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 fell dramatically to $X in 2022, which is down by X% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then fell notably in the following year.

Production of Tyres For Buses Or Lorries in Sri Lanka

In value terms, truck and bus tyre production reduced modestly to $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. Truck and bus tyre production peaked 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

In 2022, shipments abroad of tyres for buses or lorries decreased by X% to X units, falling for the third consecutive year after four years of growth. In general, exports showed a abrupt decrease. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, truck and bus tyre exports expanded modestly to $X in 2022. Over the period under review, exports showed a abrupt shrinkage. The growth pace was the most rapid in 2014 when exports increased by X%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The Philippines (X units) was the main destination for truck and bus tyre exports from Sri Lanka, with a X% 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), more than tenfold. Egypt (X units) ranked third in terms of total exports with a X% share.

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

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

From 2012 to 2022, the average annual growth rate of value to the Philippines amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (X% per year) and Egypt (X% per year).

Export Prices by Country

In 2022, the average truck and bus tyre export price amounted to $X per unit, picking up by X% against the previous year. Overall, the export price, however, saw a slight contraction. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to the Philippines ($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 Yemen (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Buses Or Lorries

Imports into Sri Lanka

In 2022, approx. X units of tyres for buses or lorries were imported into Sri Lanka; falling by X% on the year before. In general, imports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of X units, and then contracted markedly in the following year.

In value terms, truck and bus tyre imports shrank notably to $X in 2022. Overall, imports recorded a deep setback. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of $X, and then contracted markedly in the following year.

Imports by Country

In 2022, China (X units) was the main supplier of truck and bus tyre to Sri Lanka, accounting for a X% share of total imports. Moreover, truck and bus tyre imports from China exceeded the figures recorded by the second-largest supplier, India (X units), fourfold. Taiwan (Chinese) (X units) ranked third in terms of total imports with a X% share.

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

In value terms, the largest truck and bus tyre suppliers to Sri Lanka were China ($X), India ($X) and Thailand ($X).

Thailand, with a CAGR of X%, recorded the highest growth rate of 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

In 2022, the average truck and bus tyre import price amounted to $X per unit, growing by X% against the previous year. Overall, the import price posted a modest increase. The most prominent rate of growth was recorded in 2018 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat 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 the United Arab Emirates ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :