Latin America and the Caribbean: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in Latin America and the Caribbean

The Latin American truck and bus tyre market rose significantly to $X in 2022, with an increase of 10% against the previous year. In general, consumption, however, showed a slight contraction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Tyres For Buses Or Lorries in Latin America and the Caribbean

In value terms, truck and bus tyre production shrank slightly to $X in 2022 estimated in export price. Overall, production recorded a deep contraction. The pace of growth was the most pronounced in 2021 with an increase of 1.6% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Tyres For Buses Or Lorries

Exports in Latin America and the Caribbean

In 2022, approx. X units of tyres for buses or lorries were exported in Latin America and the Caribbean; picking up by 16% against the previous year. Total exports indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +3.2% 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 +55.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 35% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, truck and bus tyre exports surged to $X in 2022. In general, exports, however, continue to indicate a mild descent. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Brazil represented the main exporting country with an export of around X units, which finished at 55% of total exports. Mexico (X units) ranks second in terms of the total exports with a 26% share, followed by Costa Rica (7.1%) and Colombia (5.1%). Ecuador (X units) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to truck and bus tyre exports from Brazil stood at +4.0%. At the same time, Mexico (+12.8%) and Costa Rica (+11.9%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +12.8% from 2012-2022. By contrast, Ecuador (-1.5%) and Colombia (-2.7%) illustrated a downward trend over the same period. While the share of Mexico (+15 p.p.), Brazil (+4 p.p.) and Costa Rica (+3.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Colombia (-4.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest truck and bus tyre supplier in Latin America and the Caribbean, comprising 62% of total exports. The second position in the ranking was taken by Mexico ($X), with a 16% share of total exports. It was followed by Costa Rica, with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil was relatively modest. In the other countries, the average annual rates were as follows: Mexico (+8.6% per year) and Costa Rica (+11.1% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2022, picking up by 13% against the previous year. Over the period under review, the export price, however, showed a noticeable setback. Over the period under review, the export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (-0.8%), while the other leaders experienced a decline in the export price figures.

Imports of Tyres For Buses Or Lorries

Imports in Latin America and the Caribbean

In 2022, the amount of tyres for buses or lorries imported in Latin America and the Caribbean surged to X units, with an increase of 16% on the previous year. Total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +3.6% 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 +56.5% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 35%. The volume of import peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, truck and bus tyre imports expanded notably to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 49%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Mexico (X units) was the major importer of tyres for buses or lorries, committing 44% of total imports. Brazil (X units) held a 15% share (based on physical terms) of total imports, which put it in second place, followed by Chile (7.3%) and Peru (6.5%). The following importers - Colombia (X units), Paraguay (X units), Argentina (X units), Guatemala (X units) and Bolivia (X units) - together made up 16% of total imports.

From 2012 to 2022, average annual rates of growth with regard to truck and bus tyre imports into Mexico stood at +6.2%. At the same time, Paraguay (+11.3%), Guatemala (+9.5%), Argentina (+6.9%), Brazil (+6.9%) and Peru (+5.8%) displayed positive paces of growth. Moreover, Paraguay emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +11.3% from 2012-2022. Chile experienced a relatively flat trend pattern. By contrast, Colombia (-2.1%) and Bolivia (-2.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Mexico, Brazil and Paraguay increased by +9.7, +4 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported tyres for buses or lorries in Latin America and the Caribbean, comprising 43% of total imports. The second position in the ranking was taken by Brazil ($X), with a 15% share of total imports. It was followed by Chile, with a 6.3% share.

In Mexico, truck and bus tyre imports increased at an average annual rate of +2.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+3.3% per year) and Chile (-9.0% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2022, which is down by -1.8% against the previous year. In general, the import price showed a perceptible shrinkage. The pace of growth was the most pronounced in 2021 an increase of 11%. Over the period under review, import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Argentina ($X per unit), while Peru ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bolivia (+9.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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