Colombia: Market for Equipment For Internal Combustion Engines 2024

Market Size for Equipment For Internal Combustion Engines in Colombia

The Colombian internal combustion engine equipment market contracted significantly to $X in 2022, falling by -26.3% 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 showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then shrank markedly in the following year.

Exports of Equipment For Internal Combustion Engines

Exports from Colombia

In 2022, the amount of equipment for internal combustion engines exported from Colombia fell notably to X units, waning by -20.6% against the year before. Overall, exports, however, posted a slight increase. The most prominent rate of growth was recorded in 2014 with an increase of 744% against the previous year. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, internal combustion engine equipment exports declined dramatically to $X in 2022. Over the period under review, exports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 827%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units), Costa Rica (X units) and Ecuador (X units) were the main destinations of internal combustion engine equipment exports from Colombia, together accounting for 69% of total exports. Guatemala, Honduras, El Salvador, Panama and the Dominican Republic lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Honduras (with a CAGR of +44.0%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for equipment for internal combustion engines exports from Colombia, comprising 46% of total exports. The second position in the ranking was taken by Honduras ($X), with a 10% share of total exports. It was followed by Guatemala, with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +23.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (+43.8% per year) and Guatemala (+31.9% per year).

Export Prices by Country

The average internal combustion engine equipment export price stood at $X per unit in 2022, with an increase of 5.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.0%. The growth pace was the most rapid in 2018 an increase of 31%. Over the period under review, the average export prices reached the maximum at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to the Dominican Republic ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+6.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Equipment For Internal Combustion Engines

Imports into Colombia

In 2022, the amount of equipment for internal combustion engines imported into Colombia declined rapidly to X units, which is down by -37.1% against 2021. Over the period under review, imports showed a mild reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 156% against the previous year. As a result, imports attained the peak of X units, and then shrank markedly in the following year.

In value terms, internal combustion engine equipment imports fell markedly to $X in 2022. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 67%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of internal combustion engine equipment to Colombia, accounting for a 77% share of total imports. Moreover, internal combustion engine equipment imports from China exceeded the figures recorded by the second-largest supplier, India (X units), more than tenfold. The United States (X units) ranked third in terms of total imports with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (-0.3% per year) and the United States (-10.3% per year).

In value terms, China ($X), the United States ($X) and Saudi Arabia ($X) appeared to be the largest internal combustion engine equipment suppliers to Colombia, with a combined 61% share of total imports.

In terms of the main suppliers, Saudi Arabia, with a CAGR of +20.3%, 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

In 2022, the average internal combustion engine equipment import price amounted to $X per unit, jumping by 27% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average import price increased by 31%. As a result, import price reached the peak level of $X per unit. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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