Updated Sep 27, 2022 12:34

Market for Motorcycle or Bicycle Tyre in Colombia

Market Overview
After two years of decline, the Colombian motorcycle or bicycle tyre market increased by % to $ in . Overall, consumption showed strong growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.


Consumption
In , consumption of tyres for motorcycles or bicycles increased by % to units, rising for the second consecutive year after two years of decline. Overall, consumption continues to indicate a resilient increase. Over the period under review, consumption hit record highs in and is expected to retain growth in the near future.

The revenue of the motorcycle or bicycle tyre market in Colombia expanded to $ in , increasing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate prominent growth. Motorcycle or bicycle tyre consumption peaked in and is likely to see steady growth in the immediate term.


Market Forecast
Driven by increasing demand for motorcycle or bicycle tyre in Colombia, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to units by the end of .

In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Motorcycle or bicycle tyre market in Colombia consists almost entirely of imported products. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately ( percentage point) over the period under review.


Trade Balance
Colombia remains a net importer of motorcycle or bicycle tyre; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of units, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.