Guatemala: Tyre Market 2024

Tyre Market Size in Guatemala

The Guatemalan tyre market expanded to $X in 2022, increasing by X% 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 prominent increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2018 indices. Tyre consumption peaked in 2022 and is expected to retain growth in the immediate term.

Tyre Exports

Exports from Guatemala

In 2022, the amount of tyres exported from Guatemala stood at X units, remaining stable against the year before. Over the period under review, exports showed a modest expansion. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports attained the peak figure at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, tyre exports surged to $X in 2022. Overall, exports showed buoyant growth. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Honduras (X units), El Salvador (X units) and Costa Rica (X units) were the main destinations of tyre exports from Guatemala, together accounting for X% of total exports.

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

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

In terms of the main countries of destination, Costa Rica, with a CAGR of X%, 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 tyre export price stood at $X per unit in 2022, jumping by X% against the previous year. Over the period under review, the export price enjoyed a prominent expansion. The growth pace was the most rapid in 2017 an increase of X% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Peru ($X per unit), while the average price for exports to Mexico ($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 Belize (X%), while the prices for the other major destinations experienced more modest paces of growth.

Tyre Imports

Imports into Guatemala

Tyre imports into Guatemala declined to X units in 2022, which is down by X% against the previous year. Over the period under review, total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2018 indices. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, imports reached the peak of X units, and then fell in the following year.

In value terms, tyre imports amounted to $X in 2022. Overall, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2018 indices. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest tyre supplier to Guatemala, with a X% share of total imports. Moreover, tyre imports from China exceeded the figures recorded by the second-largest supplier, India (X units), ninefold. The third position in this ranking was taken by Japan (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Japan (X% per year).

In value terms, China ($X) constituted the largest supplier of tyres to Guatemala, comprising X% of total imports. The second position in the ranking was taken by India ($X), with a X% share of total imports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual growth rate of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Japan (X% per year).

Import Prices by Country

In 2022, the average tyre import price amounted to $X per unit, rising by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform