Latin America and the Caribbean: Transportation Vehicle Body Market 2025

Transportation Vehicle Body Market Size in Latin America and the Caribbean

The Latin American transportation vehicle body market declined slightly to $X in 2022, approximately equating the previous year. In general, consumption, however, posted a buoyant expansion. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Transportation Vehicle Body Production in Latin America and the Caribbean

In value terms, transportation vehicle body production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, showed a prominent increase. The pace of growth appeared the most rapid in 2013 with an increase of 36%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Transportation Vehicle Body Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of bodies for motor vehicles for the transporting people increased by 28% to X units, rising for the second consecutive year after two years of decline. Overall, exports, however, saw a drastic downturn. The growth pace was the most rapid in 2021 when exports increased by 153% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, transportation vehicle body exports declined markedly to $X in 2022. In general, exports, however, recorded a precipitous setback. The growth pace was the most rapid in 2019 when exports increased by 31% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Brazil (X units) represented the key exporter of bodies for motor vehicles for the transporting people, constituting 72% of total exports. Colombia (X units) held a 15% share (based on physical terms) of total exports, which put it in second place, followed by Mexico (7.4%). Argentina (X units) took a little share of total exports.

Exports from Brazil increased at an average annual rate of +47.6% from 2012 to 2022. At the same time, Colombia (+57.0%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +57.0% from 2012-2022. By contrast, Mexico (-22.3%) and Argentina (-27.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Brazil and Colombia increased by +72 and +15 percentage points, respectively.

In value terms, the largest transportation vehicle body supplying countries in Latin America and the Caribbean were Argentina ($X), Brazil ($X) and Mexico ($X), together accounting for 77% of total exports. Colombia lagged somewhat behind, accounting for a further 4.9%.

Among the main exporting countries, Colombia, with a CAGR of +36.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per unit, reducing by -39.6% against the previous year. In general, the export price continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2019 when the export price increased by 55% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Argentina ($X per unit), while Colombia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+3.5%), while the other leaders experienced a decline in the export price figures.

Transportation Vehicle Body Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of bodies for motor vehicles for the transporting people was finally on the rise to reach X units for the first time since 2017, thus ending a four-year declining trend. Over the period under review, imports, however, continue to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2014 when imports increased by 58% against the previous year. Over the period under review, imports reached the maximum at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, transportation vehicle body imports soared to $X in 2022. In general, imports, however, recorded a abrupt decline. The pace of growth was the most pronounced in 2016 with an increase of 65%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Mexico represented the key importer of bodies for motor vehicles for the transporting people in Latin America and the Caribbean, with the volume of imports reaching X units, which was approx. 50% of total imports in 2022. Brazil (X units) took the second position in the ranking, distantly followed by Chile (X units). All these countries together took near 33% share of total imports. The following importers - Bahamas (X units), Colombia (X units), Trinidad and Tobago (X units) and the Dominican Republic (X units) - together made up 12% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Chile (with a CAGR of +64.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) constitutes the largest market for imported bodies for motor vehicles for the transporting people in Latin America and the Caribbean, comprising 64% of total imports. The second position in the ranking was taken by Mexico ($X), with a 20% share of total imports. It was followed by Trinidad and Tobago, with a 2.7% share.

In Brazil, transportation vehicle body imports decreased by an average annual rate of -11.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Mexico (+18.3% per year) and Trinidad and Tobago (-7.8% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2022, remaining constant against the previous year. Over the period under review, the import price, however, continues to indicate a deep reduction. The most prominent rate of growth was recorded in 2018 when the import price increased by 63%. The level of import peaked at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($X per unit), while Chile ($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 (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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