Dominican Republic: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in the Dominican Republic

The Dominican truck and bus tyre market skyrocketed to $X in 2022, growing by 24% 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, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +79.5% against 2020 indices. Truck and bus tyre consumption peaked in 2022 and is expected to retain growth in the near future.

Exports of Tyres For Buses Or Lorries

Exports from the Dominican Republic

In 2022, approx. X units of tyres for buses or lorries were exported from the Dominican Republic; waning by -8.8% compared with 2021. Over the period under review, exports continue to indicate a noticeable shrinkage. The pace of growth was the most pronounced in 2013 with an increase of 283% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, truck and bus tyre exports declined to $X in 2022. In general, exports, however, posted measured growth. The growth pace was the most rapid in 2013 with an increase of 284%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Haiti (X units) was the main destination for truck and bus tyre exports from the Dominican Republic, accounting for a approx. 99% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Haiti stood at +5.1%.

In value terms, Haiti ($X) also remains the key foreign market for tyres for buses or lorries exports from the Dominican Republic.

From 2012 to 2022, the average annual rate of growth in terms of value to Haiti stood at +12.6%.

Export Prices by Country

In 2022, the average truck and bus tyre export price amounted to $X per unit, increasing by 8.5% against the previous year. Overall, the export price showed strong growth. The growth pace was the most rapid in 2021 an increase of 63% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

As there is only one major export destination, the average price level is determined by prices for Haiti.

From 2012 to 2022, the rate of growth in terms of prices for Haiti amounted to +7.1% per year.

Imports of Tyres For Buses Or Lorries

Imports into the Dominican Republic

In 2022, approx. X units of tyres for buses or lorries were imported into the Dominican Republic; with an increase of 15% on 2021 figures. The total import volume increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when imports increased by 23%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, truck and bus tyre imports skyrocketed to $X in 2022. Over the period under review, total imports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +87.9% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 49%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest truck and bus tyre supplier to the Dominican Republic, accounting for a 55% share of total imports. Moreover, truck and bus tyre imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), threefold. Japan (X units) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+13.4% per year) and Japan (-3.7% per year).

In value terms, China ($X) constituted the largest supplier of tyres for buses or lorries to the Dominican Republic, comprising 68% of total imports. The second position in the ranking was taken by Japan ($X), with an 11% share of total imports. It was followed by Thailand, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-5.1% per year) and Thailand (+6.4% per year).

Import Prices by Country

In 2022, the average truck and bus tyre import price amounted to $X per unit, surging by 9.1% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 25% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2017; however, from 2018 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 the United States ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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