Latin America and the Caribbean: Snow Motor Vehicle Market 2023

Snow Motor Vehicle Market Size in Latin America and the Caribbean

In 2021, after two years of decline, there was significant growth in the Latin American snow motor vehicle market, when its value increased by 26% to $X. In general, consumption, however, continues to indicate a abrupt curtailment. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Snow Motor Vehicle Production in Latin America and the Caribbean

In value terms, snow motor vehicle production shrank modestly to $X in 2021 estimated in export price. The total production indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +74.4% against 2014 indices. The pace of growth was the most pronounced in 2015 with an increase of 35% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then fell slightly in the following year.

Snow Motor Vehicle Exports

Exports in Latin America and the Caribbean

For the third consecutive year, LatAmerica and the Caribbean recorded growth in overseas shipments of motor vehicles for travelling on snow or golf cars, which increased by 3.3% to X units in 2021. In general, exports posted a pronounced increase. The pace of growth appeared the most rapid in 2017 when exports increased by 99% against the previous year. The volume of export peaked in 2021 and is likely to see steady growth in the near future.

In value terms, snow motor vehicle exports rose significantly to $X in 2021. Overall, exports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2019 with an increase of 50%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

In 2021, Mexico (X units) was the main exporter of motor vehicles for travelling on snow or golf cars in Latin America and the Caribbean, comprising 100% of total export.

Mexico was also the fastest-growing in terms of the motor vehicles for travelling on snow or golf cars exports, with a CAGR of +4.3% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) also remains the largest snow motor vehicle supplier in Latin America and the Caribbean.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico stood at +12.6%.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2021, with an increase of 5.9% against the previous year. Export price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +7.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, snow motor vehicle export price increased by +101.1% against 2017 indices. The growth pace was the most rapid in 2018 when the export price increased by 69% against the previous year. The level of export peaked in 2021 and is likely to continue growth in years to come.

As there is only one major export destination, the average price level is determined by prices for Mexico.

From 2012 to 2021, the rate of growth in terms of prices for Mexico amounted to +7.9% per year.

Snow Motor Vehicle Imports

Imports in Latin America and the Caribbean

In 2021, supplies from abroad of motor vehicles for travelling on snow or golf cars was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports posted strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, snow motor vehicle imports surged to $X in 2021. The total import value increased at an average annual rate of +5.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Chile dominates imports structure, resulting at X units, which was approx. 67% of total imports in 2021. Mexico (X units) took a 7.9% share (based on physical terms) of total imports, which put it in second place, followed by the Dominican Republic (4.5%). Bahamas (X units), Argentina (X units), Ecuador (X units) and Peru (X units) followed a long way behind the leaders.

Chile was also the fastest-growing in terms of the motor vehicles for travelling on snow or golf cars imports, with a CAGR of +16.0% from 2012 to 2021. At the same time, the Dominican Republic (+12.5%), Argentina (+6.7%) and Ecuador (+4.6%) displayed positive paces of growth. By contrast, Bahamas (-1.9%), Mexico (-2.4%) and Peru (-14.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Chile and the Dominican Republic increased by +36 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) constitutes the largest market for imported motor vehicles for travelling on snow or golf cars in Latin America and the Caribbean, comprising 35% of total imports. The second position in the ranking was held by Mexico ($X), with a 17% share of total imports. It was followed by the Dominican Republic, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Chile stood at +11.2%. The remaining importing countries recorded the following average annual rates of imports growth: Mexico (+1.9% per year) and the Dominican Republic (+19.5% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2021, with a decrease of -31.8% against the previous year. Over the period under review, the import price saw a mild shrinkage. The most prominent rate of growth was recorded in 2014 when the import price increased by 31% against the previous year. The level of import peaked at $X per unit in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahamas (+9.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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