Panama: Special Vehicle Body Market 2024

Special Vehicle Body Market Size in Panama

In 2022, the Panamanian special vehicle body market increased by X% to $X, rising for the second year in a row after three years of decline. The market 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. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Special Vehicle Body Production in Panama

In value terms, special vehicle body production reached $X in 2022 estimated in export price. Over the period under review, the total production indicated a pronounced expansion from 2012 to 2022: its value 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, production increased by X% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Special Vehicle Body Exports

Exports from Panama

After two years of growth, overseas shipments of bodies for special purpose motor vehicles decreased by X% to X units in 2022. In general, exports recorded a pronounced setback. The most prominent rate of growth was recorded in 2016 when exports increased by X%. As a result, the exports attained the peak of X units. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, special vehicle body exports dropped notably to $X in 2022. Over the period under review, exports recorded a notable increase. The growth pace was the most rapid in 2021 with an increase of X%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Guatemala (X units), Bolivia (X units) and Colombia (X units) were the main destinations of special vehicle body exports from Panama, together comprising X% of total exports.

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

In value terms, Venezuela ($X) remains the key foreign market for bodies for special purpose motor vehicles exports from Panama, comprising X% of total exports. The second position in the ranking was held by Guatemala ($X), with a X% share of total exports. It was followed by the Dominican Republic, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Venezuela amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (X% per year) and the Dominican Republic (X% per year).

Export Prices by Country

The average special vehicle body export price stood at $X per unit in 2022, falling by X% against the previous year. Overall, the export price, however, saw a strong increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Venezuela ($X per unit), while the average price for exports to Chile ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (X%), while the prices for the other major destinations experienced more modest paces of growth.

Special Vehicle Body Imports

Imports into Panama

In 2022, the amount of bodies for special purpose motor vehicles imported into Panama soared to X units, growing by X% compared with the year before. Over the period under review, imports enjoyed a significant increase. The growth pace was the most rapid in 2017 when imports increased by X%. Over the period under review, imports reached the peak figure at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, special vehicle body imports surged to $X in 2022. In general, imports showed a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Sweden (X units) constituted the largest supplier of special vehicle body to Panama, accounting for a X% share of total imports. Moreover, special vehicle body imports from Sweden exceeded the figures recorded by the second-largest supplier, Costa Rica (X units), threefold. The third position in this ranking was taken by Mexico (X units), with an X% share.

From 2012 to 2022, the average annual growth rate of volume from Sweden totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (X% per year) and Mexico (X% per year).

In value terms, Sweden ($X) constituted the largest supplier of bodies for special purpose motor vehicles to Panama, comprising X% of total imports. The second position in the ranking was held by Mexico ($X), with a X% share of total imports. It was followed by Turkey, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Sweden stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (X% per year) and Turkey (X.8% per year).

Import Prices by Country

In 2022, the average special vehicle body import price amounted to $X per unit, increasing by X% against the previous year. Over the period under review, the import price saw a significant expansion. The pace of growth appeared the most rapid in 2017 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per unit. From 2018 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Brazil ($X per unit), while the price for Costa Rica ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform