Latin America and the Caribbean: Suspension System Market 2024

Suspension System Market Size in Latin America and the Caribbean

In 2022, after two years of growth, there was decline in the Latin American suspension system market, when its value decreased by -1.9% to $X. The market value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2021, and then dropped in the following year.

Suspension System Production in Latin America and the Caribbean

In value terms, suspension system production expanded to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 17% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Suspension System Exports

Exports in Latin America and the Caribbean

Suspension system exports skyrocketed to X tons in 2022, picking up by 26% against 2021. Total exports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +7.0% 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 +45.3% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, suspension system exports skyrocketed to $X in 2022. Total exports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +7.2% 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 +51.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 26% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

Mexico was the largest exporter of suspension systems in Latin America and the Caribbean, with the volume of exports resulting at X tons, which was near 85% of total exports in 2022. It was distantly followed by Brazil (X tons), creating an 11% share of total exports. Argentina (X tons) held a little share of total exports.

Mexico was also the fastest-growing in terms of the suspension systems exports, with a CAGR of +9.3% from 2012 to 2022. Brazil experienced a relatively flat trend pattern. Argentina (-3.5%) illustrated a downward trend over the same period. While the share of Mexico (+17 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Argentina (-5 p.p.) and Brazil (-9.5 p.p.) displayed negative dynamics.

In value terms, Mexico ($X) remains the largest suspension system supplier in Latin America and the Caribbean, comprising 90% of total exports. The second position in the ranking was taken by Brazil ($X), with a 7.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico totaled +9.7%. In the other countries, the average annual rates were as follows: Brazil (-2.6% per year) and Argentina (-4.4% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, shrinking by -4.8% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 9.5% against the previous year. As a result, the export price attained the peak level of $X per ton, and then dropped slightly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, 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.

Suspension System Imports

Imports in Latin America and the Caribbean

Suspension system imports rose rapidly to X tons in 2022, surging by 12% against the previous year. Total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.1% 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 +53.1% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 36% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, suspension system imports rose rapidly to $X in 2022. The total import value increased at an average annual rate of +4.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 36% 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.

Imports by Country

In 2022, Mexico (X tons) represented the main importer of suspension systems, making up 59% of total imports. Brazil (X tons) held a 19% share (based on physical terms) of total imports, which put it in second place, followed by Argentina (6.6%). Chile (X tons), Colombia (X tons) and Guatemala (X tons) held a minor share of total imports.

Imports into Mexico increased at an average annual rate of +5.6% from 2012 to 2022. At the same time, Guatemala (+11.8%), Chile (+10.8%), Brazil (+6.1%) and Colombia (+4.6%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +11.8% from 2012-2022. Argentina experienced a relatively flat trend pattern. While the share of Mexico (+2.9 p.p.) and Brazil (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Argentina (-3.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported suspension systems in Latin America and the Caribbean, comprising 67% of total imports. The second position in the ranking was held by Brazil ($X), with a 13% share of total imports. It was followed by Argentina, with a 5.8% share.

In Mexico, suspension system imports increased at an average annual rate of +4.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+6.0% per year) and Argentina (+0.0% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, picking up by 2% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 4.5%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+0.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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