Latin America and the Caribbean: 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 Latin America and the Caribbean

The Latin American market for tyres for agriculture, forestry, construction, industry and other off the road vehicles declined remarkably to $X in 2022, with a decrease of -26% against the previous year. The total consumption indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.7% 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 +60.3% against 2020 indices. As a result, consumption reached the peak level of $X, and then fell dramatically in the following year.

Production of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Latin America and the Caribbean

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles rose modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by 29%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

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

Exports in Latin America and the Caribbean

In 2022, overseas shipments of tyres for agriculture, forestry, construction, industry and other off the road vehicles increased by 10% to X units, rising for the second year in a row after two years of decline. Total exports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +19.9% against 2020 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 44%. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles hit record highs at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles soared to $X in 2022. Over the period under review, exports, however, showed a mild decrease. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Brazil prevails in vehicles structure, reaching X units, which was near 70% of total exports in 2022. Argentina (X units) took the second position in the ranking, followed by Panama (X units) and Mexico (X units). All these countries together took near 21% share of total exports. The following exporters - Costa Rica (X units) and Chile (X units) - each finished at a 6.2% share of total exports.

Brazil was also the fastest-growing in terms of the tyres for agriculture, forestry, construction, industry and other off the road vehicles exports, with a CAGR of +10.5% from 2012 to 2022. At the same time, Panama (+8.6%) displayed positive paces of growth. By contrast, Argentina (-1.7%), Costa Rica (-2.2%), Mexico (-8.1%) and Chile (-10.4%) illustrated a downward trend over the same period. Brazil (+33 p.p.) and Panama (+2.4 p.p.) significantly strengthened its position in terms of the total exports, while Costa Rica, Argentina, Chile and Mexico saw its share reduced by -2.5%, -6.1%, -10.1% and -14.1% from 2012 to 2022, respectively.

In value terms, Brazil ($X) remains the largest agricultural, construction and industrial machinery tyre supplier in Latin America and the Caribbean, comprising 85% of total exports. The second position in the ranking was taken by Chile ($X), with a 4.6% share of total exports. It was followed by Mexico, with a 3.1% share.

In Brazil, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles declined by an average annual rate of -1.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Chile (-5.9% per year) and Mexico (-0.0% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2022, picking up by 21% against the previous year. In general, the export price, however, showed a deep setback. The pace of growth appeared the most rapid in 2019 when the export price increased by 27% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Chile ($X per unit), while Argentina ($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 (+8.8%), while the other leaders experienced mixed trends in the export price figures.

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

Imports in Latin America and the Caribbean

In 2022, approx. X units of tyres for agriculture, forestry, construction, industry and other off the road vehicles were imported in Latin America and the Caribbean; increasing by 15% against the year before. Total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.3% 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 +92.4% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 67% against the previous year. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the maximum 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 surged to $X in 2022. Total imports indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% 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 +72.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 35%. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Brazil (X units) and Mexico (X units) were the largest importers of tyres for agriculture, forestry, construction, industry and other off the road vehicles in Latin America and the Caribbean, together amounting to approx. 74% of total imports. It was distantly followed by Bolivia (X units), generating a 14% share of total imports. The following importers - Argentina (X units), Chile (X units) and Peru (X units) - together made up 7.4% of total imports.

From 2012 to 2022, the biggest increases were recorded for Bolivia (with a CAGR of +16.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest agricultural, construction and industrial machinery tyre importing markets in Latin America and the Caribbean were Mexico ($X), Brazil ($X) and Chile ($X), with a combined 69% share of total imports. Peru, Argentina and Bolivia lagged somewhat behind, together comprising a further 17%.

In terms of the main importing countries, Argentina, with a CAGR of +8.2%, recorded 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

In 2022, the import price in Latin America and the Caribbean amounted to $X per unit, with an increase of 11% against the previous year. Overall, the import price, however, saw a pronounced contraction. The growth pace was the most rapid in 2018 an increase of 13%. Over the period under review, import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Chile ($X per unit), while Bolivia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+4.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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