Latin America’s Automotive Market up to August 2024 reports 3,15 million sales (-0.1%). Though the largest markets Brazil (+13.5%) and Mexico (+12%) grew in double-digits, Argentina slowed regional sales down with a 15.9% loss in volume.
Medium-Term Market Trend
The Latin American market is the 4th largest sub-regional market in the world, reporting 4.9 million sales in 2023 (+4.1%). It includes sales from 41 countries but is heavily influenced by the largest countries Brazil, Mexico and Argentina.
Diving into the past, yearly sales have fluctuated in the 5-6 million range from 2010 to 2020, with the current all time high set in 2013 at 6.5 million registrations.
In 2020 the pandemic hit the region hard, cutting volume by 26.7% and bringing registrations down to the 10 year low at 4.1 million. Following the pandemic the market has shown strong signs of recovery boasting a 3 year year positive string, with sales in 2023 closing just below the 5 million mark.
Market Trend and Outlook
YTD sales up to August 2024 didn’t maintain last year’s momentum. In fact, with 3,15 million cumulative sales the market fell 0.1% in volume, showing that although certain markets grew, other shrank to counterbalance it. In particular, Brazil and Mexico, holding a total share of 79%, posted positive growth while Argentina and Chile, with a share of 14%, decreased in year-on-year volume.
Brazil was still the major market in Latin America, holding 48.5% market share with 1,5 million cumulative sales (+13.5%). Mexico followed in second with 961,519 new registrations so far (30.5% share) and an 12% increase in year-on-year volume.
Lagging far behind in third place is Argentina, with only 249,566 new registrations, it dipped 15.9% in YTD volume, followed by Chile with 190,494 sales (-8%).
Colombia ranked in 5th with 110,205 new registrations (+0.4%), followed by Uruguay at 38,017 (+7.8%) and Costa Rica with only 19,866 cumulative sales (+4.8%).
Panama ranked in 8th spot with 19,743 new registrations (+4.2%), followed by Dominican Republic at 13,806 sales (+4.4%) and Guadeloupe closed the top 10 with 9,303 new vehicles (-2.1%).
Tables with sales figures
In the tables below we report sales for the top 10 countries.
