Latin America and the Caribbean: Motor Vehicle Engine Market 2025

Motor Vehicle Engine Market Size in Latin America and the Caribbean

The Latin American motor vehicle engine market totaled $X in 2021, with an increase of 5.3% against the previous year. In general, consumption enjoyed prominent growth. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the immediate term.

Motor Vehicle Engine Production in Latin America and the Caribbean

In value terms, motor vehicle engine production dropped to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of 42%. Over the period under review, production attained the maximum level at $X in 2020, and then shrank in the following year.

Motor Vehicle Engine Exports

Exports in Latin America and the Caribbean

In 2021, overseas shipments of motor vehicle engines (spark-ignition) decreased by -21% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports showed a noticeable downturn. The growth pace was the most rapid in 2019 with an increase of 30%. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, motor vehicle engine exports dropped remarkably to $X in 2021. Overall, exports continue to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2013 when exports increased by 19%. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Mexico was the major exporter of motor vehicle engines (spark-ignition) in Latin America and the Caribbean, with the volume of exports amounting to X tons, which was near 76% of total exports in 2021. It was distantly followed by Brazil (X tons), constituting a 23% share of total exports.

Mexico was also the fastest-growing in terms of the motor vehicle engines (spark-ignition) exports, with a CAGR of -2.8% from 2012 to 2021. Brazil (-4.9%) illustrated a downward trend over the same period. While the share of Mexico (+3.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Brazil (-3.6 p.p.) displayed negative dynamics.

In value terms, Mexico ($X) remains the largest motor vehicle engine supplier in Latin America and the Caribbean, comprising 83% of total exports. The second position in the ranking was taken by Brazil ($X), with a 17% share of total exports.

In Mexico, motor vehicle engine exports remained relatively stable over the period from 2012-2021.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, surging by 6.8% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.2%. The growth pace was the most rapid in 2017 when the export price increased by 13% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Mexico ($X per ton), while Brazil stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+2.7%).

Motor Vehicle Engine Imports

Imports in Latin America and the Caribbean

In 2021, purchases abroad of motor vehicle engines (spark-ignition) increased by 13% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, saw a noticeable reduction. The pace of growth appeared the most rapid in 2017 when imports increased by 15%. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, motor vehicle engine imports rose significantly to $X in 2021. In general, imports, however, saw a mild curtailment. The pace of growth appeared the most rapid in 2017 when imports increased by 20%. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Mexico was the major importing country with an import of around X tons, which finished at 61% of total imports. Brazil (X tons) took a 17% share (based on physical terms) of total imports, which put it in second place, followed by Argentina (9.1%). The following importers - Colombia (X tons), Bolivia (X tons) and Peru (X tons) - together made up 8.5% of total imports.

From 2012 to 2021, average annual rates of growth with regard to motor vehicle engine imports into Mexico stood at -2.8%. At the same time, Peru (+4.8%) and Brazil (+2.9%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +4.8% from 2012-2021. By contrast, Bolivia (-3.4%), Colombia (-6.9%) and Argentina (-8.3%) illustrated a downward trend over the same period. Brazil (+7.1 p.p.) significantly strengthened its position in terms of the total imports, while Colombia and Argentina saw its share reduced by -1.6% and -6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported motor vehicle engines (spark-ignition) in Latin America and the Caribbean, comprising 76% of total imports. The second position in the ranking was taken by Brazil ($X), with a 13% share of total imports. It was followed by Argentina, with a 6.3% share.

In Mexico, motor vehicle engine imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (-0.0% per year) and Argentina (-9.8% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, approximately reflecting the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.0%. The growth pace was the most rapid in 2018 when the import price increased by 5.8%. The level of import peaked in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bolivia (+9.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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