Between 2013 and 2023, the motor vehicle wheels market in Costa Rica experienced a steady growth trend, with per capita values increasing from $2.29 to $3.97. The market saw fluctuations, particularly with a dip in 2020 due to global disruptions, but it subsequently recovered, reaching its highest point in 2023. The year-on-year increase from 2022 to 2023 was approximately 2.32%. Over the past five years, the compound annual growth rate (CAGR) was around 3.16%, indicating consistent market growth.
Future trends to watch for include:
- Emergence of green technologies and their impact on wheel manufacturing
- Potential disruptions from global supply chain shifts
- Increased demand driven by the rising automotive industry in Latin America
