Guatemala: Market for Equipment For Internal Combustion Engines 2024

Market Size for Equipment For Internal Combustion Engines in Guatemala

The Guatemalan internal combustion engine equipment market surged to $X in 2022, jumping by 25% 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 resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.4% 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 +83.9% against 2020 indices. Over the period under review, the market reached the peak level in 2022 and is likely to see gradual growth in years to come.

Exports of Equipment For Internal Combustion Engines

Exports from Guatemala

In 2022, shipments abroad of equipment for internal combustion engines decreased by -7.1% to X units for the first time since 2019, thus ending a two-year rising trend. In general, exports recorded a noticeable downturn. The most prominent rate of growth was recorded in 2014 with an increase of 187%. Over the period under review, the exports reached the maximum at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, internal combustion engine equipment exports soared to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when exports increased by 146%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

El Salvador (X units) was the main destination for internal combustion engine equipment exports from Guatemala, with a 60% share of total exports. Moreover, internal combustion engine equipment exports to El Salvador exceeded the volume sent to the second major destination, Mexico (X units), threefold. The third position in this ranking was held by Honduras (X units), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to El Salvador totaled -1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+16.3% per year) and Honduras (-0.4% per year).

In value terms, Mexico ($X) remains the key foreign market for equipment for internal combustion engines exports from Guatemala, comprising 76% of total exports. The second position in the ranking was held by El Salvador ($X), with a 14% share of total exports. It was followed by Honduras, with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Mexico stood at +37.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (-10.3% per year) and Honduras (-0.3% per year).

Export Prices by Country

The average internal combustion engine equipment export price stood at $X per unit in 2022, surging by 40% against the previous year. In general, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +4.7% 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 +136.1% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 49% against the previous year. The export price peaked in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per unit), while the average price for exports to El Salvador ($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 Mexico (+18.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Equipment For Internal Combustion Engines

Imports into Guatemala

In 2022, supplies from abroad of equipment for internal combustion engines increased by 25% to X units, rising for the second consecutive year after four years of decline. Overall, total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.8% 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 +92.3% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 54%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

In value terms, internal combustion engine equipment imports soared to $X in 2022. In general, imports saw a prominent increase. The pace of growth was the most pronounced in 2021 with an increase of 43% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest internal combustion engine equipment supplier to Guatemala, with a 65% share of total imports. Moreover, internal combustion engine equipment imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), fivefold. Japan (X units) ranked third in terms of total imports with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +20.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+1.3% per year) and Japan (-5.9% per year).

In value terms, China ($X) constituted the largest supplier of equipment for internal combustion engines to Guatemala, comprising 66% of total imports. The second position in the ranking was held by Japan ($X), with an 8.6% share of total imports. It was followed by the United States, with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +30.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+6.0% per year) and the United States (-9.6% per year).

Import Prices by Country

In 2022, the average internal combustion engine equipment import price amounted to $X per unit, leveling off at the previous year. Overall, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +4.7% 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 import price decreased by -7.6% against 2019 indices. The growth pace was the most rapid in 2015 an increase of 46%. The import price peaked at $X per unit in 2019; however, from 2020 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 Taiwan (Chinese) ($X per unit), while the price for the United States ($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 (+29.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform