Latin America and the Caribbean: Non-Propelled Vehicle Market 2024

Non-Propelled Vehicle Market Size in Latin America and the Caribbean

In 2021, after two years of growth, there was decline in the Latin American non-propelled vehicle market, when its value decreased by -2.5% to $X. Over the period under review, consumption, however, showed a noticeable curtailment. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Non-Propelled Vehicle Production in Latin America and the Caribbean

In value terms, non-propelled vehicle production fell slightly to $X in 2021 estimated in export price. Over the period under review, production saw a pronounced decrease. The growth pace was the most rapid in 2014 when the production volume increased by 19% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Non-Propelled Vehicle Exports

Exports in Latin America and the Caribbean

For the fourth consecutive year, LatAmerica and the Caribbean recorded growth in overseas shipments of vehicles not mechanically propelled, which increased by 12% to X units in 2021. In general, exports enjoyed strong growth. The growth pace was the most rapid in 2014 with an increase of 30% against the previous year. The volume of export peaked in 2021 and is likely to see steady growth in the near future.

In value terms, non-propelled vehicle exports surged to $X in 2021. Over the period under review, exports saw a resilient increase. The pace of growth appeared the most rapid in 2016 when exports increased by 22% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Exports by Country

Mexico was the largest exporter of vehicles not mechanically propelled in Latin America and the Caribbean, with the volume of exports reaching X units, which was approx. 77% of total exports in 2021. It was distantly followed by Brazil (X units), generating a 16% share of total exports. El Salvador (X units) and Guatemala (X units) followed a long way behind the leaders.

Exports from Mexico increased at an average annual rate of +11.4% from 2012 to 2021. At the same time, Guatemala (+24.5%), Brazil (+22.8%) and El Salvador (+6.5%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +24.5% from 2012-2021. While the share of Brazil (+9.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of El Salvador (-1.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest non-propelled vehicle supplier in Latin America and the Caribbean, comprising 91% of total exports. The second position in the ranking was taken by Brazil ($X), with a 4.2% share of total exports. It was followed by El Salvador, with a 1.1% share.

In Mexico, non-propelled vehicle exports increased at an average annual rate of +12.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Brazil (-5.6% per year) and El Salvador (+5.0% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2021, growing by 8% against the previous year. In general, the export price, however, saw a mild curtailment. The pace of growth was the most pronounced in 2013 when the export price increased by 9.4%. As a result, the export price attained the peak level of $X per unit. From 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: 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 Mexico (+1.3%), while the other leaders experienced a decline in the export price figures.

Non-Propelled Vehicle Imports

Imports in Latin America and the Caribbean

In 2021, supplies from abroad of vehicles not mechanically propelled 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 +3.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, non-propelled vehicle imports surged to $X in 2021. The total import value increased at an average annual rate of +4.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Chile (X units) was the major importer of vehicles not mechanically propelled, constituting 32% of total imports. Mexico (X units) held the second position in the ranking, followed by Peru (X units), Argentina (X units) and Colombia (X units). All these countries together held approx. 40% share of total imports. Brazil (X units), Bolivia (X units), Guatemala (X units), Uruguay (X units), El Salvador (X units), Honduras (X units), Panama (X units) and Costa Rica (X units) took a relatively small share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Peru (with a CAGR of +23.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported vehicles not mechanically propelled in Latin America and the Caribbean, comprising 36% of total imports. The second position in the ranking was held by Chile ($X), with a 14% share of total imports. It was followed by Colombia, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico totaled +7.6%. In the other countries, the average annual rates were as follows: Chile (+1.2% per year) and Colombia (+16.8% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2021, surging by 4.2% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.1%. The pace of growth appeared the most rapid in 2014 an increase of 7.1% against the previous year. The level of import peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was Mexico ($X per unit), while Bolivia ($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 (+10.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :