Latin America and the Caribbean: Road Wheel Market 2025

Road Wheel Market Size in Latin America and the Caribbean

The Latin American road wheel market contracted to $X in 2022, dropping by -5.6% against the previous year. Over the period under review, consumption recorded a noticeable decrease. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Road Wheel Production in Latin America and the Caribbean

In value terms, road wheel production declined slightly to $X in 2022 estimated in export price. Overall, production recorded a perceptible slump. The most prominent rate of growth was recorded in 2018 with an increase of 11% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Road Wheel Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of road wheels were exported in Latin America and the Caribbean; with an increase of 28% compared with 2021 figures. The total export volume increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, road wheel exports skyrocketed to $X in 2022. Total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.7% 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 +60.9% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 36%. The level of export peaked in 2022 and is likely to continue growth in the immediate term.

Exports by Country

In 2022, Mexico (X tons) represented the major exporter of road wheels, committing 84% of total exports. It was distantly followed by Brazil (X tons), constituting a 14% share of total exports.

Mexico was also the fastest-growing in terms of the road wheels exports, with a CAGR of +6.6% from 2012 to 2022. Brazil (-4.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Mexico increased by +21 percentage points.

In value terms, Mexico ($X) remains the largest road wheel supplier in Latin America and the Caribbean, comprising 89% of total exports. The second position in the ranking was held by Brazil ($X), with a 9.2% share of total exports.

In Mexico, road wheel exports expanded at an average annual rate of +8.7% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, shrinking by -7.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.0%. The most prominent rate of growth was recorded in 2021 when the export price increased by 26%. As a result, the export price attained the peak level of $X per ton, and then declined in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+2.6%).

Road Wheel Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of road wheels increased by 6.7% to X tons, rising for the second consecutive year after three years of decline. The total import volume increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 38% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

In value terms, road wheel imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +3.2% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 43%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Mexico was the major importer of road wheels in Latin America and the Caribbean, with the volume of imports resulting at X tons, which was near 55% of total imports in 2022. Brazil (X tons) held the second position in the ranking, followed by Argentina (X tons). All these countries together took approx. 29% share of total imports. The following importers - Colombia (X tons), Chile (X tons) and Peru (X tons) - each reached a 9.1% share of total imports.

Mexico was also the fastest-growing in terms of the road wheels imports, with a CAGR of +3.4% from 2012 to 2022. At the same time, Peru (+2.0%), Argentina (+1.5%) and Colombia (+1.3%) displayed positive paces of growth. Brazil and Chile experienced a relatively flat trend pattern. Mexico (+11 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported road wheels in Latin America and the Caribbean, comprising 63% of total imports. The second position in the ranking was held by Brazil ($X), with a 14% share of total imports. It was followed by Argentina, with an 11% share.

In Mexico, road wheel imports expanded at an average annual rate of +4.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+4.4% per year) and Argentina (+2.2% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, with an increase of 13% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Mexico ($X per ton), while Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+4.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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