Guatemala: Market for Diesel Engines (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Diesel Engines (Other Than For Motor Vehicles And Aircraft) in Guatemala

The Guatemalan market for diesel engines (other than for motor vehicles and aircraft) skyrocketed to $X in 2022, surging by 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, consumption showed a prominent increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Exports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Exports from Guatemala

In 2022, shipments abroad of diesel engines (other than for motor vehicles and aircraft) decreased by 0% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, exports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of 150% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, exports of diesel engines (other than for motor vehicles and aircraft) reduced sharply to $X in 2022. Over the period under review, exports continue to indicate resilient growth. The pace of growth appeared the most rapid in 2016 with an increase of 217%. Over the period under review, the exports of attained the peak figure at $X in 2021, and then contracted dramatically in the following year.

Exports by Country

Costa Rica (X units) was the main destination for exports of diesel engines (other than for motor vehicles and aircraft) from Guatemala, with a 50% share of total exports. Moreover, exports of diesel engines (other than for motor vehicles and aircraft) to Costa Rica exceeded the volume sent to the second major destination, El Salvador (X units), threefold. Honduras (X units) ranked third in terms of total exports with a 15% share.

From 2012 to 2022, the average annual growth rate of volume to Costa Rica amounted to +31.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (+25.9% per year) and Honduras (+24.6% per year).

In value terms, the largest markets for diesel engines (other than for motor vehicles and aircraft) exported from Guatemala were El Salvador ($X), Honduras ($X) and the Dominican Republic ($X), together accounting for 81% of total exports.

Honduras, with a CAGR of +181.6%, 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

In 2022, the average export price for diesel engines (other than for motor vehicles and aircraft) amounted to $X per unit, dropping by -44% against the previous year. Over the period under review, the export price showed a pronounced decline. The most prominent rate of growth was recorded in 2021 an increase of 34% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was El Salvador ($X per unit), while the average price for exports to Costa Rica ($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 Honduras (+126.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Imports into Guatemala

In 2022, purchases abroad of diesel engines (other than for motor vehicles and aircraft) increased by 82% to X units, rising for the fifth year in a row after two years of decline. Over the period under review, imports posted significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of diesel engines (other than for motor vehicles and aircraft) skyrocketed to $X in 2022. Overall, total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.3% 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 +74.6% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Mexico (X units) constituted the largest diesel engines (other than for motor vehicles and aircraft) supplier to Guatemala, accounting for a 32% share of total imports. Moreover, imports of diesel engines (other than for motor vehicles and aircraft) from Mexico exceeded the figures recorded by the second-largest supplier, Italy (X units), twofold. The United States (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Mexico totaled +35.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+83.2% per year) and the United States (+27.4% per year).

In value terms, the largest diesel engines (other than for motor vehicles and aircraft) suppliers to Guatemala were China ($X), India ($X) and Mexico ($X), together comprising 55% of total imports. The United States, France, South Korea, Italy, Japan and Germany lagged somewhat behind, together accounting for a further 34%.

France, with a CAGR of +72.9%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for diesel engines (other than for motor vehicles and aircraft) stood at $X per unit in 2022, which is down by -21.5% against the previous year. Over the period under review, the import price showed a abrupt descent. The growth pace was the most rapid in 2016 when the average import price increased by 28%. The import price peaked at $X per unit in 2012; however, from 2013 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 China ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+7.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform