Latin America and the Caribbean: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in Latin America and the Caribbean

In 2021, the Latin American passenger car tyre market was finally on the rise to reach $X after three years of decline. In general, consumption, however, continues to indicate a mild setback. The level of consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Passenger Car Tyre Production in Latin America and the Caribbean

In value terms, passenger car tyre production declined modestly to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 7.3%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Passenger Car Tyre Exports

Exports in Latin America and the Caribbean

In 2021, passenger car tyre exports in Latin America and the Caribbean skyrocketed to X units, with an increase of 20% on 2020 figures. The total export volume increased at an average annual rate of +3.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, passenger car tyre exports surged to $X in 2021. The total export value increased at an average annual rate of +2.0% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico was the major exporting country with an export of around X units, which recorded 53% of total exports. It was distantly followed by Brazil (X units), Chile (X units), Peru (X units) and Costa Rica (X units), together constituting a 42% share of total exports. Panama (X units) followed a long way behind the leaders.

Exports from Mexico increased at an average annual rate of +8.1% from 2012 to 2021. At the same time, Peru (+9.8%), Brazil (+2.7%) and Chile (+2.4%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +9.8% from 2012-2021. Costa Rica experienced a relatively flat trend pattern. By contrast, Panama (-5.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mexico and Peru increased by +17 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest passenger car tyre supplier in Latin America and the Caribbean, comprising 56% of total exports. The second position in the ranking was held by Brazil ($X), with a 19% share of total exports. It was followed by Chile, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico amounted to +6.7%. In the other countries, the average annual rates were as follows: Brazil (-0.3% per year) and Chile (-0.6% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2021, rising by 9% against the previous year. Overall, the export price, however, continues to indicate a mild curtailment. The level of export peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Panama ($X per unit), while Peru ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+2.2%), while the other leaders experienced a decline in the export price figures.

Passenger Car Tyre Imports

Imports in Latin America and the Caribbean

In 2021, imports of tyres for motor cars in Latin America and the Caribbean soared to X units, jumping by 31% compared with 2020 figures. In general, imports continue to indicate a relatively flat trend pattern. The volume of import peaked at X units in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, passenger car tyre imports surged to $X in 2021. Overall, imports, however, recorded a mild reduction. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Mexico (X units) and Brazil (X units) were the key importers of tyres for motor cars in 2021, reaching near 35% and 26% of total imports, respectively. Colombia (X units) held the next position in the ranking, followed by Chile (X units), Ecuador (X units) and Argentina (X units). All these countries together held approx. 21% share of total imports. Peru (X units) held a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Peru (with a CAGR of +8.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported tyres for motor cars in Latin America and the Caribbean, comprising 42% of total imports. The second position in the ranking was held by Brazil ($X), with a 17% share of total imports. It was followed by Chile, with a 6.7% share.

From 2012 to 2021, the average annual growth rate of value in Mexico was relatively modest. In the other countries, the average annual rates were as follows: Brazil (-3.1% per year) and Chile (+7.2% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2021, growing by 7.5% against the previous year. Overall, the import price, however, recorded a slight decline. Over the period under review, import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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