Costa Rica: Market for Equipment For Internal Combustion Engines 2025

Market Size for Equipment For Internal Combustion Engines in Costa Rica

The Costa Rican internal combustion engine equipment market was estimated at $X in 2022, therefore, remained relatively stable 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). Overall, consumption showed a deep contraction. Internal combustion engine equipment consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Exports of Equipment For Internal Combustion Engines

Exports from Costa Rica

In 2022, approx. X units of equipment for internal combustion engines were exported from Costa Rica; which is down by -12.4% on 2021. Overall, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 602% against the previous year. As a result, the exports attained the peak of X units. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, internal combustion engine equipment exports dropped dramatically to $X in 2022. In general, exports saw a deep slump. The pace of growth was the most pronounced in 2016 with an increase of 430% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Nicaragua (X units), Kuwait (X units) and the Dominican Republic (X units) were the main destinations of internal combustion engine equipment exports from Costa Rica, with a combined 52% share of total exports. Brazil, the United States, Canada, Panama, Mexico, Guatemala and Honduras lagged somewhat behind, together accounting for a further 41%.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +36.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Brazil ($X) and the Dominican Republic ($X) were the largest markets for internal combustion engine equipment exported from Costa Rica worldwide, with a combined 49% share of total exports.

The Dominican Republic, with a CAGR of +39.2%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average internal combustion engine equipment export price amounted to $X per unit, falling by -14.9% against the previous year. In general, export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, internal combustion engine equipment export price increased by +72.0% against 2016 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 32% against the previous year. As a result, the export price reached the peak level of $X per unit, and then contracted in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per unit), while the average price for exports to Honduras ($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 the United States (+17.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Equipment For Internal Combustion Engines

Imports into Costa Rica

In 2022, purchases abroad of equipment for internal combustion engines decreased by -14.2% to X units for the first time since 2019, thus ending a two-year rising trend. In general, imports saw a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of 79% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, internal combustion engine equipment imports expanded rapidly to $X in 2022. Over the period under review, imports recorded a pronounced setback. The growth pace was the most rapid in 2018 with an increase of 74% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X units) constituted the largest supplier of internal combustion engine equipment to Costa Rica, with a 51% share of total imports. Moreover, internal combustion engine equipment imports from the United States exceeded the figures recorded by the second-largest supplier, China (X units), twofold. Japan (X units) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to -5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-8.1% per year) and Japan (-14.5% per year).

In value terms, the United States ($X) constituted the largest supplier of equipment for internal combustion engines to Costa Rica, comprising 62% of total imports. The second position in the ranking was taken by Japan ($X), with a 16% share of total imports. It was followed by China, with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-5.8% per year) and China (-1.8% per year).

Import Prices by Country

The average internal combustion engine equipment import price stood at $X per unit in 2022, surging by 25% against the previous year. Over the period under review, the import price enjoyed prominent growth. The most prominent rate of growth was recorded in 2016 an increase of 48% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+19.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform