Colombia 2023. New Vehicle Market Heavily Drops (-28.9%)

The 2024 Kia EV9
The 2024 Kia EV9

Colombian auto market fell sharply in 2023. New vehicles sales  dropped 28.9% compared to the previous year, at 186,826 sales. The industry is mirroring the economic difficulties in the country and the market reported 17th consecutive falling months.

Market Trend and Outlook

Colombia is the fourth-largest economy in Latin America, with a GDP of around USD 350 billion in 2022, and a population of 52 million. Colombia has consistently grown faster than the Latin American average over the past decade, supported by the peace deal with FARC guerrilla movement in 2016, but remains notably poorer than the regional average in per capita terms. It is a member of the Pacific Alliance trade bloc along with fellow members Chile, Mexico and Peru, and joined the OECD in 2020.

This negative economic outlook was mirrored by the Colombian four wheelers market, which in 2023 dropped at 186,826 sales (-28.9%). December continues a 17 month negative streak, reporting 19,872 sales (-9.3%).

Looking at cumulative data up to December 2023 brand-wise, Renault ranks in 1st with 26,417 sales (-45.7%) and Toyota rises 1 spot into 2nd with 25,940 (+1.1%).

Chevrolet -down 1 spot- ranks in 3rd with 23,838 sales (-42.0%), followed by Mazda -up 2 spots- at 17,583 (-1.5%), Kia at 15,746 (-17.4%), Suzuki -down 2 spots- at 10,389 (-51.9%) and Nissan -up 1 spot- with 9,741 sales (-6.3%).

The Volkswagen falls 1 spot into 8th with 6,735 (-55.6%), followed by Ford -up 1 spot- in 9th at 6,476 (+4.5%) and Hyundai -down 1 spot- with 5,128 sales (-24.4%).

The Renault Duster is the best selling model despite losing 34.3% from the previous year, followed closely by the Toyota Corolla Cross up 7.7% and 10 spots.

Medium-Term Market Trend

In the last decade the Colombian light vehicle market has had many ups and downs. Starting in 2010 at 230,770 sales the market grew 39.5% in 2011 reaching the current all-time high at 321,887. The brief uptrend reversed in the following year falling 5.3% in 2012 and 6.5% in 2013 ending the year at 284,879 registrations. In 2014 the market grew 11.1% back up to 316,482 sales, to drop back down in the following year. From 2015 to 2018 the light vehicle market remained in a downtrend reaching a low of 257,173 by the end of 2018.

Before the pandemic the Light vehicle market in Colombia grew a slight 2.3% in 2019, but by march 2020 the market began to collapse reaching by the end of the year a variation of -30%, with sales at 184,057.

2021 was a great year of recovery for the Colombian market that grew 36.1% to 271,835 sales. The trend continued in 2022, while declining in the second half, anticipating the start of a negative trend, with sales at 262,595 (+4.8%).

Tables with sales figures

In the tables below we report sales for all Brands and top 10 Manufacturer Groups.

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