Latin America and the Caribbean: Tyre Market 2024

Tyre Market Size in Latin America and the Caribbean

The Latin American tyre market expanded rapidly to $X in 2022, with an increase of X% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the maximum level in 2022 and is likely to continue growth in years to come.

Tyre Production in Latin America and the Caribbean

In value terms, tyre production totaled $X in 2022 estimated in export price. Overall, production recorded a mild setback. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Tyre Exports

Exports in Latin America and the Caribbean

Tyre exports totaled X units in 2022, almost unchanged from 2021. The total export volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, tyre exports soared to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Mexico was the main exporting country with an export of around X units, which reached X% of total exports. Brazil (X units) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Chile (X%) and Costa Rica (X%). Peru (X units), Panama (X units) and Ecuador (X units) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Mexico (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Brazil ($X) and Chile ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

Among the main exporting countries, Mexico, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per unit, picking up by X% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

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

Tyre Imports

Imports in Latin America and the Caribbean

In 2022, the amount of tyres imported in Latin America and the Caribbean rose modestly to X units, picking up by X% against the previous year. Total imports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of X%. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, tyre imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, Mexico (X units) represented the main importer of tyres, making up X% of total imports. It was distantly followed by Brazil (X units), Colombia (X units) and Argentina (X units), together comprising a X% share of total imports. The following importers - Chile (X units), Peru (X units), Bolivia (X units), Ecuador (X units) and Paraguay (X units) - together made up X% of total imports.

From 2012 to 2022, the biggest increases were recorded for Bolivia (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico stood at X%. In the other countries, the average annual rates were as follows: Brazil (X% per year) and Chile (X% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per unit, surging by X% against the previous year. Overall, the import price, however, saw a noticeable setback. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a 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 Chile ($X per unit), while Bolivia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Paraguay (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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