Colombia: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in Colombia

In 2021, the Colombian passenger car tyre market was finally on the rise to reach $X after two years of decline. Over the period under review, the total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -16.9% against 2018 indices. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Passenger Car Tyre Exports

Exports from Colombia

Passenger car tyre exports from Colombia shrank remarkably to X units in 2021, with a decrease of -38.7% compared with the previous year. In general, exports faced a sharp decline. The pace of growth appeared the most rapid in 2017 when exports increased by 47% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, passenger car tyre exports fell markedly to $X in 2021. Over the period under review, exports showed a precipitous decrease. The pace of growth was the most pronounced in 2017 with an increase of 2.1% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Venezuela (X units), Argentina (X units) and Curacao (X units) were the main destinations of passenger car tyre exports from Colombia, with a combined 99.9% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Curacao (with a CAGR of +109.3%), while shipments for the other leaders experienced a decline.

In value terms, Venezuela ($X) emerged as the key foreign market for tyres for motor cars exports from Colombia, comprising 71% of total exports. The second position in the ranking was held by Argentina ($X), with a 15% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Venezuela totaled -20.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (-40.2% per year) and Curacao (+54.1% per year).

Export Prices by Country

In 2021, the average passenger car tyre export price amounted to $X per unit, rising by 33% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 36% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Venezuela ($X per unit), while the average price for exports to Argentina ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+40.0%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Tyre Imports

Imports into Colombia

In 2021, purchases abroad of tyres for motor cars was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 62%. Imports peaked at X units in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, passenger car tyre imports soared to $X in 2021. Over the period under review, imports recorded a relatively flat trend pattern. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of passenger car tyre to Colombia, accounting for a 65% share of total imports. Moreover, passenger car tyre imports from China exceeded the figures recorded by the second-largest supplier, Brazil (X units), more than tenfold. Ecuador (X units) ranked third in terms of total imports with a 3.6% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+1.9% per year) and Ecuador (-11.5% per year).

In value terms, China ($X) constituted the largest supplier of tyres for motor cars to Colombia, comprising 55% of total imports. The second position in the ranking was held by Brazil ($X), with a 6.6% share of total imports. It was followed by Ecuador, with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+0.7% per year) and Ecuador (-9.3% per year).

Import Prices by Country

The average passenger car tyre import price stood at $X per unit in 2021, shrinking by -3.5% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 52% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ecuador (+2.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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