Guatemala: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in Guatemala

In 2022, the Guatemalan truck and bus tyre market increased by 0.3% to $X, rising for the fourth consecutive year after two years of decline. Over the period under review, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +8.3% 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 +54.5% against 2018 indices. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the immediate term.

Exports of Tyres For Buses Or Lorries

Exports from Guatemala

Truck and bus tyre exports from Guatemala soared to X units in 2022, surging by 23% on the previous year's figure. In general, exports recorded a buoyant expansion. The growth pace was the most rapid in 2021 with an increase of 121%. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in the near future.

In value terms, truck and bus tyre exports surged to $X in 2022. Overall, exports saw resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by 127% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Honduras (X units), El Salvador (X units) and Belize (X units) were the main destinations of truck and bus tyre exports from Guatemala, with a combined 91% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Belize (with a CAGR of +59.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for truck and bus tyre exported from Guatemala were Honduras ($X), El Salvador ($X) and Belize ($X), together comprising 91% of total exports.

Among the main countries of destination, Belize, with a CAGR of +60.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average truck and bus tyre export price stood at $X per unit in 2022, surging by 9.3% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 24%. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see steady growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Belize ($X per unit) and El Salvador ($X per unit), while the average price for exports to Nicaragua ($X per unit) and Costa Rica ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Peru (+4.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Buses Or Lorries

Imports into Guatemala

After three years of growth, purchases abroad of tyres for buses or lorries decreased by -1.6% to X units in 2022. Overall, imports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 36%. Imports peaked at X units in 2021, and then shrank slightly in the following year.

In value terms, truck and bus tyre imports stood at $X in 2022. In general, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +8.0% 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 +58.6% against 2018 indices. The pace of growth was the most pronounced in 2021 when imports increased by 41% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest supplier of truck and bus tyre to Guatemala, accounting for a 76% share of total imports. Moreover, truck and bus tyre imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), more than tenfold. Costa Rica (X units) ranked third in terms of total imports with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +22.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+28.5% per year) and Costa Rica (+4.5% per year).

In value terms, China ($X) constituted the largest supplier of tyres for buses or lorries to Guatemala, comprising 76% of total imports. The second position in the ranking was taken by Thailand ($X), with a 4.6% share of total imports. It was followed by Costa Rica, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +20.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+26.6% per year) and Costa Rica (+3.0% per year).

Import Prices by Country

In 2022, the average truck and bus tyre import price amounted to $X per unit, surging by 2.9% against the previous year. In general, the import price, however, continues to indicate a slight contraction. The pace of growth appeared the most rapid in 2018 an increase of 20%. Over the period under review, average import prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from South Korea ($X per unit) and India ($X per unit), while the price for Thailand ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform