Dominican Republic: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in the Dominican Republic

The Dominican passenger car tyre market skyrocketed to $X in 2021, with an increase of 67% 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 a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Passenger Car Tyre Exports

Exports from the Dominican Republic

After three years of growth, shipments abroad of tyres for motor cars decreased by -44% to X units in 2021. In general, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2019 with an increase of 304%. The exports peaked at X units in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, passenger car tyre exports shrank significantly to $X in 2021. Overall, exports showed a noticeable setback. The pace of growth appeared the most rapid in 2019 with an increase of 214% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Haiti (X units) was the main destination for passenger car tyre exports from the Dominican Republic, with a 63% share of total exports. Moreover, passenger car tyre exports to Haiti exceeded the volume sent to the second major destination, Cuba (X units), fourfold. Panama (X units) ranked third in terms of total exports with a 9.4% share.

From 2012 to 2021, the average annual growth rate of volume to Haiti totaled -8.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (+13.7% per year) and Panama (+32.3% per year).

In value terms, Uruguay ($X), Haiti ($X) and Panama ($X) appeared to be the largest markets for passenger car tyre exported from the Dominican Republic worldwide, together comprising 92% of total exports.

Panama, with a CAGR of +35.9%, saw the highest growth rate of the value of exports, among 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

The average passenger car tyre export price stood at $X per unit in 2021, with an increase of 46% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.8%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Uruguay ($X per unit), while the average price for exports to Cuba ($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 Panama (+2.7%), while the prices for the other major destinations experienced a decline.

Passenger Car Tyre Imports

Imports into the Dominican Republic

In 2021, approx. X units of tyres for motor cars were imported into the Dominican Republic; growing by 52% compared with 2020 figures. Overall, total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports reached the maximum at X units in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, passenger car tyre imports soared to $X in 2021. The total import value increased at an average annual rate of +4.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest supplier of passenger car tyre to the Dominican Republic, accounting for a 53% share of total imports. Moreover, passenger car tyre imports from China exceeded the figures recorded by the second-largest supplier, Costa Rica (X units), fourfold. The third position in this ranking was taken by the United States (X units), with a 5.1% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +13.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (+6.8% per year) and the United States (-7.2% per year).

In value terms, China ($X) constituted the largest supplier of tyres for motor cars to the Dominican Republic, comprising 55% of total imports. The second position in the ranking was taken by Costa Rica ($X), with a 16% share of total imports. It was followed by Japan, with a 7.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +12.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (+6.7% per year) and Japan (-4.8% per year).

Import Prices by Country

The average passenger car tyre import price stood at $X per unit in 2021, with an increase of 11% against the previous year. Over the period under review, the import price, however, saw a mild descent. The pace of growth was the most pronounced in 2018 an increase of 37%. The import price peaked at $X per unit in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+3.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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