Latin America and the Caribbean: Market for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) in Latin America and the Caribbean

In 2021, the Latin American market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) in Latin America and the Caribbean

In value terms, production of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) surged to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a deep setback. Over the period under review, production of reached the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Exports in Latin America and the Caribbean

Exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) contracted to X tons in 2021, shrinking by -13.1% on 2020 figures. Over the period under review, exports continue to indicate a deep downturn. The pace of growth appeared the most rapid in 2020 with an increase of 62%. The volume of export peaked at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) fell to $X in 2021. Overall, exports faced a abrupt decrease. The most prominent rate of growth was recorded in 2020 when exports increased by 34%. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Mexico was the largest exporting country with an export of about X tons, which resulted at 56% of total exports. Brazil (X tons) ranks second in terms of the total exports with a 12% share, followed by Colombia (6.6%). The following exporters - Guatemala (X tons), Chile (X tons), Suriname (X tons), the Dominican Republic (X tons), Peru (X tons) and El Salvador (X tons) - together made up 16% of total exports.

Exports from Mexico decreased at an average annual rate of -20.5% from 2012 to 2021. At the same time, Suriname (+29.7%), El Salvador (+18.2%), Colombia (+13.9%), the Dominican Republic (+10.9%), Brazil (+6.2%), Guatemala (+4.0%), Peru (+3.7%) and Chile (+2.0%) displayed positive paces of growth. Moreover, Suriname emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +29.7% from 2012-2021. While the share of Brazil (+11 p.p.), Colombia (+6.2 p.p.), Guatemala (+3.8 p.p.), Chile (+3.2 p.p.), Suriname (+2.2 p.p.), the Dominican Republic (+1.8 p.p.), El Salvador (+1.7 p.p.) and Peru (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Mexico (-34 p.p.) displayed negative dynamics.

In value terms, Mexico ($X) remains the largest internal combustion engine (excl. diesel, moto vehicle and aircraft) supplier in Latin America and the Caribbean, comprising 66% of total exports. The second position in the ranking was held by Brazil ($X), with a 6.5% share of total exports. It was followed by Colombia, with a 6.1% share.

In Mexico, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) shrank by an average annual rate of -20.3% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (-3.0% per year) and Colombia (+8.2% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, increasing by 6.1% against the previous year. Overall, the export price, however, recorded a mild downturn. The most prominent rate of growth was recorded in 2017 when the export price increased by 16% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+0.3%), while the other leaders experienced a decline in the export price figures.

Imports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Imports in Latin America and the Caribbean

In 2021, approx. X tons of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) were imported in Latin America and the Caribbean; jumping by 39% compared with the year before. The total import volume increased at an average annual rate of +4.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) soared to $X in 2021. The total import value increased at an average annual rate of +2.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Mexico (X tons) was the key importer of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft), creating 40% of total imports. Brazil (X tons) ranks second in terms of the total imports with a 23% share, followed by Colombia (8.4%), Peru (7.7%) and Argentina (6.7%). The following importers - Guatemala (X tons) and Chile (X tons) - each amounted to a 4.6% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Colombia (with a CAGR of +11.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) in Latin America and the Caribbean, comprising 46% of total imports. The second position in the ranking was taken by Brazil ($X), with a 19% share of total imports. It was followed by Argentina, with a 7.4% share.

In Mexico, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) increased at an average annual rate of +7.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Brazil (+2.1% per year) and Argentina (-2.3% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, shrinking by -5.2% against the previous year. Overall, the import price showed a slight setback. The most prominent rate of growth was recorded in 2015 when the import price increased by 3.5%. Over the period under review, import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Chile ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+0.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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