Latin America and the Caribbean: Motor Vehicle Engine Market 2024

Motor Vehicle Engine Market Size in Latin America and the Caribbean

In 2022, the Latin American motor vehicle engine market increased by X% to $X, rising for the sixth year in a row after two years of decline. Overall, consumption continues to indicate a resilient increase. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in years to come.

Motor Vehicle Engine Production in Latin America and the Caribbean

In value terms, motor vehicle engine production amounted to $X in 2022 estimated in export price. The total production indicated resilient growth 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 decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Motor Vehicle Engine Exports

Exports in Latin America and the Caribbean

Motor vehicle engine exports surged to X units in 2022, picking up by X% on the previous year's figure. Over the period under review, exports, however, continue to indicate a mild decline. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, motor vehicle engine exports skyrocketed to $X in 2022. In general, exports continue to indicate a relatively flat trend pattern. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Mexico represented the largest exporting country with an export of around X units, which amounted to X% of total exports. It was distantly followed by Brazil (X units), constituting a X% share of total exports.

Mexico experienced a relatively flat trend pattern with regard to volume of exports of motor vehicle engines (spark-ignition). Brazil (X%) illustrated a downward trend over the same period. While the share of Mexico (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Brazil (X p.p.) displayed negative dynamics.

In value terms, Mexico ($X) remains the largest motor vehicle engine supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Brazil ($X), with a X% share of total exports.

In Mexico, motor vehicle engine exports increased at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2022, picking up by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2017 an increase of X%. The level of export peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($X per unit), while Brazil amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (X%).

Motor Vehicle Engine Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of motor vehicle engines (spark-ignition) increased by X% to X units, rising for the second consecutive year after two years of decline. Overall, imports saw notable growth. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, motor vehicle engine imports surged to $X in 2022. The total import 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 in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico represented the major importer of motor vehicle engines (spark-ignition) in Latin America and the Caribbean, with the volume of imports amounting to X units, which was near X% of total imports in 2022. Colombia (X units) took the second position in the ranking, followed by Brazil (X units), Argentina (X units) and Peru (X units). All these countries together held approx. X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to motor vehicle engine imports into Mexico stood at X%. At the same time, Colombia (X%), Peru (X%) and Brazil (X%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Argentina (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Colombia and Peru increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported motor vehicle engines (spark-ignition) in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was held by Brazil ($X), with a X% share of total imports. It was followed by Argentina, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico amounted to X%. In the other countries, the average annual rates were as follows: Brazil (X% per year) and Argentina (X% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per unit, leveling off at the previous year. Overall, the import price saw a mild slump. The pace of growth appeared the most rapid in 2016 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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