Latin America and the Caribbean: Internal Combustion Engines Market 2024

Internal Combustion Engines Market Size in Latin America and the Caribbean

In 2021, the Latin American internal combustion engines market was finally on the rise to reach $X for the first time since 2013, thus ending a seven-year declining trend. Overall, consumption, however, showed a noticeable downturn. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Internal Combustion Engines Production in Latin America and the Caribbean

In value terms, internal combustion engines production dropped slightly to $X in 2021 estimated in export price. Over the period under review, production saw a pronounced downturn. The most prominent rate of growth was recorded in 2013 with an increase of 24%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

Internal Combustion Engines Exports

Exports in Latin America and the Caribbean

In 2021, exports of motor vehicles compression-ignition internal combustion piston engines in Latin America and the Caribbean skyrocketed to X units, surging by 21% against 2020. The total export volume increased at an average annual rate of +2.0% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, internal combustion engines exports soared to $X in 2021. The total export value increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The level of export peaked at $X in 2019; afterwards, it flattened through to 2021.

Exports by Country

Mexico was the largest exporter of motor vehicles compression-ignition internal combustion piston engines in Latin America and the Caribbean, with the volume of exports reaching X units, which was near 75% of total exports in 2021. It was distantly followed by Argentina (X units) and Brazil (X units), together achieving a 24% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to internal combustion engines exports from Mexico stood at +1.9%. At the same time, Argentina (+9.3%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +9.3% from 2012-2021. Brazil experienced a relatively flat trend pattern. Argentina (+6 p.p.) significantly strengthened its position in terms of the total exports, while Brazil saw its share reduced by -2.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest internal combustion engines supplier in Latin America and the Caribbean, comprising 71% of total exports. The second position in the ranking was held by Argentina ($X), with a 15% share of total exports.

In Mexico, internal combustion engines exports expanded at an average annual rate of +1.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Argentina (+7.6% per year) and Brazil (+0.4% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per unit, approximately equating the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the export price increased by 16%. The level of export peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Brazil ($X per unit), while Mexico ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+1.1%), while the other leaders experienced a decline in the export price figures.

Internal Combustion Engines Imports

Imports in Latin America and the Caribbean

In 2021, supplies from abroad of motor vehicles compression-ignition internal combustion piston engines was finally on the rise to reach X units after two years of decline. The total import volume increased at an average annual rate of +2.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The volume of import peaked at X units in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, internal combustion engines imports surged to $X in 2021. The total import value increased at an average annual rate of +2.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Mexico (X units) represented the largest importer of motor vehicles compression-ignition internal combustion piston engines, committing 58% of total imports. Argentina (X units) took a 19% share (based on physical terms) of total imports, which put it in second place, followed by Brazil (18%). Chile (X units) followed a long way behind the leaders.

Imports into Mexico increased at an average annual rate of +1.8% from 2012 to 2021. At the same time, Chile (+18.5%), Brazil (+5.4%) and Argentina (+2.6%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +18.5% from 2012-2021. From 2012 to 2021, the share of Brazil and Chile increased by +3.8 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported motor vehicles compression-ignition internal combustion piston engines in Latin America and the Caribbean, comprising 80% of total imports. The second position in the ranking was taken by Brazil ($X), with a 9.1% share of total imports. It was followed by Argentina, with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico totaled +3.3%. In the other countries, the average annual rates were as follows: Brazil (+1.1% per year) and Argentina (+2.9% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per unit, declining by -4.7% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the import price increased by 13% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2021, the import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+1.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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