Ecuador: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in Ecuador

The Ecuadorian passenger car tyre market surged to $X in 2021, jumping by 49% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Passenger Car Tyre Production in Ecuador

In value terms, passenger car tyre production fell to $X in 2021 estimated in export price. Overall, production recorded a measured increase. The pace of growth appeared the most rapid in 2015 with an increase of 21%. Passenger car tyre production peaked at $X in 2020, and then reduced in the following year.

Passenger Car Tyre Exports

Exports from Ecuador

In 2021, overseas shipments of tyres for motor cars increased by 17% to X units for the first time since 2017, thus ending a three-year declining trend. In general, exports, however, continue to indicate a noticeable decline. The growth pace was the most rapid in 2016 when exports increased by 56%. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, passenger car tyre exports soared to $X in 2021. Overall, exports, however, continue to indicate a mild curtailment. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for passenger car tyre exports from Ecuador, with a 51% share of total exports. Moreover, passenger car tyre exports to the United States exceeded the volume sent to the second major destination, Colombia (X units), threefold. The third position in this ranking was held by Venezuela (X units), with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +68.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-9.9% per year) and Venezuela (-17.6% per year).

In value terms, the United States ($X) remains the key foreign market for tyres for motor cars exports from Ecuador, comprising 51% of total exports. The second position in the ranking was taken by Colombia ($X), with a 20% share of total exports. It was followed by Venezuela, with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +70.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-9.0% per year) and Venezuela (-16.8% per year).

Export Prices by Country

The average passenger car tyre export price stood at $X per unit in 2021, with an increase of 17% against the previous year. Over the period under review, export price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, passenger car tyre export price increased by +76.7% against 2016 indices. The most prominent rate of growth was recorded in 2019 an increase of 24%. Over the period under review, the average export prices hit record highs in 2021 and is likely to see gradual growth in years to come.

Average prices varied noticeably for the major overseas markets. In 2021, the highest price was recorded for prices to Mexico ($X per unit) and Bolivia ($X per unit), while the average price for exports to Venezuela ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+1.1%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Tyre Imports

Imports into Ecuador

In 2021, the amount of tyres for motor cars imported into Ecuador skyrocketed to X units, jumping by 44% against the previous year's figure. Over the period under review, total imports indicated a prominent expansion from 2012 to 2021: its volume 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, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, passenger car tyre imports soared to $X in 2021. In general, total imports indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, 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 Ecuador, accounting for a 67% share of total imports. Moreover, passenger car tyre imports from China exceeded the figures recorded by the second-largest supplier, Mexico (X units), sixfold. The third position in this ranking was taken by Thailand (X units), with a 5.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +13.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+7.5% per year) and Thailand (+5.4% per year).

In value terms, China ($X) constituted the largest supplier of tyres for motor cars to Ecuador, comprising 55% of total imports. The second position in the ranking was taken by Mexico ($X), with a 13% share of total imports. It was followed by Thailand, with a 6.6% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+6.2% per year) and Thailand (+4.6% per year).

Import Prices by Country

The average passenger car tyre import price stood at $X per unit in 2021, picking up by 19% against the previous year. In general, the import price, however, saw a perceptible slump. Over the period under review, average import prices hit record highs at $X per unit in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: 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 2021, the most notable rate of growth in terms of prices was attained by the United States (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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