of suspension systems increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, exports showed a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of X%. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, suspension system exports surged to $X in 2022. Overall, exports recorded buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Iraq (X tons) was the main destination for suspension system exports from Kuwait, with a X% share of total exports. Moreover, suspension system exports to Iraq exceeded the volume sent to the second major destination, Saudi Arabia (X tons), fourfold. The third position in this ranking was held by Singapore (X tons), with a X% share.

From 2013 to 2022, the average annual growth rate of volume to Iraq stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (X% per year) and Singapore (X% per year).

In value terms, Iraq ($X) emerged as the key foreign market for suspension systems exports from Kuwait, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports. It was followed by Saudi Arabia, with a X% share.

From 2013 to 2022, the average annual growth rate of value to Iraq stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

The average suspension system export price stood at $X per ton in 2022, with a decrease of X% against the previous year. Overall, the export price continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Bahrain ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bahrain (X%), while the prices for the other major destinations experienced mixed trend patterns.

Suspension System Imports

Imports into Kuwait

Suspension system imports into Kuwait skyrocketed to X tons in 2022, jumping by X% on 2021. Overall, imports enjoyed a strong expansion. The pace of growth was the most pronounced in 2021 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, suspension system imports expanded sharply to $X in 2022. Over the period under review, total imports indicated a buoyant increase from 2013 to 2022: its value increased at an average annual rate of X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2018 indices. The growth pace was the most rapid in 2019 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

China (X tons), Japan (X tons) and Mexico (X tons) were the main suppliers of suspension system imports to Kuwait, with a combined X% share of total imports. The United States, Thailand, Taiwan (Chinese), Turkey, Spain, Canada, Vietnam, Malaysia, Germany and the United Arab Emirates lagged somewhat behind, together accounting for a further X%.

From 2013 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and the United States ($X) constituted the largest suspension system suppliers to Kuwait, together comprising X% of total imports. Mexico, Thailand, Germany, Taiwan (Chinese), Turkey, Spain, Canada, Vietnam, Malaysia and the United Arab Emirates lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Vietnam, with a CAGR of X%, saw the highest growth rate of 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 suspension system import price stood at $X per ton in 2022, which is down by X% against the previous year. Overall, the import price showed a pronounced curtailment. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 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 Germany ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform