Sri Lanka: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in Sri Lanka

The Sri Lankan truck and bus tyre market reduced to $X in 2022, dropping by -9.9% against the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Production of Tyres For Buses Or Lorries in Sri Lanka

In value terms, truck and bus tyre production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 21% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Tyres For Buses Or Lorries

Exports from Sri Lanka

Truck and bus tyre exports from Sri Lanka fell notably to X units in 2022, which is down by -50.1% against 2021 figures. Overall, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2014 when exports increased by 52% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, truck and bus tyre exports fell notably to $X in 2022. In general, exports saw a abrupt curtailment. The growth pace was the most rapid in 2014 when exports increased by 57%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The Philippines (X units) was the main destination for truck and bus tyre exports from Sri Lanka, with a 69% share of total exports. Moreover, truck and bus tyre exports to the Philippines exceeded the volume sent to the second major destination, Pakistan (X units), fivefold. The third position in this ranking was held by Egypt (X units), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines totaled +13.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+16.7% per year) and Egypt (-12.7% per year).

In value terms, the Philippines ($X) remains the key foreign market for tyres for buses or lorries exports from Sri Lanka, comprising 80% of total exports. The second position in the ranking was held by Pakistan ($X), with an 8.9% share of total exports. It was followed by Egypt, with a 6.3% share.

From 2012 to 2022, the average annual growth rate of value to the Philippines stood at +13.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+10.7% per year) and Egypt (-16.8% per year).

Export Prices by Country

The average truck and bus tyre export price stood at $X per unit in 2022, with an increase of 68% against the previous year. In general, the export price, however, recorded a perceptible slump. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Philippines ($X per unit), while the average price for exports to Egypt ($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 the Philippines (-0.0%), while the prices for the other major destinations experienced a decline.

Imports of Tyres For Buses Or Lorries

Imports into Sri Lanka

Truck and bus tyre imports into Sri Lanka dropped sharply to X units in 2022, falling by -59.2% on the year before. Overall, imports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2021 when imports increased by 229%. Imports peaked at X units in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, truck and bus tyre imports reduced sharply to $X in 2022. Over the period under review, imports recorded a perceptible reduction. The pace of growth appeared the most rapid in 2021 with an increase of 202% against the previous year. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), India (X units) and Taiwan (Chinese) (X units) were the main suppliers of truck and bus tyre imports to Sri Lanka, with a combined 85% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +16.4%), while imports for the other leaders experienced mixed trend patterns.

In value terms, China ($X), India ($X) and Thailand ($X) were the largest truck and bus tyre suppliers to Sri Lanka, together accounting for 91% of total imports.

Thailand, with a CAGR of +1.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average truck and bus tyre import price stood at $X per unit in 2022, rising by 15% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The pace of growth was the most pronounced in 2014 when the average import price increased by 20%. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average import prices failed to regain momentum.

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 China ($X per unit), while the price for Taiwan (Chinese) ($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 (+6.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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