Portugal: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in Portugal

In 2021, the Portuguese passenger car tyre market increased by 11% to $X, rising for the second year in a row after two years of decline. In general, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Passenger Car Tyre Production in Portugal

In value terms, passenger car tyre production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2016 with an increase of 77%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Passenger Car Tyre Exports

Exports from Portugal

In 2021, shipments abroad of tyres for motor cars was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 30%. As a result, the exports reached the peak of X units. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, passenger car tyre exports surged to $X in 2021. The total export value increased at an average annual rate of +2.9% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units), Germany (X units) and Spain (X units) were the main destinations of passenger car tyre exports from Portugal, together accounting for 48% of total exports. South Korea, France, Belgium, the UK, Slovakia, Switzerland, Italy, the Czech Republic, the Netherlands and Hungary lagged somewhat behind, together comprising a further 37%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Slovakia (with a CAGR of +25.1%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Germany ($X) and Spain ($X) were the largest markets for passenger car tyre exported from Portugal worldwide, together comprising 50% of total exports. South Korea, France, Belgium, the UK, Switzerland, the Netherlands, Italy, the Czech Republic, Slovakia and Hungary lagged somewhat behind, together accounting for a further 35%.

Among the main countries of destination, Slovakia, with a CAGR of +25.6%, 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

The average passenger car tyre export price stood at $X per unit in 2021, rising by 6.4% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2019 an increase of 7.1%. The export price peaked in 2021 and is likely to continue growth in the near future.

Average prices varied somewhat for the major foreign markets. In 2021, the highest price was recorded for prices to the United States ($X per unit) and Switzerland ($X per unit), while the average price for exports to Spain ($X per unit) and France ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+4.0%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Tyre Imports

Imports into Portugal

In 2021, overseas purchases of tyres for motor cars decreased by -7.5% to X units, falling for the second year in a row after eight years of growth. In general, total imports indicated a moderate expansion from 2012 to 2021: its volume increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -31.0% against 2019 indices. The pace of growth was the most pronounced in 2018 with an increase of 23%. Over the period under review, imports reached the peak figure at X units in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, passenger car tyre imports expanded modestly to $X in 2021. The total import value increased at an average annual rate of +2.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when imports increased by 28%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Spain (X units) constituted the largest passenger car tyre supplier to Portugal, accounting for a 37% share of total imports. Moreover, passenger car tyre imports from Spain exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The Netherlands (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Spain was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+21.6% per year) and the Netherlands (+2.2% per year).

In value terms, Spain ($X) constituted the largest supplier of tyres for motor cars to Portugal, comprising 44% of total imports. The second position in the ranking was held by the Netherlands ($X), with an 8.9% share of total imports. It was followed by Germany, with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-1.1% per year) and Germany (+2.6% per year).

Import Prices by Country

In 2021, the average passenger car tyre import price amounted to $X per unit, growing by 12% against the previous year. In general, the import price, however, continues to indicate a mild slump. The growth pace was the most rapid in 2020 when the average import price increased by 13% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was France ($X per unit), while the price for Poland ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+1.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :