Guatemala: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Guatemala

The Guatemalan market for tyres for agriculture, forestry, construction, industry and other off the road vehicles skyrocketed to $X in 2022, jumping by 28% 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 strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +79.1% against 2020 indices. Consumption of peaked in 2022 and is likely to see steady growth in the immediate term.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports from Guatemala

In 2022, approx. X units of tyres for agriculture, forestry, construction, industry and other off the road vehicles were exported from Guatemala; rising by 551% compared with the previous year. Overall, exports showed resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles skyrocketed to $X in 2022. Over the period under review, exports showed buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Honduras (X units), Nicaragua (X units) and El Salvador (X units) were the main destinations of exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from Guatemala, with a combined 95% share of total exports. The United States lagged somewhat behind, accounting for a further 2.7%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +30.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Honduras ($X) remains the key foreign market for tyres for agriculture, forestry, construction, industry and other off the road vehicles exports from Guatemala, comprising 53% of total exports. The second position in the ranking was taken by Nicaragua ($X), with an 18% share of total exports. It was followed by the United States, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Honduras amounted to +8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (+0.1% per year) and the United States (+40.1% per year).

Export Prices by Country

In 2022, the average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, reducing by -8.3% against the previous year. Overall, the export price recorded a drastic downturn. The most prominent rate of growth was recorded in 2018 when the average export price increased by 58%. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Nicaragua ($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 Peru (+20.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports into Guatemala

Imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles into Guatemala surged to X units in 2022, growing by 17% against the previous year's figure. Over the period under review, imports enjoyed strong growth. The most prominent rate of growth was recorded in 2021 with an increase of 54% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles skyrocketed to $X in 2022. Overall, imports showed a relatively flat trend pattern. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X units), India (X units) and the United States (X units) were the main suppliers of imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to Guatemala, together comprising 73% of total imports. Sri Lanka, Brazil, South Korea, Mexico and Costa Rica lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +77.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and the United States ($X) appeared to be the largest agricultural, construction and industrial machinery tyre suppliers to Guatemala, with a combined 67% share of total imports. Mexico, Brazil, Sri Lanka, South Korea and Costa Rica lagged somewhat behind, together comprising a further 13%.

Among the main suppliers, South Korea, with a CAGR of +73.1%, saw the highest growth rate of the value of imports, 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 tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $X per unit in 2022, rising by 32% against the previous year. Over the period under review, the import price, however, faced a drastic downturn. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Mexico ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-2.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform