Panama: Market for Tyres For Motorcycles or Bicycles 2024

Market Size for Tyres For Motorcycles or Bicycles in Panama

In 2022, the Panamanian motorcycle or bicycle tyre market decreased by X% to $X, falling for the fourth consecutive year after four years of growth. In general, consumption, however, showed a measured increase. Motorcycle or bicycle tyre consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Production of Tyres For Motorcycles or Bicycles in Panama

In value terms, motorcycle or bicycle tyre production contracted to $X in 2022 estimated in export price. Overall, production, however, recorded a notable increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Exports of Tyres For Motorcycles or Bicycles

Exports from Panama

Motorcycle or bicycle tyre exports from Panama reduced slightly to X units in 2022, remaining relatively unchanged against the previous year. Over the period under review, exports showed a abrupt curtailment. The pace of growth was the most pronounced in 2013 when exports increased by X%. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, motorcycle or bicycle tyre exports reached $X in 2022. Overall, exports showed a perceptible decline. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Belize (X units), Haiti (X units) and Cuba (X units) were the main destinations of motorcycle or bicycle tyre exports from Panama, together comprising X% of total exports.

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

In value terms, the largest markets for motorcycle or bicycle tyre exported from Panama were Haiti ($X), Cuba ($X) and Nicaragua ($X), with a combined X% share of total exports.

Among the main countries of destination, Cuba, with a CAGR of X%, saw the highest growth rate of 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

The average motorcycle or bicycle tyre export price stood at $X per unit in 2022, remaining stable against the previous year. Over the period under review, the export price enjoyed a remarkable increase. The growth pace was the most rapid in 2016 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Colombia ($X per unit), while the average price for exports to Belize ($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.

Imports of Tyres For Motorcycles or Bicycles

Imports into Panama

In 2022, purchases abroad of tyres for motorcycles or bicycles decreased by X% to X units, falling for the second year in a row after two years of growth. Over the period under review, imports recorded a abrupt descent. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, motorcycle or bicycle tyre imports rose rapidly to $X in 2022. In general, imports saw a deep slump. The pace of growth appeared the most rapid in 2016 when imports increased by X%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Free Zones (X units) constituted the largest motorcycle or bicycle tyre supplier to Panama, accounting for a X% share of total imports. Moreover, motorcycle or bicycle tyre imports from Free Zones exceeded the figures recorded by the second-largest supplier, China (X units), more than tenfold. The third position in this ranking was taken by Taiwan (Chinese) (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Free Zones amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Taiwan (Chinese) (X% per year).

In value terms, China ($X), Free Zones ($X) and Taiwan (Chinese) ($X) appeared to be the largest motorcycle or bicycle tyre suppliers to Panama, together accounting for X% of total imports.

In terms of the main suppliers, Free Zones, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average motorcycle or bicycle tyre import price amounted to $X per unit, growing by X% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform