Brazilian Vehicles Market’s in August 2024 grew for the 5th month in a row, reporting 222,415 new vehicle registrations (+13%). YTD figures at 1.5 million are up 13.5% from the prior year. BYD secures a spot in the top 10, rising 10 spots from 2023.
Market Trend and Outlook
Brazil’s economy has been surprisingly resilient this year. Deloitte states: “Inflation-adjusted wages continue to grow relatively rapidly as consumer price growth slowed. The labor market has recently tightened, and consumer confidence has soared. As a result, consumer spending is growing at a respectable rate. Pushing inflation lower will be more challenging from here. A lack of improvement on the inflation front will likely restrain consumer spending as real wage growth and interest-rate cuts slow.”
This growth in consumer spending has pushed the Brazilian Vehicles Market higher and higher. In August volume grew for the 4th month in a row with 222,415 new vehicle registrations (+13%). YTD figures at 1.5 million were up 13.5% from the prior year.
Looking at cumulative data from August 2024 brand-wise, Fiat reported the most sales at 310,640 (+8%), followed by Volkswagen at 242,918 (+15.4%) and Chevrolet with 195,285 sales (-6.3%).
In 4th ranked, Toyota with 130,552 sales (+5.7%), followed by Hyundai at 122,980 (+9.6%), Jeep with 77,232 (-11.7%), Renault with 77,219 (+0.6%), Nissan -up 1 spot- with 58,460 sales (+29.9%) and Honda -down 1 spot- with 55,015 (+16.1%).
BYD grew 10 spots and ranked in 10th, reporting 44,409 new vehicle registrations (+1044.6%).
Looking at the best-selling models, reported in the dedicated post, the Fiat Strada became the new best seller growing 18.2% in sales, followed closely by the Volkswagen Polo, up 35.7%.
Medium-Term Market Trend
The Brazilian vehicles market has had a few ups and downs in the past decade, with 2012 registering the highest levels for the following years. Previously, starting in 2010, the market rose for two consecutive years reaching 3.6 million sales in 2012. In 2013 the Brazilian market began a 4 year negative trend falling a maximum of 25.6% in 2015 and reaching 2 million sales in 2016. Luckily from 2017 to 2019 sales grew, reaching 2.7 million sales.
In 2020 The COVID-19 pandemic has caused severe human suffering and triggered a deep recession in Brazil. The demand for consumer’s goods declined and light vehicles sales fell below the 2 million mark, first time in the decade.
Although the economy recovered in 2021 (GDP +5.0%) the basic trend was still weak. In fact, 2022 slowed down 0.9% with inflation rates jumping up and the demand remaining weak.
Projections for 2023 were not looking good due to the continuous price increases in parallel with the adoption of more safety rules and the shift towards electrification. Despite this 2023 reported a total of 2.18 million sales, posting an 11.3% increase from the prior year.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturer Groups, and top 10 Models.
